Ways to Boost income when saving for a house

MP2609 · 15 July 2018 at 4:42PM

Hi Everyone
I have been advised to post this in the boost your income section as well so any help you guys could provide would be great.

Like many of you i am currently in the process of saving for my first house. Thanks to everyone on the forum, i have managed to put together a full list of everything I should need in terms of furnishing my first home and currently have a maxed lifetime ISA with Skipton. After getting an agreement in principle with Halifax last month, I have discovered that in order to afford a house in my area, it looks like I am going to have to save for one more year and I was wondering if i could hear some ideas from you guys as to what you did.

At present i have around 15k saved with the aim to get this up to 25k by this time next year, my parents have been extremely generous and have offered me 5k for legal costs and to possibly add this to the deposit as well.

i currently take home 1600 a month and after bills have about 900 to save, where would you guys suggest is the best way to save this, I have maxed out the LISA for the tax year so won't be able to put anymore into this until 06/04/18.

in terms of furnishings, again thanks to this forum, i have already started to purchase some items but currently estimate around 2-3k needed for this as well building an emergency fund so i have some left over cash should anything unexpected pop up once i have moved in. I have looked at additional ways of boosting my income but wanted to see what the best way you guys found to do this was? To add to this, i am studying for my professional accountancy exams at the same as well so a second job isn't really possible haha although i can earn at home in evenings when i am not studying.

Any advice and tips anyone can provide will greatly help and apologies in advance if i have been vague in any of the areas above.

bengalknights · 15 July 2018 at 8:52PM

I would suggest match betting as a starter

Browntoa · 15 July 2018 at 9:33PM

There's a load of "quick links" to all the guides for boosting income at the top of the page .....

wjr4 · 16 July 2018 at 9:46AM

bengalknights wrote: »

I would suggest match betting as a starter

I wouldn't recommend this when looking to obtain a mortgage because of the gambling transactions on your bank statement.

Wizzbang · 17 July 2018 at 2:11PM

My advice would be forget spending £2-£3K on home furnishings. Start collecting things now from family/friends and free cycle. For the rest, go to charity shops, eBay, Gumtree and the like. That should save you a pretty penny or two! By doing that - I largely furnished by first home for free.

If you read this section of the forum and Martin's guide of the same name, you will find a thousand ways to boost your income - choose what works for you. But be aware it will be a slow burn and is likely to only equate to a few thousand a year.

What are you spending £700 a month on from your current wages? Is there anyway you could be even more frugal for the next year and save more of that? It's much easier to be frugal and keep the money you already have, than it is to generate more.

Well done so far, and remember how blooming lucky you are that you can buy a home with a mere £25K deposit. You must live up North! Also, make sure that you can afford all your bills on top of the mortgage before you actually make the move.

MP2609 · 17 July 2018 at 3:40PM

Wizzbang wrote: »

My advice would be forget spending £2-£3K on home furnishings. Start collecting things now from family/friends and free cycle. For the rest, go to charity shops, eBay, Gumtree and the like. That should save you a pretty penny or two! By doing that - I largely furnished by first home for free.

If you read this section of the forum and Martin's guide of the same name, you will find a thousand ways to boost your income - choose what works for you. But be aware it will be a slow burn and is likely to only equate to a few thousand a year.

What are you spending £700 a month on from your current wages? Is there anyway you could be even more frugal for the next year and save more of that? It's much easier to be frugal and keep the money you already have, than it is to generate more.

Well done so far, and remember how blooming lucky you are that you can buy a home with a mere £25K deposit. You must live up North! Also, make sure that you can afford all your bills on top of the mortgage before you actually make the move.

Hi Whizzbang

Thanks for your message, I do honestly think after reading this forum that I can reduce this down quite a bit, possibly to even under £1,000, do you think it best though to wait until I have actually found somewhere to buy?

To be honest, I do agree that it might be easier to find ways to cut back due to having the balance my studies while working full time as well. Currently I am doing a few surveys but only equating to a few pounds a month and using cashback websites.

In terms of my current wages, my take home is £1,600 with the £700 being spent on the following each month

Rent - £200 - Currently living with parents
Fuel - £100
Gym - £31
Mobile - £34.33 - This is very high I know and thankfully only runs until Feb 19 so will be defiantly switching the a sim only plan after that
Pet Insurance - £10.99
Dentist - £20
Credit Card for everything else - £225 - This includes clothes and anything else in the month
Charity Donations - £30

With regards to £25k deposit, how north would you say Wiltshire is? haha That's the figure I have had from Halifax for a mortgage in principle on house at £135k.

Zero_Sum · 17 July 2018 at 9:30PM

wjr4 wrote: »

I wouldn't recommend this when looking to obtain a mortgage because of the gambling transactions on your bank statement.

What if you have a seperate bank account for it that you dont disclose?
Ive got 7 current accounts (mainly for rewards & high interest)

Zero_Sum · 17 July 2018 at 9:35PM

MP2609 wrote: »

Hi Whizzbang

Thanks for your message, I do honestly think after reading this forum that I can reduce this down quite a bit, possibly to even under £1,000, do you think it best though to wait until I have actually found somewhere to buy?

To be honest, I do agree that it might be easier to find ways to cut back due to having the balance my studies while working full time as well. Currently I am doing a few surveys but only equating to a few pounds a month and using cashback websites.

In terms of my current wages, my take home is £1,600 with the £700 being spent on the following each month

Rent - £200 - Currently living with parents
Fuel - £100
Gym - £31
Mobile - £34.33 - This is very high I know and thankfully only runs until Feb 19 so will be defiantly switching the a sim only plan after that
Pet Insurance - £10.99
Dentist - £20
Credit Card for everything else - £225 - This includes clothes and anything else in the month
Charity Donations - £30

With regards to £25k deposit, how north would you say Wiltshire is? haha That's the figure I have had from Halifax for a mortgage in principle on house at £135k.

£80 saved by scrapping gym (go jogging for free) Dentist (use NHS) and charity begins at home.

MP2609 · 22 July 2018 at 10:27PM

Hi Everyone

Apologies for the delay in responding, I have managed to save money buy returning some items that I have had issues with and like many of you said, it is much to save the money you have rather just trying to earn extra.

Many thanks for all your responses

Wizzbang · 24 July 2018 at 8:10PM

Unless you have somewhere to store furniture for free, then I'd definitely wait til nearer the time you've bought. You can always use cardboard boxes for tables and bean bags or cushions for chairs to start off with (that's what I did). Also by waiting until you know where you're buying, you'll actually choose furniture that fits. When I had my first flat, I needed small items of furniture and also items that multi-tasked (like a sofa bed, a drop-leaf table, items with built in storage because the flat barely had any and no loft space).

Sounds like you have enough on your plate with working full-time and studying, be careful not to burn yourself out!

As others have said, quit the gym and either buy a bike or take up running or something else free. Walk to work? Could also save on fuel costs, or bike to work? Get NHS dental care for now. Consider putting the amount you would spend on pet insurance into a savings account instead - it's often not worth it, esp as a pet ages.

Cashback is not really a way to earn money, as you usually have to spent first and it's not guaranteed. But if you have to buy something anyway, you might as well have it.

When you say you're spending £225 on a credit card, is that paid off in full every month? If not, I wouldn't do it! Also, can't you use the clothes you have.

Yes, get rid of the mobile plan ASAP and go with GiffGaff - really no need to spend more than £10 a month.

I understand that plenty of people like to make charity donations, nothing wrong with that.

No Wiltshire isn't that far North, I'm in a neighbouring county and I'm just surprised. You can't buy a house for that round here, not for love nor money! Good for you.

MP2609 wrote: »

Hi Whizzbang

Thanks for your message, I do honestly think after reading this forum that I can reduce this down quite a bit, possibly to even under £1,000, do you think it best though to wait until I have actually found somewhere to buy?

To be honest, I do agree that it might be easier to find ways to cut back due to having the balance my studies while working full time as well. Currently I am doing a few surveys but only equating to a few pounds a month and using cashback websites.

In terms of my current wages, my take home is £1,600 with the £700 being spent on the following each month

Rent - £200 - Currently living with parents
Fuel - £100
Gym - £31
Mobile - £34.33 - This is very high I know and thankfully only runs until Feb 19 so will be defiantly switching the a sim only plan after that
Pet Insurance - £10.99
Dentist - £20
Credit Card for everything else - £225 - This includes clothes and anything else in the month
Charity Donations - £30

With regards to £25k deposit, how north would you say Wiltshire is? haha That's the figure I have had from Halifax for a mortgage in principle on house at £135k.

scaredofdebt · 27 July 2018 at 4:17PM

wjr4 wrote: »

I wouldn't recommend this when looking to obtain a mortgage because of the gambling transactions on your bank statement.

Use Paypal.

Ways to Boost income when saving for a house

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