Ultimate Challenge. 457 days / £16600!!!

killerpeaty

Tut tut lilt :P By falling off the wagon you bought useful things! I think you can be pleased that you're still good when you've been naughty ha ha.

S'up guys?

Massive congrats Kat!

his_missus

Hello all,

Well I have news to announce. We're now looking at buying a home! A new build where my bessie mate is buying one. The house we want hasn't actually been built yet and it's looking like another year or so before the style we want becomes available. There are two of that style already built but they're far too close to 2 busy roads for my (and kitties) liking.

My new personal challenge is to save a 5% deposit of ideally £6,600 in the next 18months (possibly more), perfectly doable. Have set up regular saving ISAs in both of our names to save into monthly, using the money I would have paid towards the CC debt. Exciting times

Jonesy88

Exciting times indeed his missus!

killerpeaty

Yay for you HM!

Is your regular saver ISA by any chance the Newcastle one? I just opened on up myself.

I've been doing some financial modelling and have found that I will probably not be able to afford to move out in two years time if my salary doesn't increase above inflation. :eek:

liltdiddylilt

Congratulations on getting debt free HM, ahead of schedule no less! Very exciting times indeed on the house buying front. I am so glad that 5% deposits on new builds are coming back. Plenty of time for you to save and hopefully have some input into the fittings in your house!! Fab news!

PEATTTYYYYYYYY!!!!! WB bud, where ya been!?!? (Like I can talk...) It's highly unlikely that your earnings will rise above inflation, unless you're planning on getting yourself a promotion there hon. What is the part that isn't affordable to you. Can you scale back on anything you were planning? Don't be too worried about it. Stick to your plan, keep putting the money away... You don't know what might happen between now and then!

killerpeaty

Hey lilt, how are you? Have anything new and exciting to tell me?

The scenario I have been building is worst case to be honest, I plan to get into a shared living situation, it's about £350-600 with bills average here. So obviously I used the £600 figure and added bills on top (with 4-6% inflation). I've also modelled in an aggressive savings strategy (400pm), high car costs (petrol at £100pm with 10% inflation per year) and really high food costs. So my I&E is looking healthy, my cashflow not so much. However if I stick to my savings strategy I should get just below £2000 in interest from all of my ISAs (assuming interest rates increase in 5 years time) in 2023. That'd be nice. That is, if I haven't used it all for a mortgage by then. My balance sheet suggests I should have nearly £50k in ISAs by then.
Yup... that's what I do for fun. :rotfl:

NinjaSavingKat

Ooooh WELL HELLLLOOO to Peaty!!! Where have YOU been!!!:j:j:j Great to see you here.. I thought we had lost you at one point!!! ...Great to see you are still crazy MSE mind is adding the high end of possibilities.. so proud!!

His_Missus ...:T:T:T...I have Homes Under the Hammer on my screen wishing wishing wishing!!! I am so happy for you.. I have realised a 10% deposit in my town is £25,000 ...**groan** so am also happy to see the 5% deposits being offered.. do you have a game plan? Extra work etc or is the deposit able to be accumulated with normal wages and just cutting back..? I can't wait to have my own little house.. makes me think especially since moving into this one as it's the perfect size!!!

Lilt naughty Lilt... you have been working hard though so one month of a few items that are needed won't kill you - however so you have to physically transfer money to a savings account or are you like me with an instant transfer..? ( I am not saving by the way I am stashing for bike insurance in November )...

I have an ISA with the Nationwide.. with a gross interest rate of 0.25%..is that as rubbish as I am lead to believe it is? I renewed my ISA as I needed somewhere to stash the cash ( haven't used it otherwise ) - can you financial bods advise whether I can close it and reopen another one elsewhere within this tax year..(renewed within the tax year).. or am I stuck with it this year although it ain't that concerning as not a lot will be going in...??

Great to see the good news being announced here and chit chat.. I am going to switch on the email notifications so I can keep up more often and whilst on the run...

Hugs to all...

Onwards and Upwards!..

killerpeaty

Kat, that interest rate is god awful. To put it in perspective, inflation last month was ~2.8% so you are losing purchasing power of ~2.55% each year.
No, you cannot close and open an ISA in the same tax year (this is known as "void and..." if you want to regain your tax free status "repair") BUT you can transfer. To do this, find an ISA that will allow transfers and request that they transfer your ISA, it's their job, they will deal with the paperwork. You can also transfer past years ISAs to get better savings rates, these do not count as new ISAs, they still have the earlier tax protections.

If you have a look here you will see the current best ISAs that MSE has found or.. here for lovemoney's version.

Finally, I don't think you should ever settle for worse interest than you could have. If you have any savings then it should work as hard as it can because you work smegging hard to get it.

---

This weekend I spent well over £200 on clothes and an additional 15 on going to the cinema. I did get 10% off and cash back for half of it... Must get back on the MSE wagon.

his_missus

Hi All,

Killerpeaty - it is indeed the Newcastle one, seems perfect as we have no intention of drawing out the money.

Kat, it should be doable through our wages really if we stick to my budget. I have at least £500 "spare" a month now I have no debt and Hubby has £300+ "spare" a month though we do have other things to save for (like our big holiday) and we will need to do some things to our house to make it more sellable.

I'm no financial ISA wizard, I just look on the main MSE site for guidance.

LexieLou

Oh NSK, I have been missing from your diary in months...wow how well have you done? Amazing achievement.

I'll have to take a few of your tips and up my game. Well done

LL xx