Saving for a house

Gilv

I've been a stalker to this forum for a while, in particular this section and have decided to do a diary of my own just to really see how I'm going and a little motivation tool.

I currently have around £13.1k saved between four accounts and hoping to make it to at least £20k for a deposit.

I'm very fortunate that by living with my parents, I don't have too many outgoings. Rent is £115, pet insurance is £38 and phone is £23 are my only set in stone outgoings. I'm not one to blow large quantities of money at a time, it's more things like not organising food for work one week and bang, there's £20 gone.

My main focus to achieve my aim isn't really too much about cutting down, it's about earning more money. I've recently gone from a 20 hour contract to a 30 and as I work as many extra hours as possible, I never earn a set amount. It normally averages about £1,000 pm. If all goes well, that should go up to about £1,500 pm in the next six months.

I'll probably update this end of each month when I'm paid.

roxy7699

Good luck. You've done well so far.

Gilv

Having seen other people's having their totals almost down to the penny, I've decided to do the same. Thought I'd see a better track of progress and on doing it, I realised I had £200 more than I thought.

Last month, I saved £450, although that was partly helped by receiving petrol expenses for two weeks work.

I received £1,028 after tax this month. I put £28 in my ISA and £250 in my regular savings account. After direct debits, standing orders and spending I've already done this month, I'm left with £505.

A trick that works for me is to divide my money left by the days left before the next payday. This month, I have £17.41 per day and I always find it motivating if I check it a few days later that it's gone up. I'm pretty confident with a few NSD, I can spend about £10 per day and save another £200, give or take.

Not taking the £505 into account, I'm up to £13,827.

lalman

Keep going Gilv your doing really well.

Just some advice- I hope your earning some interest on that money you have tucked away :-)

Also, if you don't mind me asking - how old are you?

Gilv

Funny you should say about earning interest, I've spent some time opening and closing accounts to maximise interest. Inspired by others on here and feeling motivated.

I opened a second TSB Classic Plus account as I had no idea you were allowed two. I also opened a Nationwide FlexDirect account and a Bank of Scotland Vantage account.

My system each month:
Wages > Halifax Reward Account
All but £200 (cover DDs and SO > Bank of Scotland Vantage
TSB Classic Plus 1: £500 > TSB Classic Plus 2. Vice versa
Nationwide Flex Direct: £1000 > Bank of Scotland Vantage. Vice versa

And I'm 23.

cjones1212

This is amazing how much you have saved.
I am looking at buying a house but it is proving difficult.
However, I am taking inspiration from you & going to do it!!

Thanks a lot

Gilv

Thank you. The great thing about MSE is that it's full of like minded people. I don't know anyone in 'real life' my age with my attitude to money. It's tough going at times, but when you see results, it is totally worth it. Best of luck to you.

Gilv

Looking back, I may have been a tad ambitious hoping to save another £200 on the £278 I had already set aside at the beginning on October. I only managed to save another £105, taking the month's total to £383.

Disappointed, considering I received £48 interest when I closed two accounts, £21 raiding the piggy bank and £35 in eBay sales. That extra money was cancelled out when my local football team brought out an 8 for 6 match package. It will save me money in the long run and I still need a life between working and saving.

I got £1,038 take home this month. Now I haven't got a regular saver, I've decided to set aside £350 aside for savings at the beginning of the month. Minus the £350, I'm left with £567, which leaves me with exactly £21 per day.

Not including the £567, I'm now up to £14,282.

wiorika

I must say Im very impressed with how much youve saved, I have friends your age and theres no way they would be able to to what youre doing. Giving yourself 21 pounds a day is a good way of controlling your spendings. :T good luck with reaching your target

Gilv

Thank you. I know people my age don't, but I'm of the opinion that if you're living with parents and working full-time, saving money should be easy. I'm shocked when people who pay no rent and earn more than me have no money within a week of payday. Although I have two people ask for some knowledge this past week.

So far, this month is going very well, without even trying more than normal, I've not spent that much money. Up to about £26 a day already. I think documenting my savings is really making me think twice before spending, especially as I felt I had a disappointing October.

I reaped the rewards of changing banks at the beginning of this month. Around £30 interest for about five minutes work isn't to be sniffed at.

Gilv

Two weeks ago, I was on track for a bumper month. My parents (or more specifically, my mum) have put my rent up to £150 so the £110 she owed me has gone towards the next three months rent.

I'm okay with that, although it does feel like it has been increased because I'm saving so much. Like my older brother is rubbish with money and my mum is automatically sympathetic if he's skint. He once went on a three week holiday and three days after coming back, needed to borrow £500. I'll get over it, but it is frustrating.

Anyway, back on topic, I saved another £15 in addition to the £350 I put aside at the beginning of the month. I'm happy with £365, considering I have bought all Christmas presents. Not that I went mad, but still leaves December free.

I took home £967 this month. Once my DDs and SO of £173 come out, I'm left with £444. I have 32 days until I'm paid again so it will only leave me with £13.87 a day. It will be slightly tough to add to that, but I do usually spend most of my December working, so don't get much of a chance to spend anyway.

I have also switched an account to First Direct 1st Account so should have another £100 coming this month, which will go straight into savings.

Excluding the £444, I'm currently up to £14,647 and looking forward to smashing through the £15,000 barrier next payday.