Newbie Here

gardenia82

Hi everyone. Joined here because I want help sorting out my money. I'm not in a great deal of debt (have about 600 on credit cards and owe a relative about 500) but I am so rubbish at saving. I've been pretty bad all my life and just love to shop.

I guess the crunch has come about because I am living at home again (after a relationship break-up a few years ago) and I want to move out but I find the idea of renting so depressing - just throwing money down the drain really. I have a decent (and more importantly, secure) job but I live in Cornwall where the house prices are high.

I am hoping (anyone any idea my hope may come true?) that in a couple of years mortgages will have calmed down a bit and there may be some hope that a single female like me can buy a house with a £10 - 15k deposit. So that's my goal...saving some money. Feeling more secure.

I keep wanting to just go and rent but there's no way I can rent and save up for a mortgage alone.

Anyone else in my boat or have any tips?

joedenise

Sorry can't help as I've never been in your situation. However, good luck with your goal.

If you post your SOA, people on here may be able to help you with where to save money in order to pay off your debts and get saving for a deposit out.

Denise

Tixy

Hi gardenia and welcome

Learning to budget can be hard if you've not been used to saving in the past. So your goal is to pay off the debts and then try to build up savings for a deposit? I would try working out a realistic budget you can live on whilst living at home, and work out how much you should have left for debt repayments each month (which can eventually become your savings figures each month).

As Denise suggests completing the statement of affairs should be useful to see where you think your money is currently going, and you might then decide to keep a spending diary for a couple of months to compare what you are actually spending. If you post the SoA on here people should be able to offer you some help and advice on your current spending and suggestions for clearing your debts. http://www.makesenseofcards.com/soacalc.html

tallyhoh

I used to live in a hostel so a proper home was my dream. I eventually got a council flat & saved every penny I had, worked 2 jobs, every expense was scrutinised. I managed to buy my own place after a couple of years & again put every penny towards paying the mortgage off.

Went from hostel to mortgage free home owner within 10 years.

You can do it if you want to, just need to put all your efforts into it. This forum gives excellent advise so please put your SOA up.

Cheers