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  • FIRST POST
    • atrixa
    • By atrixa 25th Sep 17, 6:59 PM
    • 84Posts
    • 89Thanks
    atrixa
    Atrixa's First Step to the Property Ladder
    • #1
    • 25th Sep 17, 6:59 PM
    Atrixa's First Step to the Property Ladder 25th Sep 17 at 6:59 PM
    Hello everyone! I'm 26 years old and currently renting a 1 bed flat in the North East of England. Due to not having a great income, I always thought I'd be renting forever but luckily, the North East has some of the most affordable (If you can call anything over 50k "affordable") properties in the country that aren't complete hovels. I've decided that I'll attempt to be buying my own home by the age of 30.

    After doing a bit of long term financial planning, I'll need to be rent and mortgage free by retirement to be able to retire at all with my company's not-so-great pension, and who knows where SPA will be by then? Better to start now and not fritter my money away.

    My current outgoings currently include:
    A credit card with a balance of 57 and some change. It was a few hundred quid, but I've been working at it for the past few months and I'll have this paid off on payday. I'll try not to touch it ever again.
    A Hitachi Finance loan. It's interest free at just over 2000. I've made 8 out of 15 payments of 129.
    A Barclays Partner Finance loan. Also interest free. It's 16.60 per month for 30 months and I started paying in March, I think.
    Student loans. These only ever get paid when my overtime tips me over the repayment threshold and it's not much.

    I'm not too concerned about the debt at the moment. I can make the minimums easily and none of them are accruing interest. I'd much rather put money in savings where it can earn me interest instead.

    So, my goals:

    1) Save 500 for a starter emergency fund.
    2) Save into a Help to Buy ISA once Hitachi Finance paid off. I need approx 5,650 saved to get 25% bonus for 70,000 house. (around a 10% deposit)
    3) Save into a high interest savings account for other mortgage/home costs (fees, decorating, removal etc.) I reckon around 3,500 should do it. I had a look at the article on here and that should account for all the basic costs.

    I've worked out that based on my current income, which will hopefully increase soon, it'll take 3-4 years to get the money together. Looking at the figures people in other parts of the country are quoting, I'm thinking myself lucky. Hopefully somewhere in there I'll be able to knock my pension contributions up to at least 10% (currently at 6%) and I'll be on my way to a secure future.

    Wish me luck!
    I work in Pensions and I'm currently saving for my first house deposit
Page 4
    • atrixa
    • By atrixa 18th Sep 18, 5:44 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    So, got my pay rise through

    I've done some sums and now my house savings end date has gone from May 2022 to September 2021. Hopefully I'll get that down even further after a while
    I work in Pensions and I'm currently saving for my first house deposit
    • savingwannabe
    • By savingwannabe 18th Sep 18, 6:16 PM
    • 13,983 Posts
    • 47,484 Thanks
    savingwannabe
    Hurrah for the pay rise. It has made a big difference I see. Well done.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • atrixa
    • By atrixa 19th Sep 18, 8:28 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    Thanks! More good money news today. I complained to my bank a few weeks ago as they were giving incorrect info to credit agencies. After writing to them about 6 times, I gave up and finally made a complaint. Heard back today and they've sorted the error and given me 150 for the trouble! That's gone straight into my holiday fund. It's nice to see a company with a good complaints department. The letter was very nice and explained why the issue arose in the first place.
    I work in Pensions and I'm currently saving for my first house deposit
    • Skint yet Again
    • By Skint yet Again 21st Sep 18, 6:29 PM
    • 3,590 Posts
    • 19,241 Thanks
    Skint yet Again
    Well done on the compensation ! Its always worth complaining about poor customer service. A nice boost to your holiday fund
    Balance 0% credit card to pay 1360 848
    Emergency fund 100/500
    • savingwannabe
    • By savingwannabe 23rd Sep 18, 8:39 PM
    • 13,983 Posts
    • 47,484 Thanks
    savingwannabe
    Really well done. It's good to fight for principles and even better when you win!!!!

    It's cold here I hope you have ok weather.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • atrixa
    • By atrixa 28th Oct 18, 12:58 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    Quick update:

    I'm around 17% of the way through with my house savings.
    Holiday fund currently has 245 in it. I'll be going to London for 2 nights in January then hopefully Brussels in March.

    I'm running a 10K race next week, which will be my first one. I'm hoping for 1 hr 10 mins. I was aiming for under 1hr, but I've had a rotten cold which really disrupted my training.
    I work in Pensions and I'm currently saving for my first house deposit
    • pinknsparkly
    • By pinknsparkly 28th Oct 18, 5:08 PM
    • 352 Posts
    • 826 Thanks
    pinknsparkly
    17% is amazing news Atrixia, congratulations!!!

    And good luck with the run next week. I seem to have entered hiberation-mode and am refusing to go outside unless absolutely necessary so think I might have to resort to using my exercise bike inside than kidding myself that I'll go for a run at some point
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • atrixa
    • By atrixa 28th Oct 18, 5:12 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    Thank you! I don't blame you, I'm thinking I'll need some sort of bribery to get me out now the dark nights are here.
    I work in Pensions and I'm currently saving for my first house deposit
    • atrixa
    • By atrixa 30th Nov 18, 9:44 AM
    • 84 Posts
    • 89 Thanks
    atrixa
    Savings still ticking along nicely for the house. I'm doing Christmas as cheaply as possible this year. I'm very encouraged by ML's unnecessary presents speech. I've gotten presents down to the bare minimum but I've also budgeted in a food bank donation.

    Other updates - I did my 10k race in Newcastle at the beginning of November. I was very pleased with the time and also raised some money for charity. I then came down with shingles so I've only ran twice since then. I have high hopes for December being better but the weather will be a challenge.
    I work in Pensions and I'm currently saving for my first house deposit
    • savingwannabe
    • By savingwannabe 30th Nov 18, 7:40 PM
    • 13,983 Posts
    • 47,484 Thanks
    savingwannabe
    Fab news on the run. Well done. The shingles flippin heck that's serious I hope you are getting better and happy pay day.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • atrixa
    • By atrixa 20th Dec 18, 6:28 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    Aww, thanks Wannabe, I am completely healed now except for some marks on my torso. It was very unpleasant for about a week, but it cleared up fine.

    Just got my early December pay- do other companies do this? I find it easier to manage my money if it's just paid as normal, but I'm sure lots of people find it very helpful. I had a bit of a windfall this week- my energy company worked out my bill and I got over 100 as a refund! That's gone into my holiday fund for Brussels in the spring. I've also managed to get a reasonable hotel and trains down to London to see Hamilton in January, so I'm very excited for that.

    House savings are just as normal, I always pay those in first so I don't have to think about it

    Merry Christmas, everyone!
    I work in Pensions and I'm currently saving for my first house deposit
    • atrixa
    • By atrixa 27th Feb 19, 5:00 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    Update, it feels like it's been a while. Here is what my savings look like:
    Sinking fund for new Laptop: 61/300 ish
    Sinking fund for Holiday: 300/300
    Help to Buy ISA: 1845/7000
    Mortgage and Moving costs: 1250/3600
    Emergency Fund: 500/500

    Everything is on track, including my running! Another 10k next month, I'll see if I can beat my time from November.
    I work in Pensions and I'm currently saving for my first house deposit
    • savingwannabe
    • By savingwannabe 28th Feb 19, 7:26 PM
    • 13,983 Posts
    • 47,484 Thanks
    savingwannabe
    Hurrah for savings. Well done.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • atrixa
    • By atrixa 3rd May 19, 4:59 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    Savings are still on track. My Lloyds savings account matured last month earning a paltry 14ish. I've opened another savings account (1.5% interest) and transferred my Mortgage and Moving savings to that.
    I work in Pensions and I'm currently saving for my first house deposit
    • savingwannabe
    • By savingwannabe 4th May 19, 12:28 PM
    • 13,983 Posts
    • 47,484 Thanks
    savingwannabe
    Well done on moving your savings account. Savings rates are so low at least you are shopping round!
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
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