The Gibberish trek to a deposit!
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Hi everyone, I've been lurking here for a few months but thought I'd set up my own thread to help me keep track of my savings and also to provide myself with motivation from other money savers!
So I'm 22, graduated from university a year ago and have since been in a full time job in my desired field woo! Anyhow myself and my OH are renting at the moment and saving for a deposit. We live in the South East so a realistic target for our deposit/savings I think will have to be about £50,000 :eek: taking into account extra fees and additional furniture etc that we will need!
Current savings stand at:
My HTB ISA: £1,150
OH HTB ISA: £2800
Total: £3,950 / £50,000
So currently we are a measly 7.9% there however its a start right?!
The initial target for savings would be to reach this target by June 2022 :eek:
This means saving over £350 a month EACH! This is certainly not achievable currently however I'm hoping as we both get pay rises in the future this should become more achievable! (My pay particularly should increase a lot over the next few years once I become fully qualified - only a gazillion exams to go :rotfl: !!)
I have a credit card with a balance of £1077 (interest free until Feb 17) so thats my priority first to get paid off before I really start to focus on my savings!
Anyhow, hope you all enjoy coming on this journey with me, I'll be here a while!!
So I'm 22, graduated from university a year ago and have since been in a full time job in my desired field woo! Anyhow myself and my OH are renting at the moment and saving for a deposit. We live in the South East so a realistic target for our deposit/savings I think will have to be about £50,000 :eek: taking into account extra fees and additional furniture etc that we will need!
Current savings stand at:
My HTB ISA: £1,150
OH HTB ISA: £2800
Total: £3,950 / £50,000
So currently we are a measly 7.9% there however its a start right?!
The initial target for savings would be to reach this target by June 2022 :eek:
This means saving over £350 a month EACH! This is certainly not achievable currently however I'm hoping as we both get pay rises in the future this should become more achievable! (My pay particularly should increase a lot over the next few years once I become fully qualified - only a gazillion exams to go :rotfl: !!)
I have a credit card with a balance of £1077 (interest free until Feb 17) so thats my priority first to get paid off before I really start to focus on my savings!
Anyhow, hope you all enjoy coming on this journey with me, I'll be here a while!!
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Going to try and not spend too much more money for the rest of this month so I can put more into my credit card and get that paid off ASAP however I have a bill of £250 to pay at the end of this month :eek: so will have to see how far I can stretch the pounds!!
Saving change in money box.
Not much to report on the spending front other than lots of spending has been happening, myself and my other half are both off work this week too so we're doing lots of nice activities keeping ourselves busy however lots of money is being spent - however its cheaper than us having gone abroad for these past two weeks! Off to London today to have a walk around and then see the football this evening -OH is a massive football fan and he hasn't been to a match in years and last night some tickets got released at a reduced price so I told him we should take this opportunity and go while we're both off work too!
Car also went into the garage this morning - not looking forward to the call when they tell me how much all the repairs will cost me - thats an expense I think I'll have to put on my credit card
Saving change in money box.
Fixing my car wasn't awful however it did cost £222.22 which went onto the credit card
Anyway been back at work this week which was fairly busy as I had bits to catch up on following my two weeks off and we're also starting to enter busy season so its only going to get busier and busier now, however I enjoy it and love my job so I've got no complaints there - I enjoy the hustle and bustle of lots going on!
Also, in very exciting news I had an annual review yesterday and I've been told I'm getting a pay rise YAY from next month so thats going to really help me on the savings front and catch up with my OH :P! I'm really pleased as I've worked really hard this past year so its nice to be appreciated for the work you've put in!
Anyway I'll do another update after pay day and see how everything is looking, however due to a large £250 :eek: to pay to one of my sports club this month I doubt very much will be going towards the credit card or savings but we shall see! (I'm part of 3 clubs/groups all of which are not cheap hobbies so they are where most of my spare cash goes!!)
Gosh that is a lot of money on sport. But if it makes you healthy and happy that is good. It sounds quite specialist see if you can save money by buying things second hand if you want to save more money?
I used to be in a gym a long time ago and have recently been buying up equipment from fleabay to save money.
Saving change in money box.
House Deposit = £20,500 / £18,000:money:
So I haven't updated in a while, mainly because been so busy being back at work and doing various family things e.g. weddings, going to the theatre (late Christmas/birthday present - can't remember which as these things always get booked so far in advance and it ends up pretty much every birthday or christmas is a present to see a show/do something with my family (which I love as time spend is much more valuable than physical objects I think) so I can never keep track)!
Anyway a little payday update. I manage to pay a measly £70 into my credit card and nothing into my savings HOWEVER this is largely due to the massive £250 I had to pay to my club this month so once payday hits this month (which will reflect my pay rise too
So as stand:
CC balance: -1230.00
My HTB ISA: £1,150
OH HTB ISA: £3200
Total: £4,350 / £50,000
Meaning we are 8.7% of the way there (no thanks to me unfortunately however I'm hoping that will soon change once I'm rid of this CC and I'll overtake my partners savings :P)
I also have an emergency fund of £300 which in time I'm going to start counting as savings however currently as it stands I'm constantly dipping into this amount so until I have enough money to not need to use this account I will then start treating that as my savings
In other news this month has been EXPENSIVE - as I said had a number of family events which always come at an extra cost - I have to drive half way up the country for a wedding so that was an extra tank of fuel I spent money on that I could have done without. Till the end of this month I'm going to have to be really careful and I'm going to really try my best not to dip into that emergency fund I have however we shall see! On a positive note I did get a text the other week from a local company offering me a free haircut so I took them up on that and got my hair cut last week for free - would have otherwise cost me £40 so I'm very pleased!
Anyhow, I'll update again after payday and see where we're at
This money should go in savings however like I said we moved into our first flat together at the end of last year so we still have lots of homeware bits they we've been holding off buying as cash was getting tight having to buy so much when we first moved in but we generally use leftover money in the joint account to buy these bits so we will probably buy them using this money - On the upside it means less money from our personal accounts to pay for these bits meaning more money we can save in the long run