First Time Mortgage / Deposit Loan

BoGoF

garymac wrote: »

Andy I don't think there's such a thing as a 'correct answer' to this sort of question?!

Yes I did post a similar question last year; i'll be honest I completely forgot about it. Thank you for your feedback to my actual question though for everyone who did respond with the answer rather than critical feedback...

I too am baffled about how we're not saving £££. But quite literally money rolls straight out after it comes in. We're cutting back where we can (cancelling sky subscriptions, reducing contents insurance, shopping at ALDI etc) but it's not making a huge difference unfortunately...

Well, do as suggested, post up a full SOA and we'll see where your money goes.....I bet it's not on essentials. If you can't get by on £550 per month rent you've no chance with a £1000 per month mortgage and other bills you don't have when renting

andrewmp

garymac wrote: »

Andy I don't think there's such a thing as a 'correct answer' to this sort of question?!

Yes I did post a similar question last year; i'll be honest I completely forgot about it. Thank you for your feedback to my actual question though for everyone who did respond with the answer rather than critical feedback...

I too am baffled about how we're not saving £££. But quite literally money rolls straight out after it comes in. We're cutting back where we can (cancelling sky subscriptions, reducing contents insurance, shopping at ALDI etc) but it's not making a huge difference unfortunately...

£3300 left after rent and still nothing to save means your wasting money somewhere. I doubt shopping at Aldi (or not) would make much difference. Even Sky is only about £50 per month.

beecher2

Keep a spending diary to see where your money is going. Something's not right if cutting back isn't making much of a difference - there must be something major you're spending money on.

jimjames

andrewmp wrote: »

£3300 left after rent and still nothing to save means your wasting money somewhere. I doubt shopping at Aldi (or not) would make much difference. Even Sky is only about £50 per month.

Absolutely, there have to be some big ticket items to spend that per month unless you are eating out every night at expensive restaurants and spending all weekend out on the booze.

Car loan per month? £400 each maybe? Do you pay for everything on card or draw out cash? If cash it becomes much harder to track what you are spending.

In theory you should be able to pay one salary straight into a savings account and then live off the other but if you aren't sure where the money is going and where to cut back then that will be a big shock to do.

One thing that can be useful is for the money for savings to come out at payday. You then don't see it in your account to spend and have more incentive to build up. It may not work for you but it does for a lot of people.

The_Palmist

Do not forget to subscribe to your own thread this time.

casualwalks

One thing that can be useful is for the money for savings to come out at payday. You then don't see it in your account to spend and have more incentive to build up. It may not work for you but it does for a lot of people.

That's my tactic, straight out and into the ISA so I won't be tempted.

neverdespairgirl

garymac wrote: »

I too am baffled about how we're not saving £££. But quite literally money rolls straight out after it comes in. We're cutting back where we can (cancelling sky subscriptions, reducing contents insurance, shopping at ALDI etc) but it's not making a huge difference unfortunately...

Can I suggest a spending diary? There's a lot of cash there coming in, not a lot in fixed bills, and you don't know where it's going.

For a month, each of you should write down every single penny you spend - then you'll know where it's going.