Time to get a mortgage and become a MFW

Rainbowsandtea

Hi there!

I’m ready to make the leap and buy my first place. I haven’t really started looking yet, but am going to begin my search soon, with the hope of putting an offer on a place in the next few months.

Until I’ve found a place, I’ll be using this thread to log my progress in saving as large a deposit as possible! Wish me luck

Rainbowsandtea

In December I began actively saving for my deposit. I saved a total of £1200. I’d already saved £12000 in the past, so that takes my total up to £13200.

In future months I aim to save at least £1000. I get paid at the end of each month so this will mainly involve limiting any unnecessary spending as much as possible. How I aim to do this:

1) Give myself a strict weekly budget of £60 a week. This will cover my grocery costs and any weekly entertainment costs. I will review this in six week’s time to see if this amount needs scaling up or down.

2) Think before I buy. Do I really need what I am considering purchasing?

3) Try selling some unwanted items on eBay each month. I aim to make at least £25 a month this way.

Rainbowsandtea

I spent slightly more than expected in the January sales, but on the plus side I have updated my very tired-looking wardrobe.

My goal for January is to budget myself to £60 a week, and hopefully spend less than that. I’ve also booked an appointment with a mortgage advisor at the end of the month (although this might get rearranged for February since my mum has expressed an interest in attending too)

Hope everyone has a lovely Christmas and New Year :T

newgirly

Hi and welcome, best of luck with the new diary and saving

robgoode

Good luck with the budgeting, its all worthwhile in the end. Me and my partner have just finished our budgeting for our deposit. Wasn't as hard as i thought once you get into a routine and see the savings pot increase. Even when we move into the new house I think we'll continue the budgeting and setting ourselves little goals so we don't waste money.

Hope you had a good Christmas and look forward to your updates.

Rainbowsandtea

Last week completely threw my budget out of the window. One of my trainers fell apart so I had to buy new ones (I’m running a half marathon at the start of March) which set me back £75. Annoyingly expensive, but I refuse to give myself an injury by wearing inappropriate footwear. Also, my overnight case has been broken for a while, so I had to shell out on a new one as I have to travel for work this week.

Worryingly, my iPhone also seems to have broken yesterday - it’s not charging - so I’ll be making a trip to the Apple shop to try and resurrect it. If they can’t I’ll need to buy a new phone (second hand). They say these things come in 3s so hopefully I’ve had all the bad luck I’m going to get for a while. :mad:

Transferred my £60 budget to my Monzo Card and aim to get back on track this week (phone permitting). Annoying setback - especially with my upcoming mortgage appointment.

bexster1975

Hello rainbows and tea and welcome

Sorry to hear about expenses in past few days. What to remember is that these things will happen all the way through your journey. In the end, they are not unnecessary spends so they are fine. Hope the trainers were worth it, and phone can be brought back from the dead.

Bexster

Tropically

Good knees will save you more money over the long term than £75 in the short term! Good luck with the phone!