What do you think of my moneysaving plan? opinions please.

BrettMorganxD

tescobabe69 wrote: »

If you are thinking of getting your own place you need to do some more maths.
You're only bringing home £800 a month, try working out an annual budget for your mythical home, it may be a shock.
Not trying to bring you down but the rent/mortgage is only one bill.
Concerning your attempt to live on JSA money you should also factor in your work expenses (fares,clothing, etc), you seem to have a good attitude, it is hard to be moneywise when young and everyone else is having "fun"
I can assure you that if you look after your money and have an average career it is possible to retire financially secure in your early fifties.

I will be earning more by the time I buy this is just what I am on now. I rented a place when only earning £450 a month when rent was £380 so I know how to be frugal

shebrett

£200 a month is great, good luck with your savings. The only tip I can offer is to shop during those times your supermarket is discounting the things that go off that day and this way you can save by buying discounted food that you can freeze, often less than half its usual price.

Peonie

Rather than placing your money in a pot or an envelope why not set up a standing order to an account that pays interest, then your deposit will grow quicker. If you don't want to shop around and look for the best current or savings accounts at different banks, make an appointment with your bank at least once a year to make sure you are getting the best service from them.

After joining this site I have accounts at a few different banks, chasing the best interest rate. When one account is about to mature I check the advice on here, but still I'm going to visit my main bank each year to make sure my money is in the best account.

Good luck with your journey.