Can Mr & Mrs Average save £100,000
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mrsaverage_2
Forumite 3 posts
Hello :hello:
This is my very first post. I am starting a savings diary as this is the month I will be turning 45 :eek: .
I have always wanted to live the rural dream and I am hoping to save £100,000 towards it by January 2014. I hope to be able to leave work then. Perhaps not entirely, but certainly leave the job I am doing which involves strange, long and unsocial hours, out in all weathers and generally quite physically stressful work. It's a blokes job really I suppose .... and a young bloke's job at that. My OH will carry on until he is thrown out
.
So... my OH and I both working at present but not earning a great deal, think bog standard Mr & Mrs average and you'll get the general idea. Not average as in 'the average wage in the UK is ***' but a more realistic Mr & Mrs Average. Mr Average earns about 20,000 and me about the same. We have 1 in uni, 1 traveling the world (and useless with money) and 1 going to uni in Sept 2009. So almost gone but just not quite.
We have about £6000 left on the mortgage. We only own 70% of the house as it was bought under one of those shared ownership schemes with the Housing Assoc. Not quite sure what would happen if we were to suddenly pay this off . I wonder if we paid it off really early somebody somewhere would want us to buy the other 30%... not entirely sure why we would buy the rest (other than the security and less hassle for the kids if we were to drop suddenly). We were overpaying (bout 15 years left to run) but thought we would stop and save a little and do up the house for a bit. Of course we will buy it if the value drops low enough but otherwise we will sell and just take our 70% worth.
No debt otherwise at the mo, other than £6000 on an interest free cc until Nov 2009. This is for a kitchen which is about to be installed over the next few weeks. We did what we have always done to finance big purchases - saved in a savings account so that we have the money but just holding it as long as we possibly can. After all the interest is better off in our pocket than theirs right? However, we don't need to worry if anything goes tits up (lose job perhaps) as it is there iykwim. I am also going to put into an ISA. I want this to be an 'as well as' though... not part of the £100k. Am I being a bit greedy?
Perhaps, over ambitious. We'll see.
I am also committed to buying a laptop for the uni 1. She has been an angel and not asked for much off us.... used her loan and worked p/t etc and so I think she deserves this extra special b'day gift. I am also obliged to fill a promise to self and visit mexico over this winter. We haven't had a hol for 3 years and so this one is overdue and we intend to meet up with traveling 1. I miss her so much I swear my heart hurts. The only time she has come home is to my Dad's funeral, as lovely as it was to see her, I want to see her under happier circumstances. Don't get me wrong, I want her to see the world - sheesh, wish I'd done it - but I so miss her. I will also be buying a laptop for going to uni 1 for his b'day in July. He is really good with dosh and is working p/t and saving loads. bless him.
I have been keeping a spread sheet for 12 months now and I have reduced my food bill from an average of £13.53 a day for the three month period Jul/Aug/Sep 2007 to an average of £6.89 for the same period this year. :j :j :j However, my spend on fuel has risen from £5.97 to £7.92 a day
. Must work on that. I would also like to reduce my food to under £5 a day so I intend to spend some time with the old stylers... if they'll have me. Dare I admit to being so proud to ONLY spending £6.89 when others spend 50p????:rolleyes: :rolleyes:
I have signed up for surveys but I struggle to maintain my clickety click things:o . Must try harder. I am not an e bayer. I'm afraid my tech skills are limited and to be honest I have nothing worth selling anyway. I have skimmed the matched betting and was a little daunted... but I was also a little p1ssed so I shall try again when I have some time and brains to concentrate. Does look scary though.
So BIG BIG ideas from me. Wish me luck and I am going to open my 100k pot with a pound right now!
All offers as to which account I can put it in for the very best (no risk please) return, very gratefully accepted for consideration.
If you are still reading... thank you.
This is my very first post. I am starting a savings diary as this is the month I will be turning 45 :eek: .
I have always wanted to live the rural dream and I am hoping to save £100,000 towards it by January 2014. I hope to be able to leave work then. Perhaps not entirely, but certainly leave the job I am doing which involves strange, long and unsocial hours, out in all weathers and generally quite physically stressful work. It's a blokes job really I suppose .... and a young bloke's job at that. My OH will carry on until he is thrown out
.So... my OH and I both working at present but not earning a great deal, think bog standard Mr & Mrs average and you'll get the general idea. Not average as in 'the average wage in the UK is ***' but a more realistic Mr & Mrs Average. Mr Average earns about 20,000 and me about the same. We have 1 in uni, 1 traveling the world (and useless with money) and 1 going to uni in Sept 2009. So almost gone but just not quite.
We have about £6000 left on the mortgage. We only own 70% of the house as it was bought under one of those shared ownership schemes with the Housing Assoc. Not quite sure what would happen if we were to suddenly pay this off . I wonder if we paid it off really early somebody somewhere would want us to buy the other 30%... not entirely sure why we would buy the rest (other than the security and less hassle for the kids if we were to drop suddenly). We were overpaying (bout 15 years left to run) but thought we would stop and save a little and do up the house for a bit. Of course we will buy it if the value drops low enough but otherwise we will sell and just take our 70% worth.
No debt otherwise at the mo, other than £6000 on an interest free cc until Nov 2009. This is for a kitchen which is about to be installed over the next few weeks. We did what we have always done to finance big purchases - saved in a savings account so that we have the money but just holding it as long as we possibly can. After all the interest is better off in our pocket than theirs right? However, we don't need to worry if anything goes tits up (lose job perhaps) as it is there iykwim. I am also going to put into an ISA. I want this to be an 'as well as' though... not part of the £100k. Am I being a bit greedy?
Perhaps, over ambitious. We'll see.I am also committed to buying a laptop for the uni 1. She has been an angel and not asked for much off us.... used her loan and worked p/t etc and so I think she deserves this extra special b'day gift. I am also obliged to fill a promise to self and visit mexico over this winter. We haven't had a hol for 3 years and so this one is overdue and we intend to meet up with traveling 1. I miss her so much I swear my heart hurts. The only time she has come home is to my Dad's funeral, as lovely as it was to see her, I want to see her under happier circumstances. Don't get me wrong, I want her to see the world - sheesh, wish I'd done it - but I so miss her. I will also be buying a laptop for going to uni 1 for his b'day in July. He is really good with dosh and is working p/t and saving loads. bless him.
I have been keeping a spread sheet for 12 months now and I have reduced my food bill from an average of £13.53 a day for the three month period Jul/Aug/Sep 2007 to an average of £6.89 for the same period this year. :j :j :j However, my spend on fuel has risen from £5.97 to £7.92 a day
. Must work on that. I would also like to reduce my food to under £5 a day so I intend to spend some time with the old stylers... if they'll have me. Dare I admit to being so proud to ONLY spending £6.89 when others spend 50p????:rolleyes: :rolleyes:I have signed up for surveys but I struggle to maintain my clickety click things:o . Must try harder. I am not an e bayer. I'm afraid my tech skills are limited and to be honest I have nothing worth selling anyway. I have skimmed the matched betting and was a little daunted... but I was also a little p1ssed so I shall try again when I have some time and brains to concentrate. Does look scary though.
So BIG BIG ideas from me. Wish me luck and I am going to open my 100k pot with a pound right now!
All offers as to which account I can put it in for the very best (no risk please) return, very gratefully accepted for consideration.
If you are still reading... thank you.
Saved - £41 - only £99,959 to go.
0
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Replies
Have a read of Martin's article for which accounts to use...
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest
I would say that if you want it buy 2014, then you have 09, 10, 11, 12, and 13 to get there. That is 5 years. So you need to get 20k a year. If you look at what you can get saved before the end of the year as a bonus, then try for 20k next year.
Then break that down and think you want to be at 5k by the end of March 09.
Each of these baby steps seems a lot more managable and when you reach them you feel like you have accomplished something great even if you have a LONG way to go still!!!
Anyway, you are probably doing all that already,
Good luck :T Will check in and see how you are doing every now and then!
I am hoping to have recovered from the cost of the new kitchen by Christmas. As always the cost seems to have escalated over and above what we planned. We have found a leak and a lot of the plaster from one wall just sort of fell off. I suddenly remembered today that we have yet to buy a sink and tap:o . I spent £58.60 on paint today. I have only bought some colour as most of the walls will be covered with wall cabs and stuff right?
I need to buy some stools for the b'fast bar too. Thelist just seems to keep growing.
The car is due it's MOT this month and then it'll want taxing. I soooo hope it passes without any problem.
I have just ordered the laptop for the uni 1 (£299).
I also want enough to book and pay for our flights to see the traveling 1.
Lots to find eh?
However......... on the plus side I found £20 in the pocket of a pair of trousers which have been hanging around waiting for their second airing of the summer. As summer looks like it isn't going to turn up after all I figured I would wash them and put them away till next year. Through the washing machine and onto the line... then it rained so they were left out there all night and dried the next day as it blew like holy hell. Brought them in from the line and just nudging out of the pocket was two ten pound notes.... all folded tidy. So I shall update my sig now as that £20 is a lucky £20 to still be with me and so I am going to keep it.
I am really hoping to do the £20,000 a year.......... that's £54 a day. ouch.
Congrats on finding that £20 aswell! I love it when that happens
Never mind.
Gist of it all was.
laptop paid for and received:j
Kitchen........ getting there:rolleyes:
Car booked in for mot and consideration as to where tax money is going to be found is underway.
Very sick elderly relative needs me to help care for her. Money is NOT everything. Time with the ones we love is far more precious, particularly when that remaining available time is considered to be short. I will be taking unpaid leave if necessary.
Am starting to research flights to Mexico and I am very very scared by the big numbers after the £ signs:eek: :eek: .
Have done the paperwork for opening a separate savings account specifically for the rural dream.
Added £20 to pot -only because I came here - shamed into it I think.
If you are not into eBaying how about putting books and other bits on Amazon or GreenMetropolis.com - it is very easy to put them on and then you just wait for the email to tell you that you have sold something. Perhaps not the quickest way to get rich but every penny helps!
MBing - I have just figured this out myself and I can see the potential in it but it scares me sh*tless every time I place a bet and I always manage to mess something up (even when sober).
I also do surveys but find them time consuming and not worth it. Same with daily clicks although I am going to make more of an effort next year - perhaps.
Take it you have found Quidco/Topcashback or one of the other money cashback sites?
Good advice ZoeGirl. £100k looks impossible until you break it down.
I'm running a 10 a day eBay/ebid/Amazon/GreenMetropolis.com/list anything challenge on the DFW board. Feel free to come and join us if you decide to list items for sale.
Good luck. Will be following your thread with interest.
Floxxie
Good luck with your target!... I like the way you express every spend as a DAILY spend equivalent...will try to monitor this!
Thanks!:beer:
Debt Oct12 £1.7k+£4.9k O/D.
MSE saved £400 insulation; Quidco £970.;); £100 on Sky+box. Tgt weight 13st; now 13.8
MB Profits: £775.
Really good luck with meeting your target. I believe it will be possible to live your dream.
Maz
self sufficient - in veg and eggs from the allotment