Future Proofing my life: Deposit saving then MFW journey in under 13 years

South_coast

How much ongoing support will you need to provide to users of the programme once it's launched? That's probably something you should be taking into account as well

greenbee

Good point from @South_coast. Lots for you to think about, but hopefully you're off creating content  

LadyWithAPlan

Lovely to see everyone posting their August figures and plans for Sept..

End of month  August 21

I always do my monthly budget before the month begins but this was extra fun as I got to update my MFW diary and thinking of all the MSEers doing exactly the same thing )

This is the first time though I have done a sweep of certain pots where if I have not spent it all, the excess gets to go to house savings – this is to motivate to save move  and then see it as I move more over each month where I have not spent it.

My tech, clothing, vacation funds etc are left alone but grocery, entertainment and local travel are all up for grabs.

So this is close of August balances before I start Sept savings from  income

Even though I left a float in my current account of £170 last month  it was all spent and disappeared by the end of the month I had to move  £77.57 over to be flat. (I was not overdrawn this is just me starting to really track my spending).

 

Added today to house savings from TT and savings from grocery, travel pots and 79p from entertainment pot   = £127.82

 

31/08/21 £69,001.04    so  + £1289.34 (since Aug 11th)

I can go colour in an extra box – mine are in £500s..

 

Aug NSD 5/8          Aug 16th to 31st  Groceries Challenge  £64.17/ £70 

 

31/08 my SIPPs £27.150.36

I will add a very small amount tomorrow but focusing on the deposit at present.

LadyWithAPlan

September goals - hope everyone hits their targets, no matter how ambitious they are.

Sept savings by 08/09  £1019.96    Goal £2818 pm

Total £70,021  - I will break the £70k mark

2 more £500 squares to colour in - next target £71,000

Savings plan

Current  house savings  was 31/08   £69,001.04/£100,000 = £30,998.96 to find

£100k is the deposit goal unless I find my perfect flat first, I have started looking last week, This savings is a huge stretch on 3.5 days a week  so this means I need to get extra days work, get my programme selling, ebaying  etc to reach it. and don't spend too much. I have a huge wedding to go  to this month but it is all budgeted for hopefully.   I am due more invoice to be paid, this will get split into  just the taxes pot and savings pot as all else is covered now in Sept

10 months is £3099 pm savings  to get to £100k     or 11 months £2,818 pm -looks like a huge stretch right now but lets see

Bank float

This months main bank float is £99.52 – last months £170 disappeared somewhere so lets see how this one does now I am being more precise in tracking.

Goals for the month:

Sept  NSD 0/10         

Sept  Groceries Challenge     0 / £170 

Get programme finished and out to sell - No chance to work on it today as full on late day for work  but definitely tomorrow

Start extra income on my normal main career -

Get to 4 days a week on high day rate for career 2

1 dedicated day a week on my programme

Gym 5 or 6 times a week, drop 1 kg

Sell on ebay and locally  £100

Enjoy the wedding but dont overspend

Surveys but not to let them distract me from programme

Free Money £130  target

MB income to rise back to normal levels now football is back  

TT on Fridays

Keep flat hunting and find more flats I love and can afford

SIPP -

 £40 added only (it feels horrid cutting back contributions so but I need to get this short term focus on my savings to get into my home asap then I will ramp this back up

so £27.200.36 value 01/09/20

 

I am still thinking about that art piece I love. I have some birthday money left but ....that pesky £100k goal is glaring at me 

Grogged

I think you should pat yourself on the back for a good August.
Lots of planning, setting goals and colouring in that extra box!
It's easy to forget what goes into making the numbers happen, which is a great reason to keep a diary, as you'll be able to look back in the future and see the progress being made.
Take care, G.

Grogged

I think you should pat yourself on the back for a good August.
Lots of planning, setting goals and colouring in that extra box!
It's easy to forget what goes into making the numbers happen, which is a great reason to keep a diary, as you'll be able to look back in the future and see the progress being made.
Take care, G.

LadyWithAPlan

@Grogged thanks I will! Colouring in done! 3 squares

Thanks for the support as well. Yes the diary may be long/exhaustive for others to read but good to have this focus and record of it. Plus hopefully as with other diaries on here I can journal first seeing my new home then going through all the buying process and eventually in a decade plus to

I have been stuck on the £63k deposit savings level forever it feels, as I moved some to my  SIPP in April so had to build it back up. So to hit £70k savings just for my home is amazing- not something I feel I can celebrate in public - only my mum knows.


@South_coast I am thinking of doing a second higher price point with coaching as well as a second step, but sounds like you are knowledgeable about such things. I have a friend who makes a lot of money with online programmes so I have been asking him He is the one yelling at me to finish it as he says I have such specialist knowledge and experience with a proven record far more than most who sell online so I have to go for it... A bit out of my comfort zone but I have been writing it for years..
It will take lots of time to market and get clarity on all the next bits but I think it will be worth it even if for the satisfaction of saying I have finished the damn thing!

@greenbee indeed, determined to get one part DONE by the end of today.
Your advice as below is much appreciated and right, it's a balance between MB and getting this done as it could be a great long term earner, so yes a split plus I love the maths on the football trading etc. I have made such an effort to make sure it is really full of the relevant focused content, I have no interest in scamming anyone or selling anything that is less than the best value and advice I can give.
It sounds like you should prioritise this above surveys for the moment - maybe a tight deadline, clear plan and a bit of pressure on yourself to make it your top priority would be a good idea. Whether you prioritise above MB etc is down to you to work out, but it may well pay off in the long run. Or you could compromise and split the time. 

South_coast

Definitely no knowledge of online programmes here (!) I was just trying to think of your precious time and what you needed to use it for!

LadyWithAPlan

@South_coast You are right, just looking at all the things I am doing I really have to focus on priorities.

Sept 1st update

Just realised I did 6 NSD in August - I forgot about yesterday… NSD today.

 Success today:

I can report I have listed 7 new things on Ebay this evening and relisted one

 I did part A task of my programme today

I have just invested the S&S ISA money – across global, property fund, some more L&G Tech, and Vanguard Small Cap - been buying them slowly all the way up since  last April  and also my tiny SIPP investment for Sept. I really want to get into my home before April 5th so at least I can then add to my pension again but the house deposit goal is where it is at for the next 6 months.

House viewings – finding ‘the one’

Saw two yesterday but need to book more viewings. I really want to get this programme finished first but will keep an eye on my local area.

I am hoping house hunting  is like dating, that you see the one and know it. (this plan has not worked in my dating life either so ..)

I have 3 I like but all have drawbacks  - the one I like the most had 5 women all smoking w.....d inside the entrance when I visited  so could be a nightmare to re-sell and the 2nd bedroom is a tiny box. But I do like it but they will not accept offers, no private outside space either  so it feels overpriced so I will keep  all 3 in mind and keep looking.

 Have spoke to 2 mortgage brokers -one wants £250 fee the offer who seems more on it £500, the fees are both due on completion. Not rushing on that.  

Determination  - Minimum house deposit before buying £80,000

 I have just over £70k saved in total inc SD  - I also have EF, taxes and sinking funds elsewhere I am not including.

As I have put an absolute max on £450k home price and a £380k mortgage  I need £70k deposit but I think I will need an extra 10k for  costs.

£7.5k stamp duty and I gather about £4k in buying fees? This may need to increase £250 or £500 mortgage broker for my contract mortgage. So £11.5k

I do have a H2B that will give me an additional £1400 from the govt - also not added into my current deposit figure.  So I figure another 2 months and the  free £1500 will make up the 10k to = £11.5k

Question is can I do this  to £80k in in 3 months – Sept/Oct/Nov – ouch £3333 savings per month. .Looks very tough or impossible but I have already had a £22 offer on one ebay item. It will only be possible if I really step up all my actions.

September  Savings- so having done my monthly pot jiggle (less than a tango and more like hopscotch) now it’s all about where I can wriggle up extra cash, income, sales and also I do have a further invoice to be paid.

H2B  Bank interest - have been paid  £5.62 today

TT  38p  to round up to Savings: £70,027.  Next stop £71k

Savings goal this month    £1025.96/£2818 or £3333 to my £80k goal by end Nov

 

Bank Float  for Sept. £30 +£31.40 = £61.40

I thought it was £99 but clearly it is not -  looking at my bank and DDs left to come out.

 I have pots to cover all planned spending this month so this is my ‘smug filter’ as an MSEer calls it.

I am accidentally £31.40 in credit on my credit card – I had paid off amounts over the weekend but then they still took the DD yesterday.

 

Free Money £12.38/£130  - not yet added to savings

£7.38 PA to pull out Friday and will add to savings  balance when I do

£5 halifax to come - will add to savings  balance when I do

Sept goals

Free Money Sept £130 target   12.38/£130

Grocery challenge    0/£170

NSD   1/10

Gym    0/22

Ebay   0/£100 – 8 items listed

Minimalism Game    1/1,

Programme   1/7 tasks

Part a - I need to finish the 2nd edit,  1/1 YES DONE 01/09
Part b - j add links and pics and possible last time spell check 0/1
Part a - will then need a final spell check  0/1
Part c - creating and checking the extras that are coming with it 0/1
part D - I will do once a and b are done - recording the audio to go with it all 0/1
Part E is getting all the set up /webpages/adds up and on going 0/1
Part  F - marketing it 0/1

LadyWithAPlan

Does anyone know if when I apply for a mortgage if they look at every bank account I have?
I have my current account where all my invoices comes in which is fine to show proof and statements etc. 
My concern is I do have a separate bank  account at a different bank just for MB and there are lots of back and forth payments to bookies which they probably will not like. I know its MB and I make money from it but will mortgage providers go looking at all my bank accounts I own not just  the main one - 

Does anyone know if this will be an issue for me to get my mortgage. Do I need to stop such payments now? 

 I am thinking - as I don't want to stop this extra MB  income stream - I will have to massively throw extra float money into all my bookies and exchanges then to try to limit the back forth of cash but as I do extra places on horses the liquidity can be a lot