Mortgage Wannabe! Not MFW!

Hey everyone!

After lurking in the shadows of this forum for years I have decided 2012 is the year to come out of the dark and make a start at saving for a house deposit. Hence why I want a mortgage and not mortgage free...however that would be my next aim once I've got the house that is!

So the goal is to get to £5,000 by the end of 2012 and my boyfriend is aiming for the same. I earn roughly £1000 pcm at the moment as I'm training to be an accountant. My outgoings are about £600 and fuel for my car is another £100 a month.

I want to start a diary to track my progress but I know if I done it myself I would lose my way!

Its up to you guys if you want to follow me but just updating this will keep me on track (hopefully) lol. But support is more than welcome!

Replies

  • Lois_ELois_E Forumite
    2.2K Posts
    Ninth Anniversary Combo Breaker
    Forumite
    Hi Izzy and welcome to M(F)W. Everyone here is very friendly (as you'll know if you've been lurking) and any kind of journey-to-home-ownership diary is welcome here. If you're brave enough to post your SOA there are helpful people who'll make suggestions, you can join some of the challenges, or just keep posting on your own diary.

    Good luck, and don't forget to enjoy the journey.
    Starting again 13/4/19
    Home loan 1: £21,102.50 Home loan 2: £7,698.99
    Total owed: £28,801.49
  • edited 26 December 2011 at 6:58PM
    Izzy529Izzy529 Forumite
    16 Posts
    edited 26 December 2011 at 6:58PM
    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 0
    Number of cars owned.................... 1
    Monthly Income Details
    Monthly income after tax................ 1021
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1021
    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 182.3
    Rent.................................... 100
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 12.75
    Mobile phone............................ 36
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 5
    Groceries etc. ......................... 20
    Clothing................................ 40
    Petrol/diesel........................... 100
    Road tax................................ 10
    Car Insurance........................... 50
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 9.22
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 45
    Haircuts................................ 15
    Entertainment........................... 140
    Holiday................................. 0
    Emergency fund.......................... 0
    Other......................................47.50
    Total monthly expenses.................. 822.77

    Assets
    Cash.................................... 500
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 8500
    Other assets............................ 0
    Total Assets............................ 9000

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 5000.....(182.3)....6.2
    Total secured & HP debts...... 5000......-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    Total unsecured debts..........0.........0.........-

    Monthly Budget Summary
    Total monthly income.................... 1,021
    Expenses (including HP & secured debts). 822.77
    Available for debt repayments........... 198.23
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 198.23
    Personal Balance Sheet Summary
    Total assets (things you own)........... 9,000
    Total HP & Secured debt................. -5,000
    Total Unsecured debt.................... -0
    Net Assets.............................. 4,000


    Thanks Lois_E for sugguesting this! Strange seeing all you spend down infront of you. Just to add still stay at home with mum which explains why I only pay £100 rent!
  • Hello - good luck with your journey to save £5000 this year. It seems as though, after expenses, you have £198 availble. Over the year that totals about £2400. How are you planning to make up the balance?

    How long before you pay of the HP loan? It may be worth paying that off as soon as possible, as that you save you the cost of the interest on the loan and will free up £187 per month, almost doubling your available income. You seem to be saving a lot of money on rent and groceries by living at home, which is great. However, if I were you I would be looking at the entertainment, gift, car and gym budgets in order to save. Not sure how much the gym is costing, but the other 3 items make up over 35% of your expenditure.

    Anyway - just wanted to wish you all the best!!
  • theyoungonetheyoungone Forumite
    2K Posts
    Forumite
    Hello and welcome to MFW!! :)
    Just to let you know this MF lark gets addictive! :rotfl:
    will look forward to reading your diary and seeing how you get on!
  • Sepa74Sepa74 Forumite
    962 Posts
    Forumite
    Hi,

    At first glance your mobile phone looks expensive. If you are out of contract it would be very worthwhile shopping around for something cheaper.

    The other thing I noticed is the £40 clothing allowance... are you building up a work wardrobe? If not, then that might be an area to reduce. If you don't like the idea of charity shopping, then it can be fun to have a complete clean out of your wardrobe, sell your least worn clothes on ebay and then put others away in storage so you have the fun of pulling them out and going 'wardrobe shopping' in a year or so.

    Good luck on your journey! I'm looking forward to hearing your adventures saving up that deposit :)
    Borrowed £150,000 in an offset tracker mortgage in May 2007 - MFD May 2041 (67)

    Jan 2012 - £125,620.02 / 2,913.87 / Nov 2032 (58) :beer:
    Apr 2012 - £122,901.88 / 3,170.91 / Jul 2032 (58)
    Jul 2012 - £122, 589.02 / 3,507.99 / Sept 2032 (58)
    Oct 2012 - £120,476.31 / 3,889.42 / July 2032 (58)
This discussion has been closed.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 in bonus points

MSE News

Ask an Expert: Scams

Watch MSE Katie's answers to your questions

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals