Soon to divorce and need to save 60,000 over 5 yrs

TeddyBear2

help I need to save 60k over next 5yrs to pay off a mortgage. 2 kids under 16yrs.  Is there any advice apart from being careful. 

LeighofMar

Well that would be 1000.00 a month. Is that something realistically you could save in your budget? The folks here usually suggest posting an SOA to help see areas for savings. 

Sistergold

Yes £1000 a month is not wwwaaayyy out there. For you to contemplate it means maybe you can do it? Do more hours, get second job, weekend job, get a lodger? Those are things I would do if I had to find a £1000 from somewhere. With divorce this sounds like something that you have to really give a good go by thinking outside the box. Forget comfort for the long term gain. 

Good luck. Many have been there and done it and have a T-shirt(house) to show for it so it’s possible! 

tacpot12

Posting an SOA would be a good idea. Overpaying the mortgage will help reduce the amount you need to save, if this is an option on your mortgage. 

Buying and running a cheap car can be a big saver, but only if the car you buy is reliable. If you have a good garage you use to service your existing car, they may be able to put you in touch with someone selling a reliable car when any current car is beyond economic repair.

A lodger is a very good idea, and you generally don't pay tax on the income. Have a read of this: 
https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme
Even in the smallest towns there is usually a market for cheap rooms. If you pick your lodger carefully, you shouldn't have any problems.

Apart from that, it's about not spending unnecessarily, switching to better deals when you are able to, and generally just being focused on your savings goal.