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

KajiKita

Glad you are enjoying the DIY so much. You are really impressing me with all this. I’m married to a Chippy so it’s rare that I am even allowed to do anything practical around the house. It’s great in one respect as the jobs that the house needs, get done by us and done well, but too much of the cleaning, cooking, food planning, bills and finances managing comes my way in turn …. 

I’m with you on the food quality thing. I really struggle to buy cheap meat, even for hubby to eat (I don’t eat it at all any more), partly because of the animal welfare issues but also I don’t want him eating meat that’s full of water, antibiotic traces and other such delights …. But it does mean our food bill is stubbornly high ….

Good news about the investing in a diversification of income stream. I get the impression that the pressure to keep up with new skills and knowledge is even stronger for the self employed than those of us who are tied to an employer. 

Thanks for the link to the series. I will be saving that in my Christmas list to have a look at over the festive season! 😂

KK

savingholmes

I love my heated throw - and use an extra blanket on top to help conserve the heat.

Hope you are doing okay.

LadyWithAPlan

KajiKita said:

Glad you are enjoying the DIY so much. You are really impressing me with all this. I’m married to a Chippy so it’s rare that I am even allowed to do anything practical around the house. It’s great in one respect as the jobs that the house needs, get done by us and done well, but too much of the cleaning, cooking, food planning, bills and finances managing comes my way in turn …. 

I’m with you on the food quality thing. I really struggle to buy cheap meat, even for hubby to eat (I don’t eat it at all any more), partly because of the animal welfare issues but also I don’t want him eating meat that’s full of water, antibiotic traces and other such delights …. But it does mean our food bill is stubbornly high ….

Good news about the investing in a diversification of income stream. I get the impression that the pressure to keep up with new skills and knowledge is even stronger for the self employed than those of us who are tied to an employer. 

Thanks for the link to the series. I will be saving that in my Christmas list to have a look at over the festive season! 😂

KK

Be warned that series is addictive (Til Debt Do Us Part on youtube - there are maybe over 400 episodes - all 21 mins but as MSE'ers it is so interesting  seeing peoples debt, cost of living and excess.

Although I do budget every month and separate all my money in different bank 'pots' and then transfer as I spend - I dont reflect at the end and track what is spent . Gail the presenter produces a  monthly average of a 6 month spend  as what they are spending as a % of monthly income so I may start collating that data - especially as I have such a variable income and what I earn is not what I receive straight away

Grocery £147/£145  Bulk £36/£55
 I had spent my planned £145 for  Nov  (and now spent £2 more on GF wraps) but no bulk spending -  so I have just bought £26 worth of my favourite coffee Crema E Gusto (lavazza)  it works out as £2.60 / 250g vs when I buy it in the store ranging from £3.80- £4.50 - I am just using my last bulk buy of Lavazza coffee beans.
I also bought some olive oil and other bulk stores eg mackerel in oil etc as I like as a snack
I did buy some sweets but that comes from my Treats Pot 

@savingholmes yes i really want one however I have not bought my heated throw yet as the one I like is out of stock in Argos - I have £40 worth of nectar points so I can use those at Argos.

I have narrowed down the equipment I need to 2 versions  (there are much more expensive versions on the market which I am ignoring)  - I am using only  the money I won in the energy monthly draw  - however one is  cheaper so I could save the excess (split between SIPP and house deposit) - the more expensive one has more features which means I can be completely confident doing the work as I can test everything properly so currently weighing it up. I have a meeting Wed which should focus the path to earning income from it apart form one day next Jan . If I knew I was making the £000's a month I would buy the more expensive one - but as its all up in the air I dont want to upgrade too much - i have to invest in this thing - its just the level I go in at,

LadyWithAPlan

@SouthCoast yes I will go and get a new washing up bowl, my local poundstretcher did not have one in stock so ..

@Suffolk_lass sounds lovely, I am thinking of the heated one though so as to not put the heating on...

My sofa needs reupholstering  - its a vintage piece so I will get it done rather than buying a new one - a friend said she can do it (for a charge obviously) but she is busy so if I cant get it moving in Jan I will go buy the tools

I went to that comedy gig last night - very good with friends - £38 a ticket so I only drank water I bought with me

It is bricklaying tonight in diy class Cant wait! Its the last day of term but I plan to sign up next term where they are doing Level 1 10 weeks on various specialities such as 10 weeks on carpentry and plumbing

Dec Grocery £205 plus £30 bulk  (£145 me + £60 family food)

I will also pay again for my parents FR turkey (last years Ald one was great) - I have done that the last couple of years. I will be family for a week at Xmas but will no doubt buy some food and alcohol whilst there for them but that will be on my gifts budget

Sistergold

Well done with the diy @LadyWithAPlan, I need to soon learn how to tile as that’s one more skill I don’t have. I must say I am looking forward to learning that. Good that despite being quiet you have been on track “mostly” with the money and savings. I also hope the unpaid invoices get paid soon 🤞. Coincidentally I have watched a few episodes of “tile debt do us …” on YouTube and found it quite interesting how couples can bury themselves in debt. 

savingholmes

Well done on the diy training. 

I'd be tempted to buy the more expensive equipment. I didn't on the laptop I am using (by £200) and have regretted it ever since but now plan to continue with this until sorted but I've spent £50 on temp fixes like external webcams which is just annoying.

LeighofMar

Caught up with your diary and welcome. You indeed sound like you have a solid plan. I'm a planner too. Although I Googled what a 450k flat would be in US dollars and almost fainted. But I understand those are London prices and it must be amazing to live in such a city. You sound like you're making great progress to your deposit goals. 

Just curious. Over here, I guess a flat would be a considered a condo, an apartment-like space but that you can own. Here we have HOA (homeowner association) fees that pay for building maintenance, grounds maintenance, and sometimes a utility or two. Do you have that kind of thing over there in the UK? Monthly fees that you would have to pay on top of your mortgage for the building you live in?

I also love Til Debt do Us Part. OMG so many episodes where I can't believe how people get themselves into such a financial pickle. I love her no-nonsense approach and common sense to finance.

South_coast

LeighofMar said:

Just curious. Over here, I guess a flat would be a considered a condo, an apartment-like space but that you can own. Here we have HOA (homeowner association) fees that pay for building maintenance, grounds maintenance, and sometimes a utility or two. Do you have that kind of thing over there in the UK? Monthly fees that you would have to pay on top of your mortgage for the building you live in?

Oh yes, we definitely have those fees as well 😱

LadyWithAPlan

Sistergold said:

Well done with the diy @LadyWithAPlan, I need to soon learn how to tile as that’s one more skill I don’t have. I must say I am looking forward to learning that. Good that despite being quiet you have been on track “mostly” with the money and savings. I also hope the unpaid invoices get paid soon 🤞. Coincidentally I have watched a few episodes of “tile debt do us …” on YouTube and found it quite interesting how couples can bury themselves in debt. 

You will love tiling - its a giant puzzle and the longer you taking planning and 'dry tiling' first the better it looks - every time I walk into my bathroom it makes me smile.. Plus the floor seems warmer
You have inspired me to look at welding now (crazy given I was terrified of power tools 3 months ago) I really like the idea of making my own furniture.. There is a course in Sept I may do.
Yes I think I have now seen all those episodes - I love the bit where they show how much they are spending each month ... I will do an end of year look at what I spent in each category. I figure all my bank statements I can oull down as excels so I should be able to group them pretty quickly.

I have just done my Dec month planning budget and the amount I am owed is ouch however  new funding should happen next week in which case I will be feeling flush. Having such delay in payments all year practically has meant I have been more frugal.

savingholmes said:

Well done on the diy training. 

I'd be tempted to buy the more expensive equipment. I didn't on the laptop I am using (by £200) and have regretted it ever since but now plan to continue with this until sorted but I've spent £50 on temp fixes like external webcams which is just annoying.

Ah that is annoying. I  always tend to buy new and near the top of the range MacBook Pro laptops when I replace it - and the last one lasted 2015 - 2022 and the previous one 2007-2015. So whilst they do cost £1800-£2k  (I always now go for extra space) it means software etc  is all working and so they work out about £220 a year but its worth it for me as I also have edited video etc on it...

I have decided to go for the less expensive item for my hopefully lucrative side hustle though - I was going for the more expensive one but then went and looked and it is HUGE plus the people I am talking to have said the extra bit they will give me training on when/if we get to needing the extra functionality. 
So I am saving the remainder £400 into my SIPPand £400 into my hse savings.

I have also sold something I won and never used for £150 so that is going also into savings/sipp 50/50 split again. Spending so much on this equipment I am determined to ebay some stuff as well to cover it as much as possible. I could buy a flat next year if I sort a new contract out and get these invoices paid off.

LeighofMar said:

Caught up with your diary and welcome. You indeed sound like you have a solid plan. I'm a planner too. Although I Googled what a 450k flat would be in US dollars and almost fainted. But I understand those are London prices and it must be amazing to live in such a city. You sound like you're making great progress to your deposit goals. 

Just curious. Over here, I guess a flat would be a considered a condo, an apartment-like space but that you can own. Here we have HOA (homeowner association) fees that pay for building maintenance, grounds maintenance, and sometimes a utility or two. Do you have that kind of thing over there in the UK? Monthly fees that you would have to pay on top of your mortgage for the building you live in?

I also love Til Debt do Us Part. OMG so many episodes where I can't believe how people get themselves into such a financial pickle. I love her no-nonsense approach and common sense to finance.

Yes Gail is fabulous and when you see peoples restaurant spends...argh!  this is why I will do an annual check on my 2022 expenditure. My restaurant spend is just for a few family birthdays a year.

I think now I am looking at £500k as it gets me a bit more - aiming for 25% down so £125k deposit to keep interest rates as low as possible. London house prices are dropping a little so I intend to get clarity and money in and look in the spring. I think house prices will fall further and all my DIY courses are towards a goal of paying lower HOA /LEASEHOLD fees.

There are a fair few old council buildings that need a lot of work but have under £100/month fees as opposed to  £250-£300 a  month! I dont think I can afford freehold (in London) so no HOA fees but then you are responsible for your own roof  etc entirely. However I would love to buy freehold if possible

LadyWithAPlan

End Nov Totals

My end Nov totals have me at house deposit  savings of £102,522.89

This includes £400 from my prize, TT of £20 and £325 from invoices paid
End Oct £101326.51  - however my isa went up a bit so...
If I was fully paid up (need to work out taxes properly) I will be more like £120k I guesstimate which is very near my £125k goal - what seemed 3 years ago an impossible task wasnt  (I started thinking of buying and saving in March 2020 - thanks Covid)
Savings rate is a bit pathetic as wasn't paid that much in Nov

SIPP
SIPP has bounced back  up - over £1300 on Vanguard (30k pot) but my Hargreaves has recovered but has more UK bent so its still down - SIPP £35,000
I have not added the £400 I am adding from my win - I am waiting on invoices to get paid.

Rough -ignores my house deposit savings, my db pension, state pension, inflation increases and any increases in markets but I like to track
Lean FIRE 11.66%
£16K/Year 8.75%
£24k/ye 5.83%

I didnt track my NSDs but I did well as stayed  in a fair bit
Grocery £145 was spent and £36 of bulk fund so all in line. I have started buying FR whole chickens and better meat cuts again - I was refusing to due to COL but I need to eat well.
I used my batch bought coffee up (Lavazza) and just bought 10 x 250g of Crema e gusto which I started today - batch buying meant it was £2.60 /.250g vs the £4 in shops

Treats and entertainment - I did drink a bit more than usual as world cup, few dinners out where I bought the drinks after and some dancing

I bought some Origins Mega Mushroom face tonic but it was reduced from £33 to £26 and I used my Boots points so no cash exchanged  - i use it daily and it lasts for ages  as in over 6 months so feel it was a bargain


DIY success - I am a floor tiling legend
I now have a SDS drill and drilled my own concrete wall to put pics up
Plus I loved the brick laying and can now change my own ceiling rose lights.

I realise I did procrastinate a fair bit - all these unpaid invoices make me not very motivated plus Oct I was doing 3 jobs  - i have only harmed myself as if I dont work I dont get paid..

Selling - made £150 on one item today I have not included this as for Dec

I am still boiling a full kettle and adding the hot water into a flask My energy monitor is now with my parents.

Dec goals
Grocery £145 + £60 for family = £205 + £30 bulk  ( I have £35 in there from previous months so)
- get paid up to date  so house deposit hits £110k
- get programme moving
- get good on my new equipment when it arrives
- focus on being healthy  so not too much drinking and excess eating in Dec
- tidy  study and flat (kitchen retiling and decorating I will do first week in Jan)