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Best put on my big girl pants! my saving for a deposit diary

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Best put on my big girl pants! my saving for a deposit diary

edited 13 July 2019 at 7:15PM in Mortgage-Free Wannabe
512 replies 47.9K views
mumof3.12kindebtmumof3.12kindebt Forumite
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edited 13 July 2019 at 7:15PM in Mortgage-Free Wannabe
My diary to debt free and saving for a deposit by 35 .*updated feb 2018 - aim to be homeowners by if not hopefully before 30*

we aim to save 25k before even going to the bank for a dip

current age 25 . current financal status . trying but not trying hard enough . in debt with hardly a pot to wee in ... it has to change ... from today

we have consolidated our debts as of November so will just do an update regarding extra payments and a remaining balance every few months.

for the most part this will be my diary on saving for a deposit the highs lows and raising 3 children all currently 8yo or younger while doing it .

update 13.07.2019

september 2018 - paid off the loan
november 2018 - became debt free
febuary 2019 - offer was accepted on our forever home
june 2019 - completed on our purchase and moved in - was left £3000 out of £12,500 after all our expenses

see my previous diary here
https://forums.moneysavingexpert.com/showthread.php?t=5656806

took out mortgage with 5% deposit over 40 years - and im not paying a mortgage until im 66!

see our new mortgage free diary here
June 2017 £16,000 debt ~ Nov 2018 DEBT FREE
June 2019 Homeowners ~ June 2019 mortgage £123,500.00
July 2020 mortgage £117,500 ~ loan £12,000 ~ emergency fund £5000
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Replies

  • beanieloubeanielou Forumite
    74.2K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    You might be best to post on the DFW diaries.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 2 lbs **
    MFW. 1 month to go ****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • edited 17 November 2017 at 4:05PM
    mumof3.12kindebtmumof3.12kindebt Forumite
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    edited 17 November 2017 at 4:05PM
    this week i consolidated my debts . so now i only have one monthly repayment and much lower interest plus the catalogue (0%)

    in june my debt total was £14898 not including recurring credit card interest
    it currently stands at £12907.56 including loan interest

    £11766.60 loan 6.8% (total includes interest)
    £940.96 catalogue 0%
    £200 family member (brought a tent and camping equipment off them)

    we have 13 months until the end of next year . so my goals by 31st december 2018

    catalogue paid off (£940.96p)
    loan dd payments (£2549.43p)
    extra to loan (£450.57p)
    family paid (£200)
    savings goal £10,000 (house + emergency fund)
    June 2017 £16,000 debt ~ Nov 2018 DEBT FREE
    June 2019 Homeowners ~ June 2019 mortgage £123,500.00
    July 2020 mortgage £117,500 ~ loan £12,000 ~ emergency fund £5000
  • edited 19 April 2018 at 6:57PM
    mumof3.12kindebtmumof3.12kindebt Forumite
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    edited 19 April 2018 at 6:57PM
    how are we doing so far

    November 2017 - debt £12907.56 / savings £500


    February 2018 - catalogue paid off . / savings 3200 / family 40 / loan 11000 - but banking app says 9396.11. so i need to phone them

    April 2018
    savings £3600 . total debt £7800
    June 2018

    August 2018

    October 2018

    December 2018


    At the moment I hope to save
    5k by April
    10k by August
    15k by December
    June 2017 £16,000 debt ~ Nov 2018 DEBT FREE
    June 2019 Homeowners ~ June 2019 mortgage £123,500.00
    July 2020 mortgage £117,500 ~ loan £12,000 ~ emergency fund £5000
  • mumof3.12kindebtmumof3.12kindebt Forumite
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    Sold a few things. £34 made.

    Watching a film with the boys. Then it's tea baths and bed for the kiddies and I need to really crack on with my meds course for work
    June 2017 £16,000 debt ~ Nov 2018 DEBT FREE
    June 2019 Homeowners ~ June 2019 mortgage £123,500.00
    July 2020 mortgage £117,500 ~ loan £12,000 ~ emergency fund £5000
  • mumof3.12kindebtmumof3.12kindebt Forumite
    955 posts
    500 Posts Third Anniversary Name Dropper Combo Breaker
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    So thats 500 in savings. And 164 in the box so far. Will update tomorrow . Have a good evening all
    June 2017 £16,000 debt ~ Nov 2018 DEBT FREE
    June 2019 Homeowners ~ June 2019 mortgage £123,500.00
    July 2020 mortgage £117,500 ~ loan £12,000 ~ emergency fund £5000
  • mumof3.12kindebtmumof3.12kindebt Forumite
    955 posts
    500 Posts Third Anniversary Name Dropper Combo Breaker
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    More items sold and collected. Another £45 to add to the box :)

    I'm going to eat my tea and have an early night. Boys have gone to stay at my grandmas. I completely forgot about this. Hoping baby will settle okay. Haven't got as much as I wanted to get done during my week off but it's been nice to have a little rest TBH and just not be rushing around so much. I haven't done much in the way of preparing for Xmas.
    Cant wait till next pay day to add more to the savings accounts. Hoping to add around £1k next month.
    June 2017 £16,000 debt ~ Nov 2018 DEBT FREE
    June 2019 Homeowners ~ June 2019 mortgage £123,500.00
    July 2020 mortgage £117,500 ~ loan £12,000 ~ emergency fund £5000
  • mumof3.12kindebtmumof3.12kindebt Forumite
    955 posts
    500 Posts Third Anniversary Name Dropper Combo Breaker
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    £760 saved since the 7th of October .

    Boys are still with grandma so I'm going to crack on with my course from work.

    Have a lovely Sunday everyone
    June 2017 £16,000 debt ~ Nov 2018 DEBT FREE
    June 2019 Homeowners ~ June 2019 mortgage £123,500.00
    July 2020 mortgage £117,500 ~ loan £12,000 ~ emergency fund £5000
  • mumof3.12kindebtmumof3.12kindebt Forumite
    955 posts
    500 Posts Third Anniversary Name Dropper Combo Breaker
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    So I've used £200 of the savings to pay the family member what I owed them. So now it's just the loan and the catalogue . One less thing to worry about while saving up.
    June 2017 £16,000 debt ~ Nov 2018 DEBT FREE
    June 2019 Homeowners ~ June 2019 mortgage £123,500.00
    July 2020 mortgage £117,500 ~ loan £12,000 ~ emergency fund £5000
  • Silence101Silence101 Forumite
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    You’ve done quite well with your savings. How long is the catalogue on 0%? Will you have paid it off before they start charging you interest?
  • mumof3.12kindebtmumof3.12kindebt Forumite
    955 posts
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    Thankyou
    Yes it will be paid before the interest I have until Sept 2018 . This is why I didn't include it within the loan consolidation otherwise I would of done.
    June 2017 £16,000 debt ~ Nov 2018 DEBT FREE
    June 2019 Homeowners ~ June 2019 mortgage £123,500.00
    July 2020 mortgage £117,500 ~ loan £12,000 ~ emergency fund £5000
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