CyclistDreams - House deposit diary

edited 30 November -1 at 1:00AM in How much have you saved?
35 replies 6K views
CyclistdreamsCyclistdreams Forumite
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edited 30 November -1 at 1:00AM in How much have you saved?
Morning all!

Hoping this is the best place to keep a copy of my road to a house deposit! Thought If i posted here and keep it updated, it will help motivate me to hopefully save more.

I'm currently saving for my first house. I found one that i really loved last year, but after speaking to a broker I didn't have enough of a deposit & mortgage availability to afford it which was a bummer! It was close to work, a lovely little cottage type of house in a small village on the outskirts of York - Ah well!

I've been saving for the last 4 years rigidly. The years before that I didn't really think about growing up and getting a house so I didn't take the saving that seriously. As of today, 29th August 2019, I've currently got a grand total of £40,681.45 saved up towards a house.

Monthly, I've got a standing order of £300 going to a 5% first direct savings account, and then I transfer over £145 into the account where the rest of the money is. £4000 is sat between a couple of other 5% accounts, and the interest generated gets transferred into the main savings account.

I booked a holiday with the girlfriend a few months ago, and took the money out of the house deposit to pay off the CC because I had 5% cashback on the CC, so that's given me £100 cashback which will go towards the house when it gets paid next year, so my overall figure saved is about £1100 short of the actual figure. Currently got the Overtime banked to pay off my remaining share next month (£300). The girlfriend is paying me back at £200 a month, so that goes back into the house pot!.

Alongside the house deposit, i'm saving £100 a month towards my emergency fund - Currently that sits at just over £2000, and i want to get it to £3000 for a safety net before I get a mortgage.

I've recently started commuting to work on my bike to save some wear and tear on the car. It's 52 miles round trip, so would cost just over £5.50 in fuel per day. Currently up to £40 saved this month. Usually my fuel bill is about £150 a month so every little helps!

The current aim is to start looking for a house next May/June time as I will receive a payrise in April to the top of my banding (NHS), so that will help the max mortgage figure considerably. I estimate i should be sat on £48000 at that point, so that is currently the goal to beat! My aim is to have £42,000 for a deposit, then £6000 for fees, furniture, legal costs etc.

This month (August) was a good one for saving. £1063 saved towards the house (£200 from the misses for the holiday, £438 from me for the holiday and then £425 regular house savings)

Will update this each month with the amounts saved and total in the pot. Hopefully there's some more of you out there that are in a similar boat saving away! :T
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Replies

  • Skint_yet_AgainSkint_yet_Again Forumite
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    Hi CyclistDreams :hello:

    Well done on your savings so far ! Shame about the house in York. Lovely place but can be pricey, but it's good that you can continue saving to get what you want.

    Cycling 52 miles each day wow! I am in awe but I guessed you must enjoy cycling and be good at it with your user name :rotfl:

    Your emergency fund is looking good, are you going to put the £100 into the deposit monthly once you get to £3000 ?

    Good luck with your savings. I look forward to following your progress.
    0% credit card £1360 ~ paid in full
    0% Car Loan £7500 ~ paid in full
    JAN 2020 = NOW DEBT FREE
    Emergency fund £1000 / £1000
    Aiming to retire early in 2025 🥳
  • Yeah, quite fortunate to be living with my mum. Paying her £340 a month in board, but that includes everything so anything else more or less goes towards savings :)

    It's honestly not that bad - The worst part is getting up at 0430 to get to work in time, but thankfully there's a shower there so i get sorted when i arrive :) It's addictive seeing the money i'm saving ticking up - Just finished all the commuting for August, £54 will be going back into savings rather than fuel. Hoping to save £100 for September as it was a half month of biking this month.

    I'm in two minds really... I've been saving £80 each month into a car pot which covers all car related costs, tax, MOT, insurance etc. However, any work mileage i've been doing has been going into there so it's looking quite healthy at £1200. MOT next week will likely cost a bit, and got the tax to renew (£185), but come mid next year it should be back to it's value now. I don't plan on having a car once i get a house, so not sure whether to stop paying into the emergency pot now and just transfer over the car savings when i get the house, or to keep adding to the emergency pot as normal as who knows what may happen? I'm in a dilemma!

    Thanks for the kind words :)
  • edited 31 August 2019 at 12:56PM
    savingwannabesavingwannabe Forumite
    15.9K Posts
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    edited 31 August 2019 at 12:56PM
    Welcome Cyclistdreams :j:beer::money::T, your deposit is very respectable and you are clearly focussed. I know loads of cyclists and think you are a hardy bunch. lol.

    I work in education but working for the NHS is blooming hard work so well done you. The cycling is great way of destressing after a loooong shift I am sure.

    It's worth keeping the money in two separate funds as you will know more when you find a perfect house as you might need a car or you may be even closer to work and the car fund can be an extra bonus. I know you found a great one but I know from being on here for a long time that this often happens and an even better one will turn up soon.

    Well done in everything you have done and welcome. :D
    Try to have a minimal spend year in 2021
    Saving change in money box.
  • Thanks very much savingwannabe :)
  • So, end of August means totaling the total money saved by cycling to work instead of driving. Total miles saved on the car is 494 and total money saved is £54.34! :money:

    Not quite yet broken even with the related expenses. Front light was £88.99, but I see that as a long term investment. Got to be seen, and it's got to last up to the elements as it'll be used basically everyday more or less. Had to buy some grease as the wet weather has taken it's toll on my bike over the years. Again, it's £16 but will last a long long time as i only need a small amount to service it.

    Car needs filling up tonight as I've got a few trips for work this week, so that'll be £65 odd, but got 10p off a litre to use and i'll get re-inbursed at 45p a mile from work, so it'll all help :)
  • savingwannabesavingwannabe Forumite
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    Your cycling savings will soon add up. Plus just think how fit they are making you. Well done.
    Try to have a minimal spend year in 2021
    Saving change in money box.
  • Realised I'd forgotten to update one of the accounts on my spreadsheet... Updated that now, so that was an extra £300 i'd not added in to the earlier figure! Moved across the interest from other accounts now too.

    £41,028/£48,000 saved:j
  • Car tax came through today - £200.

    I'm sure last year it was £185, so gone up £15 in one year which i feel is quite a lot. Still, got no choice but to pay it.

    Car MOT tomorrow too. Last time it failed to the tune of £600 in repairs, so hopefully this year it passes, or if it fails, it's nothing major! Got the cash sat aside for the MOT, service and tax but i still don't want to spend it!

    Here's hoping!
  • savingwannabesavingwannabe Forumite
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    Crumbs! Cars are expensive. Good job you have the money give yourself a pat on the back. :beer:
    Try to have a minimal spend year in 2021
    Saving change in money box.
  • It's only gone and passed it's MOT! Could have bet money on it failing as well.

    Few advisories - Needs new tyres at the rear soonish, steering rack play and a bit of tie rod play. Not bad for 148,800 miles.

    Should just be the price of the MOT and labour for the service that I end up paying as I'd got the parts for it - I'd estimate £90 or so all in when the bill comes.

    Woke up to a 'You've won' on the lottery email... Thought it was the big boy, but it was just a £5 :p

    Picked up 6 overtime shifts at work too, so that'll all go towards savings once they're paid :)
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