Wanno's race for the 25% deposit

Wanno

I set my heart on having my own place as soon as possible, but, who on earth has the spare cash for a 25% deposit for a house? Thats a ridiculous amount of money.

But, never one to shy away from an extreme challenge, I am going to see how long it takes for me to save up this amount of money by beasting myself silly and trying every trick in the trade to boost the figure. (Nothing illegal of course, I'm a Fraud Specialist so although I know how, I am not likely to employ any of the tactics I come accross everyday.

My circumstances: Age, 27. I have three jobs. I work seven days a week and get paid by the hour on all three of them. As mentioned, I am a self employed contractor as my main profession and this is where the main amount of my earnings come from. At the weekend I also work on two Farmers Markets. This doesn't generate huge sums of cash, but I love doing it and I always end up taking home more than enough food for the whole week. Result: no food bills!

Story so far: I am hoping to buy somewhere for approximately 1750,000-180,000. And as a contractor I therefore need to have a 25% desposit. Total £43,750:eek::eek: at very least.

I am hoping to raise this with no help, no handouts from parents but only from sheer hardwork, long hours and frugal living and any help you MSE can offer.

Wanno

I put in an invoice weekly so I am hoping to post fairly regularly with updates on the total.

So Far:.
Business 7146.15
Current account -1342.85
Esaver 325.78 ( I set up a regualr transfer or £25 a week years ago and I have just noticed the balance.
Regular saver matures end of June: 6307.63
Web saver from regualr saver provider: £600 (taken to secure 2% high interest at the time
Credit Card: 992.41
Premium Bonds: £100
Capital Bonds: 1184.69 mature value in April 09.

TOTAL: £13328.96

Wanno

Fixed outgoings per month.
Rent: 550.00
C Tax 35.00
Phone: 35.00 contract tie in
Gym: 35.00 (I'm not giving this up, Im in there nearly everyday so its well worth it)
Accountant: 136.00
Broad band £4

Flexible other expenditure
Electricity
Gas


Earnings per week
Farmers Market 1 45.00
Farmers Market 2 42.00
Main: based on aim of 63 hour week: 2055.63

Travel expenses are paid.

So there you go. My goal looks a long way off and a very tiring one with a 74 hour week, 7 days a week. But well worth it in my mind for both end result and the sense of achievement. Before any one mentions, this figure is an amount required for the dposit, I haven't even though about legal fees, furniture etc. We will cross that bridge when we come to it.

How long will it take? Who knows.

JoeCrystal

As long it takes.

Mind you, Wanno. It should be possible to work out Electricity & Gas expenses by average. If you been living there for long time, can you refer to your old bills and give an average. Still, due to rise and fall of prices in our bills, it may be ideal just to use this year or last two years prices. :beer: Or more simple, use the maximum or estimated maximum yet to come.

clairbear_3

74 Hours a week!!!
When I was 27 I was out partying 4 nights a week:beer:
Careful you dont make yourself ill.Personaly I dont set targets.Why not look for something a bit cheaper (distressed seller) I have a daughter and I would gladly pay her deposit or at least help her out since I have done very well out of property I would hope most parents would do same

Castleman

clairbear wrote: »

I have a daughter and I would gladly pay her deposit or at least help her out since I have done very well out of property I would hope most parents would do same

Lucky you (or rather lucky her!).

It would be nice if most parents were in the position where they had the spare cash to do that if they chose to...unfortunately I don't think most are.

littlemrtinkle

wanno rent seems quite high, where are you living and what type of property is it? Could you just rent a room?

As previous posters have said watch those long hours it can make you ill, i used to do 7 days a week and now looking back i can;t believe how much of a nightmare it was. Goodluck

DiggerUK

Wanno wrote: »

I put in an invoice weekly so I am hoping to post fairly regularly with updates on the total.

So Far:.
Business 7146.15
Current account -1342.85
Esaver 325.78 ( I set up a regualr transfer or £25 a week years ago and I have just noticed the balance.
Regular saver matures end of June: 6307.63
Web saver from regualr saver provider: £600 (taken to secure 2% high interest at the time
Credit Card: 992.41
Premium Bonds: £100
Capital Bonds: 1184.69 mature value in April 09.

TOTAL: £13328.96

It seems you have more than you think, unless my calculator is U/S
Your total seems about 4 grand short!!
You could be heading for a detention if you are wrong.

agsnu

£2k earnings per week? That's not bad going.

a7man

Based on your income & outgoings - you need £45k for 25% on a 180k property, this should be easy within 2 years.

Mini_Bear

Good luck wanno, i also live like a frugal student and in 2.5yrs hav saved 49k! (target 100k and cash buyer!) i wrked 7 days a week too and kno it can be damaging to ur health - so keep up with the gym it will save ur sanity!
my advise wud be use up your full isa allowance every yr and make sure you transfer them annually to the best paying interest acct. i didnt for the first yr and missed out on hundreds in interest
also make sure u pay off all ur debts first. u dont want to be paying nasty interest.
i will keep an eye on ur post and wish u all the luck!