Saving what I can

riotlady

So it's been a tough few months financially. My contract finished on my job in December as I was due to start at university in January, however I unexpectedly discovered I'm pregnant and have had to delay my course until next January. My maternity pay kicks in properly end of March (I've got 200 this month) and between then and finishing work I've had no income AND a bunch of baby stuff to buy (fortunately managed a lot of second hand deals) so my emergency fund is looking sadly deflated.

I would like to build up the emergency fund to about £1000, and also save £2000 for driving lessons and a car. My course is in occupational therapy and can have placements all round the county, so between juggling that and childcare the car is going to be a necessity I think.

I also have a save to buy ISA which contains a grand total of £110. We won't be in a position to buy for about 5 years (my partner is currently studying an access course in his spare time with a view of going to university too) but anything extra I can chuck at that is great.

My maternity pay changes monthly but averages about 600. My partner gives me 300 towards our joint bills and chucks me a bit extra whenever he has the spare cash. When baby arrives we'll get child benefit and tax credit too, but obviously our expenses will go up too so I don't think we'll be in a vastly different position.

Monthly income- 900
Debts- 300 overdraft (interest free)

Regular payments-
Rent- 363
Gas and electric- 67
Water- 35
Council tax- 100
Netflix- 7
Sofa payment- 30
Phone- 25
Charities- 12
Total: 639

That leaves 261 for food, household stuff, cat food and litter, transport, a tiny bit of socialising (we don't go out much, fortunately) and savings. Food is somewhat fraught at the minute as I have gestational diabetes and most of the cheap stuff I would normally cook (pasta, soup, veg curry) isn't suitable. Once baby is out that should get easier.

I feel like our opportunities to cut down on spending are limited (although I will try!) so my main goal is to earn some extra money and I'm taking part in the £2018 in 2018 challenge. Wish me luck!

Pay off overdraft- 200/300
Car fund- 483/2000
Christmas 2018 150/300
Emergency fund- 620/1000
House deposit fund- 139/7000

riotlady

Occaisonally I feel depressed about our financial situation. University and a baby means we're going to be on a low income for the next few years, it's going to be at least 5 years until we can buy a house. I'm 25 and my friends seem to be split into two camps- those who are travelling a bunch and going out all the time, or those who are getting married and buying houses. I can't afford to do either!

But then, circumstances haven't been ideal and at the very least I can be proud I've navigated through it all with minimal debt. We'll get there eventually!

riotlady

I've finally received a 5 amazon voucher payout from Topcashback and 5 cash is on it's way. Listed a few things on ebay that have bids already and have someone from We Buy Books picking up a stack of my old uni books on Monday (snow allowing!). Also cancelled Netflix so that frees up 5.99 a month. So we're off to a good start

Today should be a no-spend day as it's far too cold to go anywhere xD Bundled up in blankets trying to stick with the heating on 18.

savingwannabe

Hello RiotLady, Welcome. I don't see anything to be down about at all. You have real get up and go. You are having a family whilst young and training for a great career. Good for you. Welcome to the forum.

Everyone is really friendly here. Hello and Welcome to the nut house
:rotfl::beer::beer::beer::beer::beer::beer::beer::j

riotlady

Hello RiotLady, Welcome. I don't see anything to be down about at all. You have real get up and go. You are having a family whilst young and training for a great career. Good for you. Welcome to the forum.

Everyone is really friendly here. Hello and Welcome to the nut house

Thank you! That's really kind

purpleheir

I agree with the commenter here. You can look at it in two ways. I would feel lucky that I am working towards a nice career and having a baby too. It will be hard at first, financially and mentally but in the end, it will be all worthwhile.

riotlady

Thanks for the support, guys

Today is our anniversary, so riotdude and I are going out for dinner. We were going to go to a nice tapas place in town but have decided the bus is probably going to be too much hassle in the snow, so instead we're going to Frankie and Benny's round the corner- saves us the bus fare and I found a 50% off mains voucher.

We had agreed not to do presents as money is tight, but I have bought him a 12 pack of socks for £8 off Amazon because he's always moaning he doesn't have any. Ahhhh, the romance! :heartsmil

NineDeuce

riotlady wrote: »

Occaisonally I feel depressed about our financial situation. University and a baby means we're going to be on a low income for the next few years, it's going to be at least 5 years until we can buy a house. I'm 25 and my friends seem to be split into two camps- those who are travelling a bunch and going out all the time, or those who are getting married and buying houses. I can't afford to do either!

But then, circumstances haven't been ideal and at the very least I can be proud I've navigated through it all with minimal debt. We'll get there eventually!

To be honest it cant be that bad if you can foresee yourself buying a house in 5 years and are only 25.

You try telling this to someone in their late 30s that has no prospect of getting on the housing market, as most people within our generation are finding. House ownership at the moment is at 33%. If you get one at all, you will be one of the minority....

riotlady

NineDeuce wrote: »

To be honest it cant be that bad if you can foresee yourself buying a house in 5 years and are only 25.

You try telling this to someone in their late 30s that has no prospect of getting on the housing market, as most people within our generation are finding. House ownership at the moment is at 33%. If you get one at all, you will be one of the minority....

I mean, I've had no income for the past 2 months and I'm now on £600 a month for the next 9 months. It may not be totally dire but it certainly feels tight!

We are lucky housing-wise though, in that we live in the North-East and houses are much more reasonable here. Maybe I'm being overly optimistic but in 5 years time we'll both be graduated, on about 22k each, hopefully with a 5-10% deposit saved up if I work my little socks off at this saving malarkey!

As people have pointed out, it might be a tough couple of years but fingers crossed if we put in the work now we'll start our 30s in a good place

atrixa

riotlady wrote: »

We are lucky housing-wise though, in that we live in the North-East and houses are much more reasonable here.

Same here, aren't we lucky! :beer: Looks like your deposit saving is the same as what I have in mind, too. I'm constantly on house sites window shopping. Any inspiration helps!

riotlady

atrixa wrote: »

Same here, aren't we lucky! :beer: Looks like your deposit saving is the same as what I have in mind, too. I'm constantly on house sites window shopping. Any inspiration helps!

Ahaha, me too! It's good to know what's out there.
A lot of my friends live down in London- the ones who went there to work in finance and stuff are doing grand but the teachers and nurses struggle. The extra money they get is nowhere near enough to cover how expensive it is.