Trying to get on that ladder

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Hey everyone :)
I'm looking to buy my first home, and need something to keep me motivated to keep saving, so after reading through a few of the 'diaries' on here I thought I'd join you.
Short backstory; I'm currently renting but also saving to buy my first house, I've been saving casually for the past few years, putting away £100 here and there when I had some left over from spending, then a year ago I looked at how much I’ve spent on rent and other bits and pieces and realised how much money I’ve ‘wasted’ so started seriously saving. The first few months I saved every spare penny, then started noticing things that I’ve been not allowing myself and I desperately don’t want to go back to how I used to be, spending money on things that don’t add long term value, so I’m using writing as a way to keep myself accountable.
I’m currently trying to balance out having a life and saving, I tend to go in 100% and did for a few months and literally did nothing unless it was free, now I’m trying to be more reasonable to prevent complete burnout and going the other way and spending everything!
I’ve got enough for the deposit but need money for solicitor/buying furniture (I have a few pieces but need most of it) plus I’d like to have a bit tucked away for emergency money. I read somewhere that the ideal would be to have 4 months living expenses in savings. Sounds like scary numbers…

Comments

  • claireb1297
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    Week 1:
    January is always a financially tight month, christmas and car insurance paid last month plus we get paid early so have a longer period of time before payday comes around again, so I'm trying to be extra good.
    I did a inventory of my cupboards, counted out the meals I had and figured out what I could use other ingredients to make into meals, so my food bill was very low. I've got a lot of holiday snacks left over so I'm not letting myself buy any more snacky kinda things until they're gone.
    Outgoings
    Food £2
    Bills £55
    Postage £6.90

    Amount saved £582
  • Skint_yet_Again
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    Hi Claire :wave: I think we are all guilty of "wasting" money at times so no need to beat yourself up but I think the trick is to get the balance right otherwise you feel deprived. Well done on the meal planning
    0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
    House sale OCT 2022 = NOW MORTGAGE FREE 🤗
    House purchase completed FEB 2023 🥳🍾 Left work. 🤗

    Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).

    Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1

    Living off savings diary
    https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p1
  • savingwannabe
    savingwannabe Posts: 16,610 Forumite
    First Anniversary First Post
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    Hi Claire, well done on your decision. Welcome and happy saving.
    Aiming for a minimal spend 2022
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