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

LadyWithAPlan

@Staffordia unbelievable - I keep reading that when the men last won in 1966 it was at a time when women were still banned. I also gather the current lionesses are on 10% of the premiership standard salary!
Hopefully this is another brick out of that misogynistic Wall. Men should be fighting for equality for all too as it affects their friends, mothers, partners and daughters - their incomes, their pensions.. their ability to look after kids and elderly relatives.
I have played since school and loved it but if I could have played it as a kid who knows

@savingholmes I never kill my tech ! Until now ) I have  done two nudges yesterday and also today. They waiting for cash to come but say this week and they will sort - I can see their bank accts so I will know
Plus chased another company...
The 3rd company is £1800 and I will wait to the 10th to chase as 40 days terms.

I have a h2b isa - so like a lissa but the isa that stopped. So I can put in max £200/,month and get the extra 25% only on house buying .. I opened it on the last day in Dec 2019 - added the full £1200 opening and have a dd for £200 each month - so just £7795.77 in there - £7600 me and the just short £200 is interest! plus I should get the £1950+ (25% x 7600) as an extra when I buy about to add £200 for Aug so be £2k extra In my head it is towards the solicitor fees.

The actual H2B loans with the govt giving you 60% of the mortgage interest free for 5 years has really pushed up prices and yes your DD is right its for new buillds. I talked to a shared ownership advisor ages ago and he says there is often a 10-15% higher price for H2B than shared ownership (though you have the rent then in SO) I have looked as I like idea of no interest on 60% for 5 years but they also get the % house price increase as well as higher prices for these new builds.

I am hoping to go into the open market as cheaper - as long as I can get my contract mortgage (so larger amt) I will be fine. Once these invoices are paid up I will be taking a HUGE leap up in my deposit Over 100k here I come! Which given I hadnt started saving for a house pre Covid and wasnt sure I wanted one is a miracle.

on the SIPP I managed 10k last year and 15.8k the year before my own contributions as I was super far behind, this year its only £1k so far. 

In lieu of my invoices being paid I have shifted an extra £500 over from my MB float - now £2600 just to add to the important pots I do have a lot of movement in .otherwise I lose track of spends. and I will repay float immediately when I get paid. So pots like £170 grocery, £30 bulk, clothing, hair, office supplies, home, - total £475 plus £25 towards a dd

I have looked at my pots whats left from July 
TT £20.76
£14.74 excess grocery over to Vanguard Isa so £35.50 - wanted to add to PB but the site playing up
This is my equivalent of OP where I squeeze money out my pots into deposit

£90 left in entertainment as I gave myself a big pot last month so I will keep that there and put less in when I get paid
The other pots I will leave alone.

So as of end August  my savings is
£96,940.90 but that ignores the fact the £1100 I moved the last 2 days from MB float to cover living etc which will get paid back later this week so really £95,840 - grr i hate it messes up my figures.
I do have some few hundreds cash in other accts but thats for safety and easier to leave there.

For ease of figures moving forward this month once I get paid  I will separate out again an £4.5 EF - current  £96,940.90 INCLUDES IT.

02/08/22  All savings - house buying + EF £96,940.90 including my
Baby Van ISA    £111.27  22/23
Old ISA         £20.399.49 old so only mkt changes and monthly costs (I am getting dividends so covering costs)

SIPP Total (tx mkts) £34,926.67  
Only added £1049.84 myself to this 21/22 - as no invoices being paid but markets are recovering.

FIRE   exc home 12k pa 11.64%, 16k pa 8.73%. Current spend inc rent 9.98% FIRE
 
GOALS - big scary ones 
Next house buying deposit target should be  25% for LTV on a £500k  home
£125k      £96,940/£125,000
£10k stamp duty FTB    £0/10k
£5k solicitor and survey fees - is this about right?   £2k/£5k - counting my H2B extra isa  in here
£15k EF -for pay irregularity and new flat initial costs - £0/15k -
all ef and savings are lumped together at moment.

savingholmes

They are big scary goals for most people's income but seem to be in reach for you. Good luck with getting the invoices paid. How much of the £25K outstanding are you hoping to put towards your goals? 

South_coast

I was at school in the 90's, and the girls never played football (or cricket, or rugby).... The boys were always taken to another part of the school to play "their" sports, so it was completely segregated 

Debsnewbudget

We live in the North West of England, last year surveys were £900 and solicitors fees around £1000 for a purchase of around £100,000
Phone a few solicitors up and get a quote based on what you think the purchase price will be.

LadyWithAPlan

savingholmes said:

They are big scary goals for most people's income but seem to be in reach for you. Good luck with getting the invoices paid. How much of the £25K outstanding are you hoping to put towards your goals? 

Thanks To reach such goals is going to really make me step up and get to work and even then they might be not doable...
I am looking back and I seem to have been somehow saving about 30k per annum (2.5k/month) in 3 years  which has been hugely helped on not much travel, wfh means less travel costs and food costs in office, I never have takeaways etc and rarely eat out,  very cheap rent, and a tight budget.

Now I have to organise to go out rather than see friends after work etc so ...I am amazed myself - I have learnt to live very frugally as gone through real ups and downs - used to earn a lot  and spend large then got injured in a car accident so really then struggled. So now when cash comes in I am far more careful with it.
I do love to travel but I often do work trips travelling so I am not paying huge bills for hotels etc. I hate dd's  

When I get paid I  am thinking £3k to pension  at least and after taxes,  living for next few  months  as cant imagine they will pay all at once, replenish my MB float £1600,  .. maybe I can up lift my savings by 10-11k  but will keep £4.5k as EF  - will revisit through the month as cash comes in.

I normally keep 30% of my invoices once paid for taxes approx, sometimes deducting  big expenditure first but as I have just opened a company its  taxed at 19% then personally 8.75% up to 50k i think (not looked at tax situation especially as will be crossing s/e and company across this year..So I need to keep my accts up to date so I save a correct amount for taxes


August 22 Goals
Get Paid up to date! (I am many months behind)

Repay MB float by £1600 + Save EF £4.5k from invoices paid

NSD 2/13
 
House buying deposit to hit £110,000 after invoices.

Ebay/sell £100 stuff

Set up whats needs doing for the new company including QB accts

Daily TT

Declutter my flat - and turn my study in a glorious studio space to work

Time focused so early gym, decent start on work for others, time off in evening

Eat the frog - getting some big painful tasks out the way first thing. 

Organise and daily practise my hobby turned  possible side job

Look at a course for this hobby and if pay do daily

Gym 5 x a week weights and swim  /22
Lose 1kg this month to 62kg

Find a course to do in September - DIY or a creative one I applied for yesterday

Track Free money as @South_coast always inspires me to do

Look at my programme launch and reset -sudden family emergency issue means I may have to go dog sit at a family members house -  many dogs and horses end August for 2 weeks. So I will be far from gym, friends, london party scene - if I do I will dedicate my spare hours to the programme. I was moaning yesterday about the possible expensive bday dinner later in month - now I may have to be out of town anyway!

The new savings goals  = £98,940 on all /£155,000 June 23 
Next house buying deposit target now  25% for LTV on a £500k  home by mid 2023
£125k      £96,940/£125,000
£10k stamp duty FTB    £0/10k
£5k solicitor and survey fees  £2k/£5k - counting my H2B extra isa  in here
£15k EF -for pay irregularity and new flat initial costs - 

£98,940 on all /£155,000   (£56,060 left - 
On the basis of working backwards  from June 30th 2023 11 months (!) this feels bonkers 
However I think with all these invoices unpaid lets say I get to £110k by end August and £5k in EF
so 40k in 11 months is £3,636 /month   It still feels impossible  ...
This is over a £1000 what  I think I can save a month (about £2,500) and would be a miracle  unless

- I get an extra job in addition to current so full 5 days a weeks work at a higher day rate than currently
- my side job brings in what is being suggested 
- markets bounce back 
- I scratch and claw on my budget spending and my rent stays low
- I sell my programme to make extra cash
- declutter and ebay to make extra cash
- I dont go on holiday or travel unless I am paid to do so
- My NSDs are up to other focused MSE-ers like 24!
- If I dont drink I save lots on going out - so limit that
- do more comping for experiences and gifts
- make continued good money at MB (Avg 4.5/yr so thats £375/month - goal ,maybe aim for  £500
- continue to get a great interest rate on large amt of my deposit


Aug 2
NSD 2/13  now


TT 17p + 83p from 2 main personal accts - living the dream

Gym 0/22 No gym for 2 days - I had work stuff today to get finished asap, as always if i dont go first thing I dont go. After a days work I get distracted.
I tried pressure cooking beetroot as LIDL reduced them to 99p a decent bunch so I got two.. Pressuer cooking them really worked so they are grated in a bowl.

Free Money 
I do have a £1.50 and a £5 Tesco voucher expiring this month 
Also I won a £50 Sainsburys voucher on the red nose day  scratchcards (only ones I ever buy) so aim is to spend at Sains not save it as normal, get that grocery budget spend down.
See where else I can find free money eg green jinn etc

LadyWithAPlan

Debsnewbudget said:

We live in the North West of England, last year surveys were £900 and solicitors fees around £1000 for a purchase of around £100,000
Phone a few solicitors up and get a quote based on what you think the purchase price will be.

That is SO useful tx so much. Be good to get a clearer idea. I will investigate

LadyWithAPlan

South_coast said:

I was at school in the 90's, and the girls never played football (or cricket, or rugby).... The boys were always taken to another part of the school to play "their" sports, so it was completely segregated 

Wow, I went to an all girls private school (had a full scholarship luckily) but football was never on the menu.
We did do 8 weeks of golf though !

Humdinger1

@LadyWithAPlan huge congratulations on using your car accident in such a positive way! Are you fully recovered? Impressive savings love Humdinger xx 

Suffolk_lass

Phew, just caught up with your diary. Very impressive! Just one offering from me...

That cocktail, vodka, pineapple juice, ginger and soda, if you sub a dash of lime and a dash of angostura bitters for the pineapple it would be a Moscow Mule. Or, if you go for a less sweet juice than pineapple you could halve the calories. Just saying...

LadyWithAPlan

Suffolk_lass said:

That cocktail, vodka, pineapple juice, ginger and soda, if you sub a dash of lime and a dash of angostura bitters for the pineapple it would be a Moscow Mule. Or, if you go for a less sweet juice than pineapple you could halve the calories. Just saying...

Ooh thats a great idea, I think it was called a...... Mule so guess Moscow Mule was their basis. I didnt try it but next week - Only had one vodka tonic in 11 days as giving my liver a rest but I may get the ingredients in to try your suggestionHumdinger1 said:

@LadyWithAPlan huge congratulations on using your car accident in such a positive way! Are you fully recovered? Impressive savings love Humdinger xx 

Thanks - they are only impressive as I live v frugally and my rent is a complete bargain. Covid helped as I didnt travel abroad as normal and was lucky to keep wfh throughout. I dont own a home yet so if I can get to that 75% LTV it would help with the rising rates.
It took years - probably a decade and mentally it was difficult too  - at one point they were talking surgery with paralysis being an outcome so ...I still cant lift too much weight on my shoulders etc but acupuncture a and Alexander Technique, as well as time was actually the key.