First Time Buyer advice

ViolaLass

I may as well ask: OP, do you actually have £1500 left at the end of each month? Or is this just the theoretical figure?

simoran1

ViolaLass wrote: »

I may as well ask: OP, do you actually have £1500 left at the end of each month? Or is this just the theoretical figure?

This is what we have left after all essential outgoings (all bills, cc, rent, food, everything) Some of this would be saved - say 800, the rest would be spent on going out etc... Keep in mind the bills do not account for things like MOT and car tax. These are paid out of the disposable pot as and when they are needed.

When you look at it like this you do wonder where alot of our disposable money goes, certainly time to review this i think...

simoran1

Again - thanks to everyone for the advice. It certainly seems a good idea to review our spending and try and clear as much of the debt off as possible

Doshwaster

simoran1 wrote: »

This is what we have left after all essential outgoings (all bills, cc, rent, food, everything) Some of this would be saved - say 800, the rest would be spent on going out etc... Keep in mind the bills do not account for things like MOT and car tax. These are paid out of the disposable pot as and when they are needed.

When you look at it like this you do wonder where alot of our disposable money goes, certainly time to review this i think...

Indeed - disposable income has a habit of disappearing. It can be too easy to fall into a DINKY (Double Income No Kids Yet) lifestyle where you can blow over £1000 a month without noticing.

Try to work out how much you could save if for, say, 6 months you cut back on all but essential spending. Cut out the going out ("stopping in is the new going out"), takeaways, weekends away, new clothes etc. It's amazing how the money can add up.

Start recording where every penny goes. Keep track of it in a spreasheet. Set up direct debits so that money is transferred into savings (mortgage deposit fund) or pay off debt on the day after pay day. If there money isn't in your account, you are less tempted to spend it.