Saving for the biggest move of my life

Hi all,

I had a debt free diary but now I'm clear of that and saving to move I don't think I quite fit there (or here)

Currently living alone in a 1 bedroom flat in the South East of England. I have approximately £67k left on the mortgage.
Due to work and the cost of the south East I'm currently saving so I can afford to sell my place and move to the east Midlands and buy myself a nice little house with garage and garden.
Personally, I would like to have the money in my accounts to cover everything than just have it as equity.

Looking to move between 2019 and 2020 to minimise my Erc and maximise savings.

Currently have
£7000 for selling
£1000 towards finishing doing my flat up

Planning to save somewhere between £450 and £600 a month!
Any hints or tips would be greatly appreciated!
Thanks for reading

Replies

  • KittenkirstKittenkirst Forumite
    2.5K Posts
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    ✭✭✭✭
    Hi and welcome to your new thread on a new board :D

    My biggest tips are looking at food spends: meal prepping or planning can save you loads. We take pack lunch boxes for the office and coffee sachets etc to prevent squandered pennies during the week!

    I use cashback sites for bill switches and online shopping which also gives back a fair amount.

    Not sure if these are things you've already been doing as part of the debt free wannabe board so sorry if I'm teaching you to suck eggs!
    First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
    New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!
  • Thanks kittenkirst. I don't mind any repeats as it can be a reminder to keep doing things!
    I currently take in lunch and drinks for at work which does save me a fortune.

    My current bills are fairly cheap - £30 a month on electric (no gas and I do have fish tanks!) and £11.90 a month on water rates.

    I'll post up an updated SoA for any hints though!

    How's your mortgage free journey treating you?
  • Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 1.5 car and motorbike

    Monthly Income Details

    Monthly income after tax................ 1744
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1744


    Monthly Expense Details

    Mortgage................................ 340 includes £11 overpayment every month
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 62
    Electricity............................. 30
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 11.9
    Telephone (land line)................... 0
    Mobile phone............................ 26.4
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 18.99
    Groceries etc. ......................... 110 vegetarian with 4 cats, includes cleaning supplies
    Clothing................................ 0
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 21
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 21.84
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 0
    Entertainment........................... 240
    Holiday................................. 0
    Emergency fund.......................... 0
    Cigs.................................... 60
    Yearly bills............................ 250this covers service charges, car and motorbike costs,
    TV licence, contents insurance etc


    Total monthly expenses.................. 1212.13



    Assets

    Cash.................................... 10592
    House value (Gross)..................... 110000
    Shares and bonds........................ 500
    Car(s).................................. 1200
    Other assets............................ 0
    Total Assets............................ 122292



    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 67615....(340)......3.75
    Total secured & HP debts...... 67615.....-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Total unsecured debts..........0.........0.........-



    Monthly Budget Summary

    Total monthly income.................... 1,744
    Expenses (including HP & secured debts). 1,212.13
    Available for debt repayments........... 531.87
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 531.87


    Personal Balance Sheet Summary
    Total assets (things you own)........... 122,292
    Total HP & Secured debt................. -67,615
    Total Unsecured debt.................... -0
    Net Assets.............................. 54,677


    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.


    I only use my car and motorbike socially so any petrol comes out of my entertainment fund and any clothes also is included (shopping with friends is entertainment right?)
    I drink a lot of fizzy drinks at work and this is why my shopping bill isn't as low as it could be. I take them in everyday but obviously does increase the Tesco bill!

    A chunk of my savings is from an accident payout and so have put some money aside for me. I ended up with severe damage and having to have 3 operations so feel I need to spend a little of the money on something for me.
    I know I should probably give up smoking but I really don't want to.
    The £530 each month is what I'm planning to send to savings each month and anything I don't spend out of my entertainment fund goes to savings as well.

    If anyone has any hints or tips, id appreciate it!
    Thanks for taking the time to read.
  • pinkypigpinkypig Forumite
    1.7K Posts
    Eighth Anniversary 1,000 Posts Photogenic
    ✭✭✭
    Good luck on your journey. I'm just starting out too and I feel so much more positive for just getting going!
    PP x
    Original mortgage £112,000 . Final payment due August 2027.
    Mortgage neutral achieved August 2020 - 7 years early!!!
  • edited 25 July 2017 at 8:48AM
    Whoknowskt89Whoknowskt89 Forumite
    262 Posts
    Debt-free and Proud! Newshound!
    edited 25 July 2017 at 8:48AM
    Thanks PP.
    I did have a look at your diary this morning quickly. Sounds like you've got a great plan.

    So the plan...
    I'm 28, single and have nothing massively keeping me in the south East. Generally if I see family it is me travelling to them and my work has an office in Nottingham so in theory shouldn't be too much of a pain.

    Plan is
    £10,000 for estate agents, solicitors, moving fees, stamp duty
    £2,000 for if the new place needs a new boiler
    £?? However much I can save to either up the deposit, decorate to my tastes, do a place up depending on the property I end up with
    £1,000 towards the garden (I've been dreaming of my own garden for years now but stupidly bought a flat with no garden!)

    Looking at properties online, I shouldn't struggle to get the sort of thing I'm after so it's just discipline to save and get where I need to be.
  • WelshlassieWelshlassie Forumite
    1.7K Posts
    Part of the Furniture Combo Breaker
    ✭✭✭
    Well done on becoming debt free. Could you reduce your mobile phone bill. Going to a sim only (GiffGaff are great - can refer if interested) can bring down your bill to less than £10 depending on your useage.

    Do you actually have £530 left at the end of the month or do you transfer at the beginning into savings?

    Your life assurance is quite high as well, hubby and I pay £18.14 per month for £180k cover (I appreciate you smoke so that might up it slightly), might be work a look?

    Sometimes its worth splitting out your yearly bills to make sure you are getting the best deal on your insurances etc and haven;t actually forgotten anything.

    Do you have an actual budget you stick to. I've been using YNAB (You Need a Budget) for about 4 years now and its revolutionised our finances. Certainly worth a look (there's a free 34 days trial).

    Good luck
  • Thanks Welshlassie for the tips.
    I'm in contract with Virgin until may next year. Paying £13.40 for the sim (I do use the Internet despite switching to WiFi when home so can't lower) but I am considering paying off the phone aspect with my treat account.

    I transfer money at the beginning of the month. Previously it was to my credit card and savings but now purely savings.
    Anything of my £240 that's left gets transferred at the end of the month.

    My life assurance also covers critical illness so I'm not sure if that's what makes it so high? I've been tempted to discontinue it. I have no children or partner so if the worse was to happen it will only assist those in my will (which I do need to write!)

    I run the yearly bills into credit so if I have any car repairs etc it covers it.
    Car insurance £410 (4 years licence, town centre Street parking fully comp)
    Bike insurance £210 (6 years full licence, town centre Street parking)
    Content insurance £60
    None of the other yearly bills are lowerable unless I switched vehicles or stopped watching TV. My service charges run to around £1200 a year.
    I think my costs are fairly reasonable and I do haggle at renewal

    Ive been sticking to this budget all this year (actually was less as only recently got promoted) and it works with just using my spreadsheets rather than ynab etc

    Really do appreciate the comments and tips though
  • New month and my savings are starting to increase quite quickly.
    I got a small bonus from work of £300, was undecided on saving all or splitting this up between treating myself and saving but decided to save the money instead.

    I have added £940! To my savings this month! This is such a large sum of money (to me) to save in one go though I'm going to try to push it to the £1k mark.

    I've got until the 31St August to live on....

    £ 39.87 food budget
    £233 me/entertainment budget

    My big supermarket delivery turned up yesterday and now I shouldn't need anything apart from bread (if I cannot be bothered to make any) and a few fresh bits (I use frozen mushrooms and peppers as saves me a fortune with wastage)
    The cats have enough food to last them until probably October!

    Every Tuesday my best mate heads over for dinner, treated him to a full roast yesterday and in return he helped me Declutter and sort through a massive pile of post I'd been lazy with. Got rid of so much stuff I now have an empty sideboard!

    I do have a lady coming tonight to collect the now empty sideboard for free. It wasn't in the best condition and means no having to go to the tip.

    Plans so far for August...

    Get the neighbour builder top quote for removing the plastic edging on windowsill and replastering it
    Sand the wood in the hallway
    Declutter more
    Find another £60 to add to savings (coin jars or spend less)

    Right I shall stop boring any readers and end this post now!
  • So today has been very productive.
    Sorted out my coin jar and put £85 into the bank, moved it to savings so that means I've saved £1025 this month!!

    Did treat myself to 2 new tops @ £8 and a new bottle of perfume at £29 but this has come out of my treat fund. The perfume was £55 in a common pharmacy and it is one of my favourites.
    Had to get some more primer as has run out but it's really good stuff and much needed with all the dark wood in my flat. At £8.50 it's not a bank breaker either.

    My decluttering has been productive, 3 bin bags of rubbish and another given to the charity shop today.

    Started sanding and done 2 coats of primer on most of the wood in my hallway and it looks brighter already.

    My place is finally starting to get that bit better and cannot wait until it's done!

    Hope everyone is having a good weekend
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