Getting on the Ladder

heather123_2

I am keen to get on the property ladder and my partner and I have been looking for 3 bed properties, but when I worked out exactly what I could afford a month it wasn't much at all and therefore I would really struggle to cover my half of the payments (I have a horse, AKA a money eater). We don't want to look at something smaller as I don't see the point in forking out money for a smaller property we would need to move from in a couple of years time.

I think I cut back on everything I can; I have very low outgoings save for my horse and car (petrol and loan) and I buy "own-brew" shampoo, make packed lunches etc so I never spend more money than necessary on anything (plus mum puts me up rent free!). The only thing I feel I could possibly do to save monthly money is pay off the whole of my car loan, but I can't afford to do this without taking out another loan, which I suppose would defeat the object! (I already have a good rate).

When we find a property to move into I can save about £40 a month by not having my horse at an expensive yard but that isn't going to help much. Even the horse eats own-brand!!

I basically need to find another £300 a month - any ideas anyone has would be very useful and much appreciated!!

Heather

ukmonkey

Heather, what wage are you and your partner on?

Whereabouts in the country are you located?

heather123_2

Both on 20K, which would be great - if I sold my horse it would solve all my problems but I can't do it!! I did suggest that he takes on more than half to start off with until my career takes off but then that means we are both struggling, rather than just me (ie we wouldn't be able to help eachother out if something came up)

Unfortunately the most expensive part - Surrey / West Sussex border, just outside Guildford!

ukmonkey

Heather, it may be of some help to the experts on here if you post details of your monthly outgoings (car loan, horse etc etc)...

heather123_2

Ok, well I put £20 a month into my pension as my employer matches whatever I put in so I'd be silly not to take advantage of that.

My horse costs me £35 a week (which could really be 20 - 25 a week!) plus haylage, feed, the farrier, one lesson, insurance etc - adds up differently each month depending on how long the month is but the most I've spent in a month is £370

I also do a home study gardening course as I'd love to start my own gardening business, the course costs me £24 a month, for another 8 months.

I spend about £10 on shampoo, showergel etc a month

Car loan is £166, insurance is £25 and petrol costs me £40 every week and a couple of days so I total that to £350 too.

And I put £50 into a savings account.

So I spend (I think exactly) £433.60 a month, then I allow about £20 for going out and the same again towards buying birthday / Christmas presents etc, and my salary comes in at just under £1270.

H

lynzpower

Could you not get a second job to bulk the money up a bit?

heather123_2

Well, I get up at 6, leave the house about half 6, get to the yard to muck out and ride etc, leave for work at 8 then get back to the yard just after 6 and get home about half 7. I did do some mucking out on a Saturday and Sunday morning which was earning me about a hundred quid a month but I was just exhausted!

ukmonkey

What about your partner heather? Could s/he get another (2nd) job?

[Deleted User]

You could ask yourself the question what you want more: A horse or a house.

In all seriousness, you can't have everything in life and sometimes you've got to make big decisions. Is there anyway of renting horses? Can you recoup the cost of your giant pet, or is your emotional attachment going to get in the way of your financial future?

Sorry about being mean, but you could put it this way: I could afford to drive a flash car, but if i did, i couldn't afford to pay a mortgage. Do I : a) Sell the car and buy a house or b) Pay rent to a landlord and have a flash car (that depreciates in money, much like an old horse)

heather123_2

He does do DIY stuff for friends and relatives, like painting and gardening etc and he gets paid for doing it. I know he would help me out if I was stuck but the only thing I could suggest is that he pays for the mortgage and I pay for bills and food. But he thinks we should pay half each, which is completely fair enough, but sometimes if you want to do something difficult its about making a few sacrifices to do it?

ukmonkey

Heather you've not mentioned your partner having any "debts", so on this assumption, you should have enough spare cash to have a mortgage and run a house.

Unless you're desperate to get a place of your own, I'd strongly advise you to save a decent amount of money to use as a deposit and towards your fees, and also to furnish/decorate the house.

Just my 2penneth worth!