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  • FIRST POST
    • Gibberish94
    • By Gibberish94 9th Sep 16, 3:57 PM
    • 29Posts
    • 33Thanks
    Gibberish94
    The Gibberish trek to a deposit!
    • #1
    • 9th Sep 16, 3:57 PM
    The Gibberish trek to a deposit! 9th Sep 16 at 3:57 PM
    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 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
    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 !!)

    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!!
    Last edited by Gibberish94; 11-09-2016 at 9:51 AM.
Page 2
    • Gibberish94
    • By Gibberish94 21st Jun 18, 8:23 PM
    • 29 Posts
    • 33 Thanks
    Gibberish94
    Oh my gosh long time no post! I guess I need to just accept I'm very very busy and so can't post as often as I'd like however that said its nice to look back and see where I've come. I've still been trying to save but obviously has been difficult. Since the last update a year ago I had almost 1500 on credit card which I'm pleased to say I've now cleared yay! So CC is ZERO and has been for about 5 months now

    However in more costly new's my laptop gave up the ghost so my OH kindly lent me the money to replace it (although expensively as I got a Mac(!)) however I'm paying that off monthly by paying it into his ISA and will have paid that off by September.

    Also I finally got fed up of my car and constantly having to repair it so decided to sell it and get a new one HOWEVER I wanted a car that would be reliable and not break which means I get out a wee loan out from the bank however I'm paying this off monthly and overpaying so hoping to reduce the loan term and it should be zero by the time we go to get a mortgage. And since I bought the car I've not spent a penny on it besides petrol whereas my old car was costing me over 100 in repairs each month so IMO its worth it.

    And finally the savings situation...

    My LT ISA: 1,584.37
    OH LT ISA: 5,628.89
    Total: 7213.26/ 50,000 - 14.40%

    My last update we were at 12% and we both had to take some out of our HTB ISAs to cover some costs and then build the balances back up so theres been improvement just perhaps not as much as I'd like. And we've also transferred to the LT ISA so can't just take money out of them now which will stop that happening!
    Hopefully the next update will be a bit more successful! It's been a manic and busy expensive year however progress is being made even if its a little slow!!
    • atrixa
    • By atrixa 22nd Jun 18, 5:56 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    Well done on clearing that credit card! It's such a pain when everything breaks at the same time when you're trying to save :/
    I work in Pensions and I'm currently saving for my first house deposit
    • savingwannabe
    • By savingwannabe 22nd Jun 18, 8:36 PM
    • 13,971 Posts
    • 47,475 Thanks
    savingwannabe
    Well done on clearing credit card and savings. Glad you are back.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • Gibberish94
    • By Gibberish94 4th Aug 18, 1:56 PM
    • 29 Posts
    • 33 Thanks
    Gibberish94
    Another month, another pay day so time for an update.
    July was rather an expensive month as I've been away a few weekends with friends which was obviously rather costly and also a few birthdays etc too. However we have been able to make some usual savings so here is this months update:

    My LT ISA: 1,915.62
    OH LT ISA: 6,053.89
    Total: 7969.51/ 25,000 - 31.9%

    I've revised our aim to 25,000 from 50,000 as originally we were planning on savings loads and getting a really nice first place but we'd rather move out sooner and live in somewhere 'nice' for a while before investing in our forever home therefore we need less of a deposit for a 'nice' starter place. We've just signed on our current rental property for another 12 months so the dream would be to have enough in 12 months to buy however that might be a little steep but one can dream right?!

    I've also managed to put aside 1,000 in an emergency fund over the last few months which is great because this time last year I had 1500 on my CC whereas now the CC has been cleared and on top I've put 1000 aside. So thats essentially an additional 2500 this year that technically could go into mortgage savings which is nice to think about .

    Expected costs this month will be my cars MOT at the end of the month but other than that I don't have too much planned and I'm also doing some extra teaching work this month so that will be some extra income too.
    Balancing normal work, revision and teaching work isn't going to leave me much time to spend money anyway ha!
    Last edited by Gibberish94; 27-10-2018 at 2:05 PM.
    • savingwannabe
    • By savingwannabe 5th Aug 18, 5:15 PM
    • 13,971 Posts
    • 47,475 Thanks
    savingwannabe
    The savings are looking good and well done in sorting out an emergency fund. It's a big decision to save for a house and you will have time to do research which is good. Good luck with MOT money.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • Gibberish94
    • By Gibberish94 31st Aug 18, 9:15 PM
    • 29 Posts
    • 33 Thanks
    Gibberish94
    Update for August payday

    Not too much to report this month. I have an expensive month coming up so haven't been able to save too much and also had to sort my car MOT and service which ate into my emergency fund however that what its there for right?

    My OH and I are both starting further education courses for different things in September so both of us have just had to pay these out too this month hence not much has gone into the savings however this was anticipated and main thing is we still managed to save something (albeit only a little).
    We've broken into the 8,000s woohoo!

    My LT ISA: 2,083.12
    OH LT ISA: 6,103.89
    Total: 8,187.01/ 25,000 - 32.7%
    Last edited by Gibberish94; 27-10-2018 at 2:06 PM.
    • Skint yet Again
    • By Skint yet Again 1st Sep 18, 5:54 AM
    • 3,580 Posts
    • 19,237 Thanks
    Skint yet Again
    Cars can be so blooming expensive cant they ! I had to buy 4 new tyres in August which has emptied my bills account. Well done on the deposit savings despite all the other expenses. That's a great amount.
    Balance 0% credit card to pay 1360 898
    Emergency fund 0/500
    • Gibberish94
    • By Gibberish94 1st Sep 18, 7:11 AM
    • 29 Posts
    • 33 Thanks
    Gibberish94
    Oh yeah I forget I just had to get two new tyres for my car on top of that which was another 100! So that plus the MOT and service was not a good month for the car expenses!

    However, huge difference compared to my old car that would have something wrong with it almost every month and would cost me over 100 each month just on repairs not including the MOT service etc! So I've had my new car 7 months and besides petrol and my insurance this is the first money I've actually spent on it which isn't bad going (I've been blessed with 0 road tax with this car too )
    • savingwannabe
    • By savingwannabe 1st Sep 18, 9:09 AM
    • 13,971 Posts
    • 47,475 Thanks
    savingwannabe
    Really well done on the great savings and its fab that the car is so efficient and saving money for you. Have a great weekend.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • Gibberish94
    • By Gibberish94 1st Nov 18, 6:24 AM
    • 29 Posts
    • 33 Thanks
    Gibberish94
    Time for my October payday update.
    First things first...Good news I got a pay rise at work yay! Less good news, my boyfriends new course is really hitting him hard so I'm having to help and pick up the slack with money going into our joint account etc however I'm still able to save what I want to just much of the pay rise is going into the joint account but we're no worse of .

    I made my penultimate repayment into my OH's ISA this month so next month will be my final payment into it and I can really then start cracking down on my own. (For those that don't know, earlier in the year my laptop went kaput so I got a new one but lovely OH purchased it for me (back when he had spare cash) and I've been making the repayments into his ISA since then - oh and it was a Mac hence so expensive (but worth it for the amount I'm on my laptop and work I have to do on my laptop)

    Anyhow... the interesting stuff.. the figures:
    My LT ISA: 2,457.50 (plus 83.24 bonus due)
    OH LT ISA: 6,707.52 (plus 144.26 bonus due)
    Total: 9,165.02/ 15,000 - 61.1% (9392.52 with bonus)

    In addition to this I have 1300 in 'readily accessible' savings which serves as basically an emergency fund / legal fees when it comes to the purchase. And the next payment for my own course is in January and will come to 550 of which I already have this money put aside in a separate account so this won't be a shock to the bank balance when it comes to paying.

    I'm starting to feel like I'm able to make much more of a dent on these finances for the next 4-5 months which I'm excited about as it has been a struggle until this point. Thinking back to when I started this diary I was earning about 10k less a year, I had credit card debt and no savings. To then see where I am now with no credit card debt, a nice car (being payed off monthly in manageable amounts) and actually having some savings that aren't just my ISA savings feels pretty good.

    Here's to the future and lots more saving.

    (Those that are paying attention will have noticed I've reduced our target again to just 15,000, we're getting twitchy and have discussed that we are going to go for a 5% deposit as the reality of getting a 10% deposit is just so far away especially in the South East where prices only seem to be rising, so the aim is 5% deposit for a property around 250 - 300 mark and to be in our new home by this time next year - we'll see!)
    • savingwannabe
    • By savingwannabe 2nd Nov 18, 7:45 PM
    • 13,971 Posts
    • 47,475 Thanks
    savingwannabe
    Hurrah for your savings and for the wage rise. I hope boyfriend's course get's better.

    Keep up the good work.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • Gibberish94
    • By Gibberish94 8th Dec 18, 7:27 AM
    • 29 Posts
    • 33 Thanks
    Gibberish94
    November payday update:

    My LT ISA: 2,810.74
    OH LT ISA: 7001.78
    Total: 9,812.52/ 15,000 - 65.4%

    Almost 10k yay! We will have 10k going into 2019 which is exciting!
    We've also received 5000 from OH's parents which can either be used for a deposit or for our future wedding (we're not even engaged yet though haha!) So technically we have reached our target (almost) and can start properly looking in the new year but we're still going to try and reach the 15k ourselves because I think OH's parents would rather the 5k went on the wedding so would be nice to do that for them as far as possible. (Getting exciting now and our new home is almost within reach!)

    Nothing much else to report this month, plodding along as usual I'm entered the busy season at work so very hectic but thats no surprise!
    • savingwannabe
    • By savingwannabe 8th Dec 18, 7:43 PM
    • 13,971 Posts
    • 47,475 Thanks
    savingwannabe
    Well done.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • Gibberish94
    • By Gibberish94 13th Dec 18, 6:29 PM
    • 29 Posts
    • 33 Thanks
    Gibberish94
    Got paid today for some of my teaching work so I plonked 260 straight into the ISA which means we are officially at 10k woohoo!

    Feels exciting to hit this milestone ! Looking forward to really start the property search in the new year whilst still continuing to save even more
    • Skint yet Again
    • By Skint yet Again 13th Dec 18, 8:28 PM
    • 3,580 Posts
    • 19,237 Thanks
    Skint yet Again
    well done 10000 is an amazing amount !!
    Balance 0% credit card to pay 1360 898
    Emergency fund 0/500
    • atrixa
    • By atrixa 20th Dec 18, 7:35 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    Well done, that's a huge achievement!
    I work in Pensions and I'm currently saving for my first house deposit
    • Gibberish94
    • By Gibberish94 29th Dec 18, 2:50 PM
    • 29 Posts
    • 33 Thanks
    Gibberish94
    Thank you Skint and Atrixa.. very exciting times. Have got a viewing booked on Wednesday so looking forward to starting the search and getting on that property ladder. We're not going to rush into it so will just see what properties come up as we want to make sure we're choosing the right place

    Last update for 2018:
    My LT ISA: 3170.74
    OH LT ISA: 7001.78
    Total: 10,172.52/ 15,000 - 67.8%
    With money from parents: 15,172.52 / 15,000 - 101.15%

    Still going to keep saving as would like the 15,000 to be as much of our own money as possible but yay heres to 2019!
    • Gibberish94
    • By Gibberish94 16th Feb 19, 4:07 PM
    • 29 Posts
    • 33 Thanks
    Gibberish94
    Belated January update!

    We've started viewing houses but the market seems pretty dead at the moment to nothing much to report. Still saving though because the more we can have of the 15,000 ourselves the better

    My LT ISA: 3723.24
    OH LT ISA: 7039.28
    Total: 10,762.52/ 15,000 - 71.8%
    With money from parents: 15,762.52 / 15,000
    • Gibberish94
    • By Gibberish94 13th Mar 19, 8:51 PM
    • 29 Posts
    • 33 Thanks
    Gibberish94
    February update:

    My LT ISA: 4335.74
    OH LT ISA: 7039.28
    Total: 11,375.02 / 15,000.00 - 75.83%

    With money from parents: 16375.02 / 15000

    Nothing much to report, we've found a house we love but it's just outside of our price range We're hoping that in the current economic climate they may drop the price but it's just a waiting game. Besides that next to nothing has really been coming up so we're just waiting patiently and continuing to save in the meantime. I'm secretly hoping we'll have the full 15000 ourselves by the time we find somewhere we can save the 5000 for a wedding but we shall see, still chipping away!

    I had a busy February with exams etc in early March so now I'm free which is great and it feels odd to have so much free time again. I'm enjoying it very much!
    • savingwannabe
    • By savingwannabe 14th Mar 19, 5:50 PM
    • 13,971 Posts
    • 47,475 Thanks
    savingwannabe
    Hurrah for free time. Enjoy it.

    Excellent news on your savings Gibberish. I hope they do drop the house price - maybe something good will come out of the current economic climate. Have a good week.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
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