My Saving log

Sylvia1982

Hello all,

Here goes, my name is Sylvia and unfortunately 28 years old. I have been saving for a while now for a deposit (FTB) and I intend to purchase my first home on my own, hopefully by spring 2013:eek:.


Originally I wanted to buy this time next year, but with the recession and working in the public sector, I need to make sure I save a bit more as my salary won’t be increasing for at least 2 years.
I wish to create a log as I am at that stage, that I’m not sure how to keep myself motivated and keep on track.


My intentions are to create targets for all of my savings, and if possible exceed these targets by cutting out expensive long haul holidays and not purchasing my brand dream new car (this is going to hurt ) and still try to have a bit of a social life.


Cheers for reading, and I would be grateful for any advice given


P.s sorry for the long post

Yorkie1

Probably the best forum board to ask these questions is the Savings and Investments board. Also post a Statement of Affairs on the Debt free wannabee board - not that you're in debt, but the people there will help you to look carefully at where your money goes and whether you can reduce expenditure / prioritise your finances.

I found that writing down everything, and I mean everything, I spent (particularly cash) was very interesting. How often do we go to the cashpoint and think we've no idea what the last withdrawal was spent on?

Personally I would aim firstly for 6 months' income in a savings account for a rainy day. Then start saving for the deposit & house purchase costs. Monthly savings accounts are great as the money goes out of your account at the start of the month (or whenever you choose) as a standing order and you don't miss what you don't have, so to speak.

Sylvia1982

Thank you Yorkie1 for your advice, and thanks for pointing it out that i have placed this on the wrong board:eek:

Brallaqueen

All the best in your quest

casper_g

Yorkie1 wrote: »

Personally I would aim firstly for 6 months' income in a savings account for a rainy day. Then start saving for the deposit & house purchase costs. Monthly savings accounts are great as the money goes out of your account at the start of the month (or whenever you choose) as a standing order and you don't miss what you don't have, so to speak.

The idea of keeping 6 months' income as a "rainy day fund" is one I often hear on this board, and it is generally a good one. In the case where someone is currently in a position to plough a significant portion of their income into savings, though, it would probably make more sense to aim to have 6 months' outgoings in savings, wouldn't it? I the rainy day comes, it's not the end of the world if your saving for a deposit has to be put on hold until you're back on your feet, is it?

Sylvia1982

Thank you Casper_g
You have made a great point.

THIS THREAD IS NOW CLOSED HERE, I HAVE NOW PLACED IT ON THE SAVING AND INVESTMENT BOARD
Thanks for the post