Could you look at our SOA please?

ellesbellesxxx

Hello!
Cashback sites are the way forward - I have made 300 pounds since May just by doing my usual, but going through Quidco!
Good luck - how exciting to be planning a family

OCD

£300 pounds - how did you do that?

rictus123

OCD i, like yourself am all for saving even while i have some debts. Im going to save for the whole of 2011 and then pay off debts in under 3 months of 2012 i hope....

What are you saving for sorry?

ellesbellesxxx

Well some were bigger than others - 60 pounds life insurance, 65 for switching elec suppliers but a few 20 pounds and 30 pound payments here and there (green flag break down, credit expert free trial ) as well as ten pound payments too (love film, american express) soon added up!!!!!!!!!

OCD

rictus123 wrote: »

OCD i, like yourself am all for saving even while i have some debts. Im going to save for the whole of 2011 and then pay off debts in under 3 months of 2012 i hope....

What are you saving for sorry?

Hi Rictus,

Saving for a family, as we're in our late 20's, and at the stage where it is something we want to start budgeting for.

We are also putting money towards a deposit for a house. We are in no rush to buy, given that our rent is cheap for the place we are staying, and prices appear to be falling in our area. The place we are staying has required alot of work since we've stayed here, and it's highlighted how much the landlord (or we would have) had to pay on maintenance etc. However, it is something we might look into with a little more urgency if we were to have a child on the way, or should a house that we particularly like go on the market.

Over and above all of that my motivation is to live frugally.

Glad I have found such a site with so many knowledgeable people.

What are you saving for Rictus? What are your goals?

OCD

ellesbellesxxx wrote: »

Well some were bigger than others - 60 pounds life insurance, 65 for switching elec suppliers but a few 20 pounds and 30 pound payments here and there (green flag break down, credit expert free trial ) as well as ten pound payments too (love film, american express) soon added up!!!!!!!!!

That's great.
What's the procedure you normally go through when you buy something? Compare prices and check for cashback on Quidco and go with option that give cheapest overall?

I've set up cash back site use at times when I've thought about it but had nothing to buy. Then when it come to buying something I always forget to check for cashback.

rictus123

OCD wrote: »

Hi Rictus,

Saving for a family, as we're in our late 20's, and at the stage where it is something we want to start budgeting for.

We are also putting money towards a deposit for a house. We are in no rush to buy, given that our rent is cheap for the place we are staying, and prices appear to be falling in our area. The place we are staying has required alot of work since we've stayed here, and it's highlighted how much the landlord (or we would have) had to pay on maintenance etc. However, it is something we might look into with a little more urgency if we were to have a child on the way, or should a house that we particularly like go on the market.

Over and above all of that my motivation is to live frugally.

Glad I have found such a site with so many knowledgeable people.

What are you saving for Rictus? What are your goals?

Great that someone else sees things the way i do. Im saving up my half of house deposit, gf is also saving up her half. Im doing the make £11k in 2011 challenge but going for £1k a month so im going for £12k this year. I am only 19 so i have time on my side...but i reckon 2 and a half years of saving = more than £30k and il be debt free by then, that would be amazing!

Short term i have made over £450 so far for the challenge and i hope to hit the £1k mark soon....aiming for before the 14th of Feb.

£30k would be a great amount to allow for deposit, furnishings and still have some left over. I hope to be able to have at least a £1000 surplus even once i take on a mortgage. Doable once my pay is up in the summer.

In 8 years i hope to have paid off more than half the value of my house and be debt free. I want to be mortgage free in 12 and a half years(by the age of 32)

OCD

rictus123 wrote: »

Great that someone else sees things the way i do. Im saving up my half of house deposit, gf is also saving up her half. Im doing the make £11k in 2011 challenge but going for £1k a month so im going for £12k this year. I am only 19 so i have time on my side...but i reckon 2 and a half years of saving = more than £30k and il be debt free by then, that would be amazing!

Short term i have made over £450 so far for the challenge and i hope to hit the £1k mark soon....aiming for before the 14th of Feb.

£30k would be a great amount to allow for deposit, furnishings and still have some left over. I hope to be able to have at least a £1000 surplus even once i take on a mortgage. Doable once my pay is up in the summer.

In 8 years i hope to have paid off more than half the value of my house and be debt free. I want to be mortgage free in 12 and a half years(by the age of 32)

Wow. I agree. I do see things the way you do. If I had to state my main goals, then what you outlined in your final paragraph there is definitely there. I was hoping to pay off a mortgage in 10 years. Looking at the figures, it will probably not be possibly within that period. A more reasonable estimate for me would be 18 years, but hopefully by repaying as much as possible whenever possible, we can reduce it further.

Alot of it will depend on the price of the house we end up buying, obviously.

I think you have very admirable goals, especially as you are 19. You do have time on your side, with the advantage of a mature outlook.
I wasn't in a position where to start saving until I was around 23, and have only taken on such a viewpoint much more recently. Don't forget to live your life too, and not deprive yourself of everything.

It sounds like you have set some good goals. Do you have a challenge thread? It also sounds like between you and your girlfriend, you will have your deposit saved in no time. I'm hoping house prices remain fairly flat (or fall?) for the sake of people in our situation. It would be pretty disheartening if prices were to race out of our grip, when we are trying to do "the right thing".

I find it hard to get the balance right sometimes, but I don't want to be in a situation where in another 10 years time I might be more financially well off, but have had a miserable time in the process.

Hope this doesn't come across as condecending, just thinking out loud.

Respect.

linz

Interesting reading. Your SOA looks pretty good already. Maybe you could get your food shopping down a bit if you went down a brand on a lot of things. Depends how much you like your food or would you consider buying the supermarkets basics brand? I personally buy lots of my shopping basics brand (apart from teabags, can't compromise on that lol) and only spend about £15-20 a week (shopping for just me). Do you plan your meals, cook in bulk and freeze portions? Try looking on the Old Style Moneysaving thread for ideas on how to make your food go further.

Could you go a few months without clothing?

Will be interested to see how you get on with regards to getting on the property ladder and watching you overpay your mortgage. Agree with what you say about living your life at the same time though, but you'll reap the rewards later if you are sensible now. It's still possible to have fun and do new things cheap/free as you'll find out as you browse MSE

All the best, you already seem to know where you want to be.

rictus123

Yeh i think this year, like last, will pass pretty quick and bam, we will have money for a deposit! I wouldnt be too worried about a high interest rate to start with if we only managed a 10% deposit as on a fixed rate for 2 years i think we could pay off £30k or so then the rate and payment should come right down?

Someone(on here i think) said we should aim for 25% deposit then take out mortgage over 35 years, saving up as much money as we can then pay a huge lump sum off it then remortgage down to 15 years...i dont know how we will tackle the mortgage but i want mortgage free pretty sharp! Since i do seem to have time on my side, a bit extra saving for the deposit then over paying will bring the term right down. Also need to bear in mind in 5 years + there could well be a wedding and baby on the way! Wedding will be more or less covered by gfs dad(earns a fair bit and paid alot of gfs sisters wedding) Baby would put everything into perspective i would think! Lol.

Sorry if im taking over your thread! Good to see like minded savers thats all! This year will be a great one,im going to love working for the money to get our own little pad!