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  • FIRST POST
    • VelvetFreak
    • By VelvetFreak 10th Jul 19, 2:14 AM
    • 280Posts
    • 1,032Thanks
    VelvetFreak
    VelvetFreak is saving up to buy a house!
    • #1
    • 10th Jul 19, 2:14 AM
    VelvetFreak is saving up to buy a house! 10th Jul 19 at 2:14 AM
    Shiny new diary! Yay!

    A bit about me: I am 25 years old, living in Australia. I own a tiny one-bedroom unit (well, the bank owns it, because I have a mortgage ). My boyfriend moved in with me a few months ago.

    I recently reached a big goal, which was to have $10,000 saved in an Emergency Fund. So now I am onto the next thing, which is saving to buy a house. My goal is to have $80,000 saved before I turn 30 (which is in about 4.5 years, December 2023 )

    At the moment, I am able to save $400 per fortnight out of my wages, and my boyfriend pays $200 for “bills” which I am able to save because I paid the same amount in bills since before he moved in, so I see it as “extra” money that I wouldn’t have otherwise. I hope that makes sense. Our finances are separate at the moment but I suppose we will combine things more over time. I also plan to save extra money that I get with raises, bonuses, etc.

    I am also wanting to do some small renovations in my unit to make it nice for us to live here for the next few years. I will find the money for that somewhere.

    I recently sold a mattress and furniture that I had stored in the garage, so we are starting the House Savings off with $100

    Emergency Fund: DONE! $10,000
    House Savings $6,005.06 / $80,000
Page 5
    • Cherryfudge
    • By Cherryfudge 9th Oct 19, 9:32 AM
    • 3,272 Posts
    • 21,105 Thanks
    Cherryfudge
    Re the interest: I would have thought all overpayments would net you more than interest on an account, even an offset account, so long as you aren't penalised for the amount you overpay.
    Originally posted by Cherryfudge
    Sorry, it really doesn't make sense, does it! I was thinking that money in the bank earning interest would earn less interest than the amount you'd be paying in interest on a mortgage. However if your savings are in an offset account (which is quite rare here) then any interest would benefit you as you'd have more set against the mortgage.
    I did try for an offset account but as we are quite near the end of the mortgage they wouldn't let us have one.

    I see we still have your rain. I hope you get some soon.
    MFW #30 Overpaid by £4,100.58/£3000 in 2018 Overpaid by £2877.91/2,880.00 to 04/09/19. Decluttered in 2019: 1,899/2,019 as of 11/10/19
    • savingholmes
    • By savingholmes 9th Oct 19, 8:41 PM
    • 9,815 Posts
    • 19,548 Thanks
    savingholmes
    sounds like you are making great progress. It would be great if we could give you some of our rain..
    Target DFD Mar 21 Nov 20 £38840 @ 13/7/19 £26,881 @0%
    Target MFD July 2031 March 28 owe £145551 @13/7/19 [B]£145,180/B] @1.7%
    • Cherryfudge
    • By Cherryfudge 9th Oct 19, 10:22 PM
    • 3,272 Posts
    • 21,105 Thanks
    Cherryfudge
    sounds like you are making great progress. It would be great if we could give you some of our rain..
    Originally posted by savingholmes
    Seconded!
    MFW #30 Overpaid by £4,100.58/£3000 in 2018 Overpaid by £2877.91/2,880.00 to 04/09/19. Decluttered in 2019: 1,899/2,019 as of 11/10/19
    • VelvetFreak
    • By VelvetFreak 13th Oct 19, 1:25 AM
    • 280 Posts
    • 1,032 Thanks
    VelvetFreak
    Happy Sunday

    Something very strange has happened. It actually rained yesterday and the day before. It was a decent amount but we still need more

    Had a great day yesterday, went for a drive with my friend and went to some antique shops and met up with her mum. Didn't find much to buy but did end up with some silk pillowcases for $5.50 which my friend's mum kindly paid for as I forgot to bring cash I will return the favour at some point. I bought our coffees for $8.40 and spent $7.50 for cheese & biscuits snack when we got home. Also bought a shower caddy for $19.95 from a regular shop. Was a nice day and didn't spend too much so I'm pleased about that.

    Today will be spend doing stuff around the house and washing. Goals for today:

    - 3 loads of washing
    - change water in fish tank
    - plant some seeds in veggie garden
    - tidy house
    - vacuum & mop

    Emergency Fund: DONE! $10,000
    House Savings $6,005.06 / $80,000
    • Cherryfudge
    • By Cherryfudge 13th Oct 19, 8:54 AM
    • 3,272 Posts
    • 21,105 Thanks
    Cherryfudge
    You've got rain! Yay! We had a bit of sun.
    The drive out sounds like a nice change from work. I love antique-y places.
    MFW #30 Overpaid by £4,100.58/£3000 in 2018 Overpaid by £2877.91/2,880.00 to 04/09/19. Decluttered in 2019: 1,899/2,019 as of 11/10/19
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