Saving for the future

Hi all!

Looking for some advice and motivation more than anything with my saving, s of late have started to lapse a little in what i'm spending. I'm 20 soon to be 21, so i stll need to be able to go out and do different bits, but i also what to start planning for mine and my other halfs future.

Currently i live with my parents, my wage is ok, with the hope it'll go up a bit more next year. I have a loan which is still going to be running for another year and a half, a bit of a pain, but i spent too much of my student money before dropping out of uni, so still paying that off!

i have around £3,000 left on that. i also have an overdraft that i keep sinking into, which i think i'm going to reduce after xmas to avoid temptation!
However it's not all bad as this year i have managed to save around £2,000 (which i have currently lent out and will be getting back next year) trying to decide whether it would be better once i have that back to pay off my loan or place it into a savings account.

My aim is to in three years time be looking to put down a deposit on a house, plus me and my partner would love to go to florida for a holiday of a lifetime!

I think i am currently aiming for about £12,000 - £15,000! although i am not too clued up on how much of a deposit i would need at present.

My other half has just started uni hence the 3 year timescale, and therefore won't be able to contribute much, but i'm hoping once he's settled in he will be able to start putting money away and maybe pay for the holiday side of our plan?!

Any advice on good ways to save money or keep motivated would be greatfully recieved!

Thanks guys!:j

Comments

  • Lokolo
    Lokolo Posts: 20,861 Forumite
    First Post First Anniversary
    First things first, if you are seeeerious about money saving, you want to do a statement of affairs. But also have a specific aim. For example, look at my signature, it has the amount, and the date. So I can keep an eye on how much I need in the time remaining and such.

    http://www.makesenseofcards.com/soacalc.html

    Use that and it will help you work how much you have left over each month for you to possibly stay.

    House deposit - aim for at least 20%. For a nice 1 bedroom flat you would need around £20-25k depending on where you want to live.

    Good luck.
  • Thanks! probably need to aim a bit higher then! bit scary!

    I have a spreadsheet which i have my steady monthly outgoings and incomings and im slowly working my way through that and decreasing whats going out, this allows me to keep track of what i have left to spend each month and what i can put away, so very similar to what you sent me, however that has made me realise how much i would need to take into account before i move out!
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    First Post First Anniversary
    Thanks! probably need to aim a bit higher then! bit scary!

    I have a spreadsheet which i have my steady monthly outgoings and incomings and im slowly working my way through that and decreasing whats going out, this allows me to keep track of what i have left to spend each month and what i can put away, so very similar to what you sent me, however that has made me realise how much i would need to take into account before i move out!

    Yes. Council tax is a killer.
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