The "Pay ALL your debt off by Xmas 2012" challenge - PART 2!!!

recurrent-ostrich

antonia1 wrote: »

Okay, I'd like to start a quick poll. I'm 26 years old, hope to pay off my debt by Christmas. My mum has offered for me to move back home for a year or two at that point (or from graduation if I get a uni place away from home) so that I can save for a deposit on a flat / house. I would obv pay some towards housekeeping, but it would allow me an extra £500 per month, which dramatically increases my chance of being able to afford my own place before I'm 30.

So, what would you guys do?

If you and your mum get along okay (and I'm presuming that for her to make the offer you do) I'd go for it. Several of my friends lived with parents whilst saving for a deposit and it makes total sense. Yes, it might be a bit of a pain at times, but it's really worth it to be able to afford your own place. As long as you will save the money, and not spend it on going out to get away from your Mum LOL!

mf0u1098

antonia1 wrote: »

Okay, I'd like to start a quick poll. I'm 26 years old, hope to pay off my debt by Christmas. My mum has offered for me to move back home for a year or two at that point (or from graduation if I get a uni place away from home) so that I can save for a deposit on a flat / house. I would obv pay some towards housekeeping, but it would allow me an extra £500 per month, which dramatically increases my chance of being able to afford my own place before I'm 30. It would, however, mean giving up quite a bit of freedom for the time I'm there - things like dating would be hard, and my sis will still be around during uni holidays (and she takes FOREVER in the bathroom).

So, what would you guys do?

I had exactly the same dilema and took the plunge. I've been living at home for the last 14months and except for the blip over Xmas when my parents split up, it's been fine. I do miss living on my own and living in a city but I still have freedom to go wherever I want and see my friends. So many people are having to move back in with their parents so they can save up for a deposit that it's seen as quite normal and actually logical to do. I moved in early to enable me to pay off my debts but plan to stay their until my deposit is saved. The sacrifice for a few years now will be more than worth it when I'm in my own house. As for dating, if you meet someone nice and it really starts to work out then there are always options and if you decide you both want to take the plunge and move in together then I think it's a pretty good incentive to get saving like mad!!!

One tip that I've learnt though is to set the ground rules early on and keep reminding them that you are 26yrs old and that you are not a child anymore. Sometimes they slip back into parent mode... Also, sounds like you'll need to set the ground rules with your sister too, if you're working then you may need a bathroom rota so none of you are late for work. xxx

I'll catch up with everyone properly later as I've sneaked on at work! :eek:

antonia1

recurrent-ostrich wrote: »

If you and your mum get along okay (and I'm presuming that for her to make the offer you do) I'd go for it. Several of my friends lived with parents whilst saving for a deposit and it makes total sense. Yes, it might be a bit of a pain at times, but it's really worth it to be able to afford your own place. As long as you will save the money, and not spend it on going out to get away from your Mum LOL!

Thanks R-O, we get on really well. If anything I'd be more likely to spend the money on going out with my mum :rotfl:!

Gemma, I agree - ground rules will be useful (tho my sis is very good at letting me borrow clothes when I'm home for weekends, so there will be benefits). The dating thing is more of a concern that my mum is religious, so boys staying over would be a definite no (fair enough - her house), but I think we need a conversation that I am allowed to stay over at boy's houses if I want (we weren't when still at school).

MFWannabe

Hi Antonia
I think you should go for it; small sacrifice to pay to have your own home in a few years time. Just make sure you definitely save the £500 every month and put it in an account where it's locked away for a year or two or you have to give notice period before withdrawing any money. That way if you're ever tempted when you're out shopping you can't get at this money

camuk81

mf0u1098 wrote: »

I had exactly the same dilema and took the plunge. I've been living at home for the last 14months and except for the blip over Xmas when my parents split up, it's been fine. I do miss living on my own and living in a city but I still have freedom to go wherever I want and see my friends. So many people are having to move back in with their parents so they can save up for a deposit that it's seen as quite normal and actually logical to do. I moved in early to enable me to pay off my debts but plan to stay their until my deposit is saved. The sacrifice for a few years now will be more than worth it when I'm in my own house. As for dating, if you meet someone nice and it really starts to work out then there are always options and if you decide you both want to take the plunge and move in together then I think it's a pretty good incentive to get saving like mad!!!

One tip that I've learnt though is to set the ground rules early on and keep reminding them that you are 26yrs old and that you are not a child anymore. Sometimes they slip back into parent mode... Also, sounds like you'll need to set the ground rules with your sister too, if you're working then you may need a bathroom rota so none of you are late for work. xxx

I'll catch up with everyone properly later as I've sneaked on at work! :eek:

You'll be busy tonight! Part 3 coming soon!

Superheavy

Hey Antonia,

Looks like quite a few of us are living at home with our parents, as I have been since last July. As long as you get along okay and you and your mum are quite tolerant, then I suppose it makes sense.

Rental in our area is extortionate even for a studio flat, so I doubt I could live in this area without either moving in with some people I don't know or living with the folks. Yes it can be a bit frustrating and cramps your style a bit, but I've paid much more debt off than I could have otherwise, and I've barely ironed a shirt in 9 months.

loubie_lou

Hi Antonia,

I did it about a year ago. Well it's techinically not moving in with my 'rents but I stay with them when I am not working away I pay minimal rent and I get to see them quite a lot.

Will probably be doing it for another year until my debts are paid off and I have enough saved for uni

mrso2b

GRRRR I overpaid Barclaycard to round it up to £200 and they havent taken out the minimum by Direct Debit. So annoying!

I've paid my usual payments to Egg and Halifax:

152 mrso2b £1,412,12/£12,000

I'm not doing too well am I? I need to up my game.

mrso2b

Also my gas and elec have gone up from £44 a month to £120 a month! Need to look at that!

It's just one thing after another

It's my first wedding anniversary next week and a friend's given us £140 towards a hotel room. Now we can get a perfectly nice room for £115 and spend the remainder on drinks but I want the room that has a jacuzzi, a super kingsize bed and breakfast in bed! It could be ours if we had an extra £110 to spare!

mrso2b

antonia1 wrote: »

Okay, I'd like to start a quick poll. I'm 26 years old, hope to pay off my debt by Christmas. My mum has offered for me to move back home for a year or two at that point (or from graduation if I get a uni place away from home) so that I can save for a deposit on a flat / house. I would obv pay some towards housekeeping, but it would allow me an extra £500 per month, which dramatically increases my chance of being able to afford my own place before I'm 30. It would, however, mean giving up quite a bit of freedom for the time I'm there - things like dating would be hard, and my sis will still be around during uni holidays (and she takes FOREVER in the bathroom).

So, what would you guys do?

I would do it for sure. It means you'll be in your own home quicker and you'll be able to save loads.