The Four D's

FootyFanDan

 It’s been a little while since i posted as everything just seems a little chaotic, but things seem to be changing a little so I think it is time to start getting back updating and begin the road to home ownership. This forum has managed to ensure I got debt free and hopefully it can help me now as I look to save to get into our forever home. The bad news is that budgeting right now just seems to have gone to pot and with all these increased prices now seems as good a time as any to try reign in the spends and try get focussed. I am going to spend the weekend going back over income and outgoings to see if there is anywhere I can cut and make some savings but expense wise things are pretty much ok. My issue is the thinking of excuses for that odd treat here and there, as well as popping to the shop for a few bits….walking out of the shop £50 lighter….

My circumstances have had a little unexpected (if not predictable at some point) twist. My current landlord advised he is looking to renovate his house and sell property and this is something that we are not in a position to buy yet. I hope we have until the end of our tenancy but its a worry I could have done without. This has really focused me on trying to save up enough to get on the property ladder within the next two years, but for that to happen I am really going to need to tighten back up this budget. Another difficulty is we pretty much pay ‘mates rate’ rent so in the short term when we go to our next rental property there will be an increase there too. The plan is to rent for a few years for as reasonably as possible to allow us to put some money aside for deposit. There is going to need to be some changes, although not too drastic but since becoming debt free I have pretty much just stopped doing what it was that got me out of debt. 

This is going to be the place for me to come for inspiration, ideas and to keep me on track. There’s going to be plenty to do but hopefully the journey ends with me owning my own property. There’s plenty for us to get on with in terms of getting the property ready for us to move out so we are doing bits at a time.

Weekend Plans

Drama with the little one

Football

Review Budget - income / expenses

Meal Plan

Sort clothes out with view to donating my clothes I no longer wear.

Naomim

Good to see you and that you are in a position to put a plan in place. Just think back a couple of years and I guess the news from your landlord would have put you in a complete spiral! 

It is always good to revisit the budget. I've just done ours. 😬

mark55man

good luck Dan - you are right to be worried about a change of landlord as it is a difficult market.  Although you don't want to abuse your mates rates, it does seem to be taking a while to get a tenanted property sold and completed, and even then there is a long process to be going through if you resist it.  Some interesting advice always on the rental/tenancy boards - a mix of tenants advice and landlords giving their view.  Maybe ask there

Difficult to work out best strategy - probably to carry on paying as is, any amount extra you offer won't compare to the money from selling the house - best put it aside for a new deposit.  Perhaps the only option you have is do you jump before you are pushed you probably don't wat to be doing this in a hurry with a deadline.

I know exactly what you mean about the post DF lifestyle of not exactly getting back into debt, but not necessarily putting away as much as possible and maybe allowing too many benefits of the doubt.  I'm sure you can brace yourself back up and get it tightened up again. Maybe pick a target say £3000 and then regard the £3000 as a debt you have to pay off, then work backwards and instead of the CC getting your money the savings company does     

DancingInTheRain

Good to see you back and wishing you luck!

mark55man

Don't want to alarm you Dan, but here is a thread from reddit about some difficult trends in the rental market.  reddit can be a little less moderated than MSE but I saw some good advice.  sorry if teaching you to suck eggs - but although I'm a homeowner I have seen some right dodgy going ons with rentals for my kids.

https://www.reddit.com/r/britishproblems/comments/tt1fyp/letting_agents_asking_for_12_months_rent_upfront/

FootyFanDan

Naomim said:

Good to see you and that you are in a position to put a plan in place. Just think back a couple of years and I guess the news from your landlord would have put you in a complete spiral! 

It is always good to revisit the budget. I've just done ours. 😬

This is very true, hopefully with a bit of time to prepare for a move it will work out in the end. 

FootyFanDan

mark55man said:

good luck Dan - you are right to be worried about a change of landlord as it is a difficult market.  Although you don't want to abuse your mates rates, it does seem to be taking a while to get a tenanted property sold and completed, and even then there is a long process to be going through if you resist it.  Some interesting advice always on the rental/tenancy boards - a mix of tenants advice and landlords giving their view.  Maybe ask there

Difficult to work out best strategy - probably to carry on paying as is, any amount extra you offer won't compare to the money from selling the house - best put it aside for a new deposit.  Perhaps the only option you have is do you jump before you are pushed you probably don't wat to be doing this in a hurry with a deadline.

I know exactly what you mean about the post DF lifestyle of not exactly getting back into debt, but not necessarily putting away as much as possible and maybe allowing too many benefits of the doubt.  I'm sure you can brace yourself back up and get it tightened up again. Maybe pick a target say £3000 and then regard the £3000 as a debt you have to pay off, then work backwards and instead of the CC getting your money the savings company does     

Thanks Mark, I will check out the thread and see if I can pick up some tips. I am worried short term as I guess you never know what type of landlord you are going to end up with, our current one has been brilliant with us so no grumbles there. 

I think we are going to try save the best we can to put us in the best place for when the move does happen. We have started taking steps to look at moving as quick as we have the funds to do so, we need to try get a little bit behind us but if something did come up we would then be in place to move. We have seen a few near us and have started viewing some - one was just not the right one at all, the other we viewed was perfect but a little out of our comfort zone in terms of rent. 

Being Debt Free is such a relief but with the target of been debt free gone its hard to find that motivation at times. I want to be able to enjoy life a little more and enjoy living in the moment but also feel there as to be some balance with a view to the future.

That reddit thread is an alarming prospect, luckily the ones we have seen have been reasonable but we have had contact with a few people who weren't even prepared to give us a viewing unless I provided them a guarantor so deffo seems to be a strategy some are using.

FootyFanDan

DancingInTheRain said:

Good to see you back and wishing you luck!

Thank you

alt80

Sorry to hear about the house mate, I know a few guys getting out of the game tbf. From what you say I assume your LL is planning to sell with VP? You’re a bit too far north for me but if the numbers stack I probably know someone who might be interested. 

FootyFanDan

@alt80 cheers mate, just one of those things I guess, unsure on what his full intentions are behind it other than knowing he wants to move back in, renovate it and sell it on. I would imagine if it was just a quick sell then he would maybe have sold it with a sitting tenant but ah well just one of lifes !!!!!! moments!

We are looking and keeping eyes open but there seems to be no immediate rush just yet so given how expensive bonds/deposits are even for rented stuff round here then we are taking a few months to build up some cash first.