Need to save £10k in 12 months, doable? I really hope so

Nymphadora

So as the title says I need to save £10K in 12months.

This is to make up the short fall in our deposit for a home.

I want to use this diary to help keep me focused and to put down my ideas.

So a little about me. I am married with 2 kids. 3 years ago we sold our house and moved to a new area. We decided to rent until we decided if the area was right for us. Unfortunately over the past 3 years my health took a downturn (Fibro) and I gave up work. This resulted in us dipping into our savings. Thankfully, apart from some bad days, my health is better and I am back working.

Now we have decided this area is for us I need to make up the shortfall in the savings so by this time next year we can look at buying.

My target starts on 23rd of October (Pay Day :T)

Now on looking at it I should be saving £833.33 a month, however October and December will be the two months where limited savings can be made.

I need to get my thinking cap on and see how I am going to do this.

If anyone has any ideas or has done this themselves I am open to all advice.

Nymphadora

So have been thinking this afternoon on ways to save and how to do it.

My main weakness is not being organised and this costs money, lots of money :mad: How many takeaways have we had because I wasn't organised enough to take something out the freezer, lots.
Paying late fees or missing out on early deals when not being organised to pay things on time, lots.

So number 1 in my plan is Be Organised.

Number 2 is NO impulse buys. Do I NEED not WANT will be my new mantra

Number 3 Don't automatically renew insurance policy's. Have been looking at car insurance and we should be able to save £40 - £50 a month :eek:. Have always just renewed and never shopped around.

HOK3Y

Nymphadora, anything is possible and I am the kind of person who advocates aiming high as it is the only way you will even come close to what you want. It sounds like a lot of money and only you know your finances but if you put your mind to it, you will find a way to achieve it. Very best of luck to you. X

sammr85

Looking forward to your progress. Good luck x

Nymphadora

Thanks HOK3Y and sammr85.

On paper I should have £900 left after bills, food etc but of course the reality is we don't.

On the rare occasion I have been organised and focused we have been able to save this so I know it can be done.

My plan so far is:

DH Bonus approx. £700
2 months no council tax. £308
My monthly Salary £600 x 10 months £6000.

This would leave £3000 left to find from DH's salary. He is fortunate he can do OT and he will be due a wage rise early next year.

Now we will be due £600 deposit back from our rental but we wouldn't get this back till we left so don't think we can count this :cool:

Anyway pay day is Monday and although is said I wouldn't be able to save anything in October I am going to be careful with our foods spends and see if we can save something from this, so off to do a meal plan.

emmaglet

This is definitely achievable! I've PMed you a link that you may find useful.

Nymphadora

Been busy over the last day or so and I haven't been able to focus on money saving.

But on saying this I have my first savings amount on my goal :j
It's only £20 but it's a start and 2 days before my official start date:T

This £20 comes from the money left from last months Gas and Electric budget. We have meter keys/card. I took £100 out last pay day to do both and did have £40 left but today the electric was down to £0.90 and the gas £4. So I put £10 on each to do till DH pay day next Friday so I was left with £20.

Tomorrow I intend to sit down and not move till I have done the monthly meal plan. DD is struggling a bit with maths so might get her to start helping cost things out, helps me and helps her with her maths.

Going to put my goal in my Signature.

Nymphadora

Still haven't done much of a meal plan :cool:

I won't get to the shops till Wednesday as working Mon/Tues so still have time.

DD and I worked out last night that packed lunches for her and her brother next month will cost £22.50 - which is not too bad.

DD is at high school so I give her £10 a fortnight for school dinners but she needs to budget and if it runs out then I won't be topping it up. So far she is managing this fine. School dinners is expensive so she takes a mixture of packed lunch and dinners during the week.

DS takes school dinners once a week @ a cost of £2 a week.

So kids school lunches cost me a total of £50.50 a month.

Thrifty_Fashionista

Nymphadora,

I am in the exactly same position - need to save a deposit for a flat.

Have been inspired by so many of the forums, and yours was very close to home!

We can do it!!!

Nymphadora

I have been very busy the last few days I haven't had a minute to get online.

Neither have I done a shop.

Planning to spend sometime this weekend sorting out bank account and getting food.

Will hopefully get on here to update.

Nymphadora

I meant to say in my post yesterday we have a leak from the bathroom into the kitchen. The landlord was quick to send someone out and the leak is amended but they gave no indication when they would get someone out to sort the kitchen wall that has a bit of the plaster falling off.

DH decided last night he was going to fix it. He is more than capable of doing this and thankfully we had filler and spare paint so actually hasn't cost us a thing (thankfully)

DH did get paid yesterday and there was a small bonus and OT in this so going to try and move some into our savings account.

Did the food shop today have aimed for £300 this month but have only taken out £250. The other £50 I will transfer to our savings account and if need be will move it out.

DH took £100 cash for Gas and Electric he put £30 on each so will hopefully have £40 left to put in savings this month.

In summary

potential savings are;

£40 from Gas and Elec
£50 from shopping.

total £90.