Changing my ways - Savings Diary

Hellooo Everyone!

Well, here it goes. Its time I grew up and began to save so I can finally get a place of my own!
I'm 24, and currently live with my Mum and step Dad.
I'm single and have a good job so just looking for a flat. I considered renting as I'm desprate to get out the house and stand on my own 2 feet, however I do worry I wont be able to save to buy somewhere as I struggle to save without monthly bills now!

Anyway, my finances are as follows.

Salary - 26,000 p/a going up to 27,500 in July.
This gives me around £1400 a month thereabouts.

I have a student loan of £100 p/m and I have no idea how much is left to pay on it. The website seems completely useless!

I have just bought a new car in January which costs £155p/m for the next 3 and a half years.

A loan which was 7000 over 5 years at £150 p/m. I think this is due to finish in January 2013 however I have been working reeeally hard at work to I'm hoping to pay this off perhaps next month.

I have just paid off my credit card which was interest free. I'v had a few credit cards over the years. Never missed any payments and always interest free. So got a good credit rating!

Other monthly bills
Dig money - £100
Mobile - £17
Gym - £56
Dental plan - £22

So my outgoings so far total - £500
Which should leave me with £900 p/m to spend!! Dont even ask where all the money is going. I'm that bad with cash!!
My savings per month are £50 for xmas and £100 for holidays.

So the plan!
I'm looking for a flat for around 80k.
Of course I need 10% for a deposit at least!
I'm hoping 95% makes an appearance soon, however I still need to find that 5% too as I currently have no savings whatsoever!

I shall keep you up to date on my savings.
M :)
ISA/Deposit - £2500
Long-Term Savings - £325
Car stuff - £200



  • [Deleted User]
    Welcome and good luck saving!

    From reading your post it seems that you are not sure where all your cash goes? If this is the case keep a spending diary for a month or two. Keep a little note book in your pocket or bag and note down everything that you spend money on - both CC payments, any DD's on your accounts, regular payments and all the small things as well, bottle of water at the gym, bar of chocolate from the vending machine at work, newspaper, clothes etc etc...if you manage to keep track of everything for a month or two, you will soon see where you are spending all your cash on. Once you know where it goes you can make decisions on what can be cut back on and what can't.


  • YoungSaver_2
    YoungSaver_2 Posts: 17 Forumite
    Good luck with the mission. All you need to do s find it where all that 900 pound is going. Give yourself a reasonable ammount of pocket money a week and bank the rest into a cash ISA. Ill be following you, as it's encouraging to read other peoples stories. I too am saving and know how that feeling is.
    Rebuilding my finances
  • toddy89
    toddy89 Posts: 19 Forumite
    Best of luck to you. Always good to hear people ready to make a positive change for the future.

    On the student loan front, have you called them on 0845 073 8891? (From DirectGov website) or I think this is the non-0845 number- 0141 243 3660.
  • Mirrabella
    Mirrabella Posts: 8 Forumite

    Thanks for the replies!
    I'm going to start a wee notebook of everything I buy. I'v stopped buying from the vending machines at work, and I'm always asking do I really need this when I go the shopping.
    I dont really buy clothes that often, and when I do its usually from primark!

    When I get paid this month (28th) I plan on paying off my loan. Very excited about this! Its about £1000, and I have a cheeky £550 saved.

    Next month I'm also going to to withdraw £50 per week, which I'll use as spending money.

    I'll give student loans a wee phone in the next couple of days hopefully get an idea of how long I got left to pay for that.

    M :)
    ISA/Deposit - £2500
    Long-Term Savings - £325
    Car stuff - £200

  • Paulie_Wa1nuts
    You sound almost identical to me!!!

    I earn £26,000, I have similar outgoings, but jibbed the dental plan last month ha. I have several more outgoings but still worked out I should have around £800 to myself each month. It jsut seems like theres always something, holidays, car tax, MOT etc. Paying back debts. Never have had a spare penny, want to save £4000 in the next year.

    I rang the student loans the other day, turns out I owe them £14,000. Theyre a joke, ridicuously poor customer service / communication. I see it as a bill and dont iuntend to pay it off anytime soon.

    I intend to do matched betting, reviews and save £100 - 200 per month from wages.

    Good luck anyways.
  • sellenom
    Great inspiration. Thank you!
  • Mirrabella
    Mirrabella Posts: 8 Forumite
    edited 13 June 2012 at 9:01AM
    Just a quick wee update.
    Sadly last months overtime was not processed in time for pay. However this month means I'll be getting this month and last months overtime!
    So far I'v done not too bad, I have around £350 left till the 28th.
    I'm hoping not to go into my overdraft which I was £300 in at the start of the month.
    Next month, if all goes well, my loan will be paid!

    On the house side of things.
    A little flat has came up for sale, in the street I'd love to live.
    £75k. Sadly I dont have a deposit, and right now taking a loan out for the deposit seems sooo tempting!
    Must. Stay. Strong!

    Oh and I've managed to get my gym membership down from £62 to £42p/m. Still expensive, however thats pretty much my social life as I rarely go out drinking.
    ISA/Deposit - £2500
    Long-Term Savings - £325
    Car stuff - £200

  • Mirrabella
    Mirrabella Posts: 8 Forumite
    Ok the loan wont be paid off again this month. BOOO!
    I have totally re-jigged my finances and although they dont look good just now, but I have a plan which is going to get my total outgoings to £350p/m
    So! Right now I have as follows.......

    Overdraft - £250 = Paid Off This Month
    Car - £155 = 3.5 year contract ended June 2015
    Gym - £42 = 1 year contract ending July 2013
    Personal Training - £133p/m = 3 month contract ending Sept 2012
    Digs - £100 = Never ending
    Loan - £150 -p/m (£950 total) = 5 year loan ending Jan 2013
    Dentist - £23 = Never ending
    Mobile - £17.50 = Pay Monthly

    Right so planning on getting rid of the following......

    Overdraft - Junes Pay
    Personal Training - Ends September
    Loan - Octobers Pay

    So once I get rid of those 3 things my outgoings will be £337p/m
    And then its HELLO SAVING!!!!!

    Saving plan as follows......

    Car (tax,insurance ect) - £50 p/m
    Christmas Fund - £50 p/m
    Holidays - £100 p/m (which will likely just get chucked into the deposit fund anyway!!!)
    DEPOSIT FUND - £500p/m

    Total £700 savings and £350 outgoings = £1050 p/m
    Leaving me around £500 to play with a month

    ISA/Deposit - £2500
    Long-Term Savings - £325
    Car stuff - £200

  • Herongull
    Herongull Posts: 1,356 Forumite
    First Anniversary Combo Breaker
    When does your mobile contract end? £17.50 sounds very high. If you move to Giffgaff, you would get more than you can use for £10 per month. If you move to Ovivio, calls,texts and data are free (up to generous limits).

    £23 per month for dentist is high - unless you have bad teeth? Can you get an NHS dentist? Checkups every 6 months, fillings once per year, and a trip to hygenist, should not be more than £100 in total per year
  • Mirrabella
    My wee monthly update!
    I have paid off my overdraft AND loan!!! WOO HOO!!!!

    Right so just the personal training to get rid of and it'll be full steam ahead!

    This month I have paid off the loan and I have my car insurance due up so no savings at the moment.

    I have just discovered my bank does save the change in an internet savings account. I have an ISA which I plan on using to save for my deposit. But I'm wondering if it would be a good idea to take this other savings account out just to use save the change.
    I switch pretty much everything so I think it would help me save without actually realising it.

    M :)
    ISA/Deposit - £2500
    Long-Term Savings - £325
    Car stuff - £200

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