I decided today to bite the bullet and start a saving for a deposit diary.
Moving away from my other diary as that served its purpose for that part of my life. Its now time to focus on my next goal, buying my own home, for that I need a 15% deposit.
For nearly three years I've been saving my pennies, saving chunks of my wages, locking money away into fixed rate bonds and repeating the process each January. Updating spreadsheets is part of my daily life, as I can see how things are progressing each month and how things changed since the previous year.
Along this journey I've had to shell out rental deposit, moving costs, furnishing a rental, quitting a well paid job, temping part-time for most of this year before recently securing my current role, buying a car, repairs etc.
On top of that I've handled my own divorce, which was granted this week, started a part-time OU degree, having a complete career change and I am looking to my future.
I've been continuously saving each payday, had nice PPI payouts, clearing aged debts, been rebuilding my credit history and generally getting on with my new life.
For over a year I've had my mortgage broker and am working closely with him, checking I'm on the right track and drop random emails to him with updates and queries. To his credit, he is very helpful!
I'm now in a position to put half my wages away each month into my mortgage savings accounts (MSA's), with that my deposit increases and it allows me to increase the maximum property price I look at by nearly £5k, but as with everyone I'm restricted to an absolute upper limit due to my income.
If I think of it like steps, the absolute highest step is 10th away from the bottom, for that I am looking at 11 pay days or 11 months as I can't quite reach the amount required each month to move up a step; I'm always just a tiny bit short and still want the option of going out occasionally, getting a hair cut etc, but I do allow myself a chippy night once a month.
I could keep saving after reaching the top, but I have no interest in doing so, I don't want to keep paying out dead money each month in rent as that could be going on my own home.
Step I'm currently standing on:
Step 1 - I'm at 15% of the lowest price I can buy at.