My savings diary

123457

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  • Based on the average that I've been able to save each month, I should be able to reach my target in 19 months!

    Not too bad, but once I've figured out accurate figures for all the associated costs (will work out nearer the time), it will probably be at least another 2 years.

    At least the end is beginning to come in to sight!

    *must try harder though*
  • Monthly update for me:

    Long term saving goal: £10,394

    May's target reached (just). Target for June: £690

    It will be nice when I get to under £10,000!

    D9
  • Well I am on target for June's target. But I am going to have to be very careful between now and the end of June as I have 2 weddings to attend in the next 5 weeks! (eek the expense - but should be good fun!).

    Owed some expenses from work, but these can take *ages* (a few weeks, but feels like ages when waiting on them!!), which should help, just hope they hit the account before the end of June!

    All going to plan and I should break the £10,000 mark before the end of June! (yipee - it'll be nice to get into the 4 figures!).

    Hope everyone else's savings are going really well!

    D9
  • three more days until payday! I can't wait!!! (sad that I am wishing my life away!)
  • I'm very impressed after seeing how people save their money so systematically. I have never been good at saving money money until I read a book on money saving tactics. I'll also lower my spending and try to be a genuine shopper. I'll cut my expenses down to 50%
  • Well, I have accepted a permanent job offer (good news), but I have to relocate for the job (not necessarily bad news), but properties are a LOT more expensive in the region I will need to relocate to (bad news).

    So, I think my house buying plans will become an even longer term goal than I had expected.

    A quick look on RM suggests that a two bed place (would never really consider 1 bed places to be honest for several reasons, and although this might have to change it's not a decision I need to make yet), would cost in the region of £200,000 - £250,000, for a very modest place in an average area!:eek: Which is not realistic on my salary, and even though I expect it will rise over the next few years, it will (realistically) only modestly increase and never be enough to support a mortgage of that size. :(

    So, as I see it, I have two realistic options:

    1) Save like mad(and for a very (very very) long time to make the difference between realistic and affordable mortgage and potential purchase price.

    2) Gain the necessary experience in new job and look for similar role in more affordable area, while continuing to save towards deposit.

    And one unrealistic option:

    3) Win the lottery - which, as I don't even play, means the odds are further reduced :rotfl:

    Either (realistic) way, savings will need to continue to grow, so I will maintain this thread to keep a log and keep me motivated!

    After an expensive month, and continuing on my current goal (will reassess the situation and consider options further when I reach this mile stone, not expecting to any time soon, so plenty of time for thinking!)

    Long term savings goal: £10,970 (I aim achieve this by Dec 2014).
  • Just taking a look at various "how much can I borrow calculators", there is quite a big variation, and some of the suggestions really don't look that affordable!

    MSE - £99,000 - £122,000
    HSBC - (up to) £145,000
    N.W. - (up to) £153,000
    Y.M. - (up to) £153,000
    Barclay's - (up to) £168,000
    M.E. - £122,000
    N.W. - £130,000
    R.B.S. - £130,000
    H/F - £140,000

    No idea which ones are more reliable than others, but my guess is that the lower figures are the ones that are more realistically achievable.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    edited 22 August 2013 at 11:48AM
    Well the update from me now is that I will not be buying on my own, I will be buying with my partner, so it looks like we'll be in a good position depositwise for a (smallish) house. If I was buying on my own in an area commutable to work, I would have ended up saving for a very very long time or in a VERY small one bed or studio (and I've not been keen on buying one of those for 2 reasons 1) I'd ultimately have grown out of it, and 2) it would have been leasehold, which I'd have been tied in to maintenance charges and paying a lease as well as all the other associated costs with home ownership).

    Even with us buying together as it's an expensive area there will still be compromises to be made! Ideally we'd like a 3 bed terrace or semi in a good safe area, with good schools and local amenities that we can grow into over time and stay for a very long time if not forever. However, it is unlikely we'd be able to afford that, but not sure which compromises and how many compromises will need to be made.

    More research needs to be done, and we will be doing this over the next 4-6 months when we aim to start looking.

    After doing a recalculation of savings, my minimum target between now and Jan 2014 is: £2,437. (this is perfectly doable, unless there are any unforeseen expenses, and any extra will be added to the "contingency" pot.

    Hopefully we will be able to put down a 25% deposit, but a minimum will be 15%.
  • How exciting Domino - Congratulations :beer:

    Fortune x
    Mortgage: 86% paid Mortgage Neutral: 100% Emergency Fund: 100%
    A Better View 🌄 'Being on the edge isn't as safe, but the view is better' - Ricky Gervais
  • Savings to go: £2,390, also paid off the last of my o/d (which was sitting at £400), I wasn't being charged any interest or fee to have it, so had used it to add to my savings and the interest earned from them, but finally decided to get rid of it once and for all. I am sure that by early next year when we start the buying process having no o/d will look better on the credit file. I also have 1 cc that gets paid off in full every month, and two others that aren't used. My job for the next week is to cancel the two that aren't being used.
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