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    • 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 2
    • atrixa
    • By atrixa 27th Feb 18, 7:48 AM
    • 84 Posts
    • 89 Thanks
    atrixa
    Another month, another payday. Savings now look like this:
    Holiday Fund 50
    Emergency Fund 445.74

    I should make my 500 goal next month

    Some good news, I got promoted at work months ago and they've finally sorted out the pay rise, so I'm now a bit better off each month. I also raised my pensions contributions to 5%, which is matched by my employer. Work has annoyed me a great deal with the way they've worked out the pay rises though (a few of us got promoted at the same time). At least it's given me a kick up the bum to see what other jobs are around. At the moment it looks like not much, but I'll keep an eye out and try to stay positive in the meantime.
    I work in Pensions and I'm currently saving for my first house deposit
    • savingwannabe
    • By savingwannabe 27th Feb 18, 5:50 PM
    • 14,009 Posts
    • 47,499 Thanks
    savingwannabe
    Well done on the pay rise and all the funds.
    Christmas Fund 168
    Reminder: summer is about making money
    • atrixa
    • By atrixa 7th Mar 18, 9:01 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    I had a gander at some other energy companies to see if I could cut my electricity bill a bit and move to a company that supports my meter fully (economy 10). The online quotes I got were all more expensive than what I'm paying now. There were two or three companies that only quoted over the phone, so I might ring them when I have a day off at the end of the month to see what they can offer. Every little helps and all that!
    I work in Pensions and I'm currently saving for my first house deposit
    • atrixa
    • By atrixa 28th Mar 18, 5:18 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    Got paid yesterday and went to open a Help to Buy ISA today. How my savings are looking:
    Holiday fund: 86.29/310
    Help to Buy ISA: 100/7,000
    Emergency Fund 500 (fully funded!)

    More news on the job front. I actually have an interview at a place tomorrow, so fingers crossed! The salary looks much better and it's closer to where I live.
    I work in Pensions and I'm currently saving for my first house deposit
    • atrixa
    • By atrixa 29th Mar 18, 12:55 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    Ugh. What a waste of time that interview was. Recruitment agent told me it was permanent but it was actually fixed term. They lied to me then lied to the employer, saying I knew it was fixed term. Such unscrupulous people out there...
    I work in Pensions and I'm currently saving for my first house deposit
    • savingwannabe
    • By savingwannabe 29th Mar 18, 4:26 PM
    • 14,009 Posts
    • 47,499 Thanks
    savingwannabe
    That's awful. I don't like agencies. They really are unscrupulous.
    Christmas Fund 168
    Reminder: summer is about making money
    • atrixa
    • By atrixa 30th Mar 18, 4:15 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    That's awful. I don't like agencies. They really are unscrupulous.
    Originally posted by savingwannabe
    Yeah, they just offer you the world and don't deliver. I wasted so much time preparing as well, so frustrating.

    Discovered that my Virgin Media contract is coming to an end this month. I'll give them a ring after easter to haggle for a cheaper contact. It's gone up by 3 ish for next month.
    I work in Pensions and I'm currently saving for my first house deposit
    • savingwannabe
    • By savingwannabe 30th Mar 18, 4:22 PM
    • 14,009 Posts
    • 47,499 Thanks
    savingwannabe
    Check on the internet broadband area on MSE there were loads of deals a couple of weeks ago which will help bargaining.
    Christmas Fund 168
    Reminder: summer is about making money
    • atrixa
    • By atrixa 31st Mar 18, 12:21 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    Check on the internet broadband area on MSE there were loads of deals a couple of weeks ago which will help bargaining.
    Originally posted by savingwannabe
    Will do, thanks
    I work in Pensions and I'm currently saving for my first house deposit
    • Kittikins
    • By Kittikins 1st Apr 18, 7:04 PM
    • 5,174 Posts
    • 44,343 Thanks
    Kittikins
    I had that whole fixed term/permanent mix up as well recently, when I went to look around a school and got my hopes up (I'm a teacher, currently in a not very nice school) and during the unofficial interview with the head, it turned out she'd put an advert in incorrectly! Grrr....

    Thankfully I've now found a fab school to move to in September with a permanent role!
    Sealed tin and beach 2p saving - trying to put everything under 1 in my purse in tins each day
    Moved house with my beloved DD and KW - 29.6.18
    • atrixa
    • By atrixa 3rd Apr 18, 4:29 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    I had that whole fixed term/permanent mix up as well recently, when I went to look around a school and got my hopes up (I'm a teacher, currently in a not very nice school) and during the unofficial interview with the head, it turned out she'd put an advert in incorrectly! Grrr....

    Thankfully I've now found a fab school to move to in September with a permanent role!
    Originally posted by Kittikins
    It's so disappointing isn't it! Great news on the new job though

    A reasonable win for me today- I ran up my broadband/tv/phone provider and got 9.22 off my bills for the next 18 months. I probably should have haggled a bit more but other companies weren't offering much less for an inferior service, from my experience. Just need to remember to ring round some energy companies at some point, I hate economy 10.
    I work in Pensions and I'm currently saving for my first house deposit
    • atrixa
    • By atrixa 20th Apr 18, 5:13 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    Ugh, what a pain this week has been. The aforementioned 9.22 off my bill hadn't materialised, so I had to ring them. They processed it too late so it'll come off next month. I only noticed because it put me into my overdraft. Then today I came home to a letter that implies that the Passport Office might have lost my mother's birth certificate. Better not have, it's cost me enough already without having to order another certificate.

    On a brighter note, there's been a job posting where I work that looks promising. I'll write a covering letter for that over the weekend.
    I work in Pensions and I'm currently saving for my first house deposit
    • Kittikins
    • By Kittikins 21st Apr 18, 3:31 AM
    • 5,174 Posts
    • 44,343 Thanks
    Kittikins
    Oh no, I hope they haven't lost the certificate, how inefficient!

    Hope you have a great weekend and enjoy the sunshine
    Sealed tin and beach 2p saving - trying to put everything under 1 in my purse in tins each day
    Moved house with my beloved DD and KW - 29.6.18
    • savingwannabe
    • By savingwannabe 21st Apr 18, 8:34 AM
    • 14,009 Posts
    • 47,499 Thanks
    savingwannabe
    Hello Atrixa I am sure the passport will show up soon otherwise we will all be too scared to renew again. Good luck with job application I hope you are filling it in the garden and enjoying the weather.
    Christmas Fund 168
    Reminder: summer is about making money
    • pinknsparkly
    • By pinknsparkly 25th Apr 18, 3:36 PM
    • 381 Posts
    • 857 Thanks
    pinknsparkly
    How infuriating about the birth certificate! Do you know if they've managed to track it down yet?

    Good luck with the job application
    MFW 2019 challenge #99: 6,778.51 / 6,000 (4,500 is in "offset" pot)
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,778.51 / 30,000
    Save 12k in 2019 challenge #99: 18,030 / 12,000
    2019 keep moving challenge: 271.3 / 1000 miles
    Last updated: 28/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Sep 2052
    • atrixa
    • By atrixa 25th Apr 18, 5:22 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    Someone from the passport office rang me today and let me know that 'it had finally come in'. I presume that's code for they found it on the mailroom floor... She said that my passport should be with me soon so fingers crossed that all goes smoothly!

    Thank you for the kind words about the application, guys. It was a nice easy one that just wanted my CV and a cover letter so it didn't take too long
    I work in Pensions and I'm currently saving for my first house deposit
    • savingwannabe
    • By savingwannabe 25th Apr 18, 6:43 PM
    • 14,009 Posts
    • 47,499 Thanks
    savingwannabe
    Hooray for passport being found. Good luck with job application.
    Christmas Fund 168
    Reminder: summer is about making money
    • atrixa
    • By atrixa 27th Apr 18, 7:53 AM
    • 84 Posts
    • 89 Thanks
    atrixa
    According to DX, my passport should arrive tomorrow. I'm glad there wasn't an issue with the photo- I think my head was 2mm smaller than the guide said.

    It's payday (yey!), so here's an overview of my funds:

    Holiday fund: 91.29/310
    Help to Buy ISA: 245/7,000
    Own home fund: 75/3,600
    Emergency Fund 500/500

    I've changed one of my savings accounts to one with a 2.5% interest rate for 12 months, too.

    Bit of an expensive month, really. I've had to replace my coat, although that was only 25. My existing one isn't waterproof and is looking a bit threadbare. My new one will be waterproof and have a detachable fleece so I can wear it all year round. I've also replaced my slipper boot things as my old ones have a hole in the sole, but I found a pair for 6 in House of Fraser. The downside of this is there's a 10 limit when you order off the website, so I treated myself to a candle to get the price up I'm also going on a night out this weekend to rather a pricey restaurant. We'll see how that goes...
    I work in Pensions and I'm currently saving for my first house deposit
    • atrixa
    • By atrixa 27th Apr 18, 10:37 AM
    • 84 Posts
    • 89 Thanks
    atrixa
    *sigh* The text from DX was an error and I have to attend a passport interview before I get it. I just got a letter through the post today. That's more money to be spent on train fare...
    I work in Pensions and I'm currently saving for my first house deposit
    • savingwannabe
    • By savingwannabe 27th Apr 18, 7:19 PM
    • 14,009 Posts
    • 47,499 Thanks
    savingwannabe
    Poor you about the passport. At least you managed to treat yourself with some essential retail therapy. Hope the weather is better by you. It is grim here. lol.
    Christmas Fund 168
    Reminder: summer is about making money
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