Mortgage-less MFW

Following on from prev thread re people aiming to save up and buy a house without a mortgage - I would love to get some more advice. . .

My partner and I both work full time and earn little more than £12000 pa each - lousy I know!

We have taken on 2nd jobs at local pub for over xmas period - will earn approx an extra £100 each per week plus tips for next few weeks.

I have an ISA and a high interest savings account offering 12% interest with my current account providor.

We do not expect to save up enough to be able to buy a house outright - maybe just save a healthy deposit.

Any further help or info would be much appreciated!


  • gallygirlgallygirl Forumite
    17.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Mortgage-free Glee!
    Biggest thing you could do is to get better jobs!!!!! Any way you can improve it, do either of your jobs have the potential to become better paid (training, promotion etc.). If not, I'd consider spending money on training or qualifications to get a better job.

    Any chance of your Xmas jobs being continued?

    Make sure you put the maximum you can into your 12% account as this is more beneficial than an ISA.

    Set yourself targets. Why not join some of the challenges on the Debt Free Board, e.g. live on £4000, Free Xmas 2008.

    Keep a spending diary - write down everything you spend then analyse it - how much [EMAIL="!!!!"]!!!![/EMAIL] such as magazines & coffees are in there?

    Join quidco, pigsback & all the survey sites. Quidco pays cash :j :j , rest are vouchers which you can use for Xmas etc. If you buy mags you will find great offers on quidco - e.g. get £4.80 for taking out a 3 for £1 subscription :D .

    Sign up for mystery shopping - you won't earn much but every little helps, plus quite a few have free meals out, e.g. pizza hut.

    Ebay everything not nailed down!

    Every penny you make keep a record of - with a big fat total at the top of the page :D . Put it all in your savings (are you managing to save £250 a month in the 12% account? If not, can you top it up? Best if you could do on line as you may get a tad embarassed paying in 47p you 'saved' because you didn't but a Mars Bar :o .)

    Get a Mortgage Deposit Pig!

    Look on Money Saving Old Style for recipes & tips.

    There, that should keep you busy for a little while!!!!!! Good luck!!!!!
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • chardonnay_2chardonnay_2 Forumite
    2.2K Posts
    god, i saw the username and wondered what the hell i was doing posting this then realised your username is in high case:eek:
    :love: married to the man of my dreams! 9-08-09:love:
  • Thanks for the good advice ali007.

    My partner is just finished NVQ level 3 at work - when the next promotion opps come up, he will be in a better position - supervisors salary start at £16,000, so that would be a help. He would also be eligible for decent monthly bonuses. Meanwhile I am currently taking a professional course in swedish massage. When I qualify in the summer I am hoping I will be able to make a decent 2nd income from this.

    I dont think our xmas jobs will continue but there is the potential to work some sat nights after the turn of the year.

    I currently save £200 a month in 12% account and whatever extra I can save in the ISA. After xmas I plan to get a mortgage pig and save all the extra cash we can.

    Will keep u all updated of my progress.
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