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  • FIRST POST
    • pinknsparkly
    • By pinknsparkly 15th May 17, 6:08 PM
    • 450Posts
    • 982Thanks
    pinknsparkly
    PinknSparkly's Mortgage Wannabe savings dairy
    • #1
    • 15th May 17, 6:08 PM
    PinknSparkly's Mortgage Wannabe savings dairy 15th May 17 at 6:08 PM
    So this is a savings diary with the intention of getting my husband and I into debt (i.e. a mortgage) as soon as possible

    I am currently finishing up a PhD and as such we won't be in a position to apply for a mortgage until I have been employed for at least 6 months. In addition, I am now at the fun stage of my PhD where I have no income (my bursary/stipend finished in March this year). This puts us in a position where our outgoings are more than our income. We knew this would happen and have pre-planned for it by building up a pot of savings to get us through this.

    My aim therefore, is to use up the minimum possible amount of savings to get us through until I am employed and to then save as much as possible towards a house deposit.

    I estimate that each month we will need to use around 250 - 300 from our savings to cover the short-full in our income.

    Current savings: .................................................. ............38,000

    Property value: .................................................. ............275,000
    Stamp duty: .................................................. .....................3,750
    Other house purchasing expenses: ......................................2,250
    (assuming 1000 legal fees and 1,250 for everything else)

    House deposit:.................................................. ................32,000
    (total savings minus house purchase costs)
    LTV:.................................................. ....................................88%

    As you can see, we're already in the excellent position of having a 10% deposit. However, since we will have a minimum of 6 months of two full time incomes before we can get a mortgage, I hope to be able to get us up to a minimum of a 15% deposit by the time we apply. This is a very ambitious target of saving 10,000 in six months (plus whatever we've spent from our savings in the meantime), but what's the point in aiming low, right??

    What do you guys think of the plan? Do my estimates for house purchasing-related costs seem reasonable?

    In the meantime, I'm doing my best to get back to meal planning and making lunches to reduce our expenses as much as possible. The car is also being used as infrequently as possible to save on petrol (I'm mostly working from home at the moment). We've minimised how much we spend out and about (though my husband still ends up getting food out of the house probably once a week or so). We've also planned for no "proper" holidays this year (other than a week camping in South Wales). I'm going to a conference abroad which will be paid for, so that will satisfy my inner travel bug and my husband is quite happy spending his time off at home.
Page 8
    • Skint yet Again
    • By Skint yet Again 23rd Sep 19, 4:12 PM
    • 3,750 Posts
    • 19,432 Thanks
    Skint yet Again
    Sounds like you had a wonderful holiday Pink ! Hope the jet lag settles quickly.


    What a relief EON have finally sorted out your bill, it sounds like you have a good deal with EDF.
    Balance 0% credit card 1360 598
    0% Car Loan 7500 balance to pay 1/10/19 160 1/11/19 160 1/12/19 160
    LAST PAYMENT 1/1/2020 140.
    Emergency fund 300 Xmas / birthday fund 285 Car maintenance fund 312
    • bestlifenow
    • By bestlifenow 29th Sep 19, 9:07 AM
    • 189 Posts
    • 864 Thanks
    bestlifenow
    Hi pinknsparkly, I've just been reading about your holiday. Sounds fantastic. I think I would have used it as an excuse to go bonkers with spending, so well done on not doing that

    bln
    DFW November Make 10 a day challenge 5/150 NSD November 6/15

    PAYDBX 2019 #008 8094/8094 0 to go
    • savingwannabe
    • By savingwannabe 29th Sep 19, 8:01 PM
    • 14,286 Posts
    • 47,748 Thanks
    savingwannabe
    OMG your holiday has cheered me up so much. I kept wondering how it was. You have seen giraffes in the wild. OMG and Table Mountain. How inspiring is that?????

    Well done on the EON issue being sorted and them giving you some money. You are working with two good salaries now you are entitled to make some home changes and I am sure it will work out so don't worry about the lodger situation.
    Christmas Fund 268 No spend month?
    • pinknsparkly
    • By pinknsparkly 10th Oct 19, 7:46 PM
    • 450 Posts
    • 982 Thanks
    pinknsparkly
    Thanks guys, it was incredible!! Giraffes in the wild are just so bizarre. You're sat there looking an elephant thinking about how blooming massive they are, and then a giraffe saunters by and is easily twice the height of the elephant And they are just such strange looking creatures, somehow seeing them on tv documentaries just doesn't prepare you for seeing them in real life. The noise they make when smashing their necks into each other is incredible! And the sight of them drinking water by spreading their legs ridiculous distances apart as they can't bend their knees is just mind boggling! I really fell in love with them

    I've had some TopCashBack payouts from our holiday - not nearly enough to even slightly offset the cost of the holiday, but enough to send over to the mortgage as an overpayment and chop another month off our mortgage term

    No moves forward on the lodger moving out / redoing the house front yet. Once he's found a place to move to, I'll start thinking about what to do to the house but for now it just seems like too big a task, and too far in the future, to start thinking about (even if future-me would appreciate me doing something about it now!!).

    I've booked theatre tickets to see Only Fools and Horses in London on Boxing day as my husband's Xmas pressie, and have also bought him tickets for a The Legends Festival for his birthday next summer (in my defence they were early bird ticket releases!!). The festival is a one day event, featuring 6 really big tribute bands/acts (Queen/ABBA/George Michael/the Beatles/Elton John/David Bowie). It's quite a range of music so it finally means I've found a festival that we can both enjoy (hopefully!!) plus, it's walking distance from our house!
    MFW 2019 challenge #99: 8174 / 6,000 (4671 is in "offset" pot)
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 7483 / 30,000
    Save 12k in 2019 challenge #99: 21,357 / 12,000
    2019 keep moving challenge: 469 / 1000 miles
    Last updated: 10/10/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Jun 2052
    • savingwannabe
    • By savingwannabe 11th Oct 19, 7:26 PM
    • 14,286 Posts
    • 47,748 Thanks
    savingwannabe
    You will have memories of this amazing time for the rest of your life. How amazing. I don't even think I have seen a giraffe in a zoo!I am sooo happy for you.

    Hurrah for tickets for great things for birthdays. Again these are lovely experiences and are a reward for working so hard over the last few years. Well done on the Top Cashback very MSE!

    You have the rest of your life to sort the house/lodger stuff and you are entitled to have a break.Hope you have a great weekend.
    Christmas Fund 268 No spend month?
    • pinknsparkly
    • By pinknsparkly 14th Oct 19, 12:14 PM
    • 450 Posts
    • 982 Thanks
    pinknsparkly
    Thanks so much SW. You're 100% right amount the memories, it was an incredible experience. Although my husband's uncle has clearly been making some digs in conversation with my husband's nan (uncle's mum) about how ridiculously expensive safari holidays are and how much we must have spent. It was an expensive holiday, but no where near as expensive as a "normal" safari holiday would be, which is what I assume he's comparing it to. Plus he spent 20,000 on his wedding which he felt was a bargain but is several times more than we spent on our honeymoon. In comparison, our wedding came to about 1000, less if you don't include my husband's suit which he has worn repeatedly since then! Bless her, I kept reassuring her that it really wasn't as expensive as he'd been making out, but without putting any actual numbers on it that would make their way back to him....

    I ran completed a 10k on Sunday (a combination of walking and jogging at walking speed!). I signed up for this back in May as it was a long enough distance to want to do some training for it, and it would motivate me to exercise, right?!?! Wrong. I wasn't quite last, and my husband, bless him, ran the entire way with me and barely broke a sweat! I was aiming for 1 hour 30 mins, and managed to do it in a fraction under 1 hour 20 mins which I was quite pleased with! Two of my sisters met me at the finish line and we had a roast lunch (at 11.30am, but we had left the house at 7am!!) of a chicken that I'd put in the slow cooker the night before. Definitely feeling it today though, whenever I try to stand up. I'd also demolished my lunch by 11am this morning so will have to buy something this afternoon I think....

    I finally started on my second round of PhD thesis corrections at the weekend. Which essentially meant I spent most of Saturday formatting the document, but it's one thing done towards it at least and I've STARTED. I'm aiming to have it all done by mid Dec, the deadline is mid Jan but I'd like to get done before Christmas! I've also managed to book out a few days in my work calendar over the next few weeks specifically to work from home on it, which is trickier than it sounds as my calendar is usually completely jammed full!
    MFW 2019 challenge #99: 8174 / 6,000 (4671 is in "offset" pot)
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 7483 / 30,000
    Save 12k in 2019 challenge #99: 21,357 / 12,000
    2019 keep moving challenge: 469 / 1000 miles
    Last updated: 10/10/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Jun 2052
    • savingwannabe
    • By savingwannabe 14th Oct 19, 8:26 PM
    • 14,286 Posts
    • 47,748 Thanks
    savingwannabe
    How horrid that someone is complaining about your honeymoon cost. What business is it of his! It's your honeymoon and you are entitled to it as you are the one's who are paying for it. How rude of him!!!!

    Well done on the run. My LL (lovely lodger) runs like you and he loves it. I am so unfit you both put me to shame. lol. It's great that it was a family occasion.

    Hurrah on starting thesis corrections. Fantastic you have started it and this will make it easier to look at it again. I have several Master's Degrees but never had the discipline to do a Phd. That's really hard work. Well done Pinky.
    Christmas Fund 268 No spend month?
    • pinknsparkly
    • By pinknsparkly 28th Oct 19, 2:43 PM
    • 450 Posts
    • 982 Thanks
    pinknsparkly
    Thanks SW! Shamefully, I've not been out for a run since that weekend, though with the clocks going back and signally the onset of autumn/winter/darker days, I'm determined to do everything I can this year to look after my mental health. I always struggle massively in the dark winter months, so this year I'm going to make a concerted effort to get outside in the sunshine every day and will also be taking vitamin D supplements. Fingers crossed I'll make it through the winter with a glimmer of a smile on my face and at least a tiny bit of energy!

    I definitely have a LOT still to get done in terms of thesis corrections, but having made a start certainly makes it far easier to sit down and do a few hours work on it. I'm trying to be really strict with myself about leaving work on time in order to get a reasonable amount of work done at home, particularly on the two days a week that my husband and lodger are both out late so I have a quiet house all to myself (and the cat!)

    Considering this is an MSE diary, I have very little MSE-ing to report. The credit card bill from our honeymoon is due at the end of this month so spare money from our salaries that would usually be put into savings and mortgage overpayments, is going to pay the credit card bill instead. However, I consider this a win, as I was expecting to have to also take money OUT of savings to pay the bill so not having to raid our savings is a win in my books

    I also had a fab weekend, with my youngest sister coming to stay from Fri - Sun, a free firework display on Saturday (though we donated some money and bought quite a few churros between us! It was slightly muddy underfoot, but not the ankle deep mud I'd been fearing after the torrential rain we'd been having) and then my middle sister came over for roast beef on Sunday.
    Last edited by pinknsparkly; 28-10-2019 at 2:59 PM.
    MFW 2019 challenge #99: 8174 / 6,000 (4671 is in "offset" pot)
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 7483 / 30,000
    Save 12k in 2019 challenge #99: 21,357 / 12,000
    2019 keep moving challenge: 469 / 1000 miles
    Last updated: 10/10/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Jun 2052
    • savingwannabe
    • By savingwannabe 28th Oct 19, 6:01 PM
    • 14,286 Posts
    • 47,748 Thanks
    savingwannabe
    Well done on being able to pay off your credit card bill from the Honeymoon. It is good you know that your moods are affected in the winter as it means you can take steps to prevent this from happenin.

    Hurrah for nice sisters. Hope this week goes well.
    Christmas Fund 268 No spend month?
    • Skint yet Again
    • By Skint yet Again 29th Oct 19, 1:53 PM
    • 3,750 Posts
    • 19,432 Thanks
    Skint yet Again
    Before we got the dog I was diagnosed as Vit D deficient and was quite poorly, but now I have no choice but to go out and walk her most days. My doc retested and said I don't need them anymore. It's harder to get out if it's dark morning and evening and you work all day unless you can go for a walk at lunchtime.

    It's very MSE that you can pay the credit card without dipping into savings
    Balance 0% credit card 1360 598
    0% Car Loan 7500 balance to pay 1/10/19 160 1/11/19 160 1/12/19 160
    LAST PAYMENT 1/1/2020 140.
    Emergency fund 300 Xmas / birthday fund 285 Car maintenance fund 312
    • ginnyknit
    • By ginnyknit 29th Oct 19, 10:39 PM
    • 3,600 Posts
    • 42,445 Thanks
    ginnyknit
    The giraffes sound amazing. I stroked one at a zoo once which was such lovely thing. I think a once in a lifetime trip is perfect for a honeymoon and nobodys bloomin business.
    Clearing the junk to travel light
    Saving every single penny.
    I will get my caravan
    • pinknsparkly
    • By pinknsparkly 12th Nov 19, 7:26 PM
    • 450 Posts
    • 982 Thanks
    pinknsparkly
    I HAVE EXCITING (and very non-MSE) NEWS!
    So we've finally managed to succeed in our efforts to do the least MSE-friendly thing possible.... I'm 4.5 weeks pregnant with a mini-Pink After so many years of one bad diagnosis after another, each one making it less and less likely that I'd be able to conceive, I'm in a huge amount of (very very very happy!) shock.

    It's so strange having such a major piece of news in your life that you're not supposed to tell anyone about though. I have told my closest friend as, god forbid, if anything happens I know I'd need her support. She's been an absolute rock through the entire process, always 100% convinced that it was going to happen for me, even when I'd pretty much lost all hope. Over the last several months we've (I've!) really upped our game in terms of changing up our diets, taking stupid amounts of supplements, taing daily temperature readings to track ovulation but in the depths of my heart I was convinced that it wouldn't work. I was only adamant that we tried everything so if it didn't work, at least I'd know we'd tried everything we could!

    In less exciting, more news, our bank account has been hacked and 1000 has been pinched. I am a bit paranoid, and always try to keep as little money in there as possible, but they'd managed to transfer the 500 float I keep in an online savings account attached to the joint account to the main account, and transferred that, plus the joint account balance plus the overdraft.... Grrrrr. Natwest have been great though, and said the money will be back in our account tomorrow so fingers crossed it appears. It does mean I've just had to change all of my banking details (as I'm not sure how they got the details, and would rather be safe than sorry!).

    My most recent TopCashBack payout has pushed my total mortgage overpayments to another month chopped off our mortgage free date which I'm very happy about
    MFW 2019 challenge #99: 8174 / 6,000 (4671 is in "offset" pot)
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 7483 / 30,000
    Save 12k in 2019 challenge #99: 21,357 / 12,000
    2019 keep moving challenge: 469 / 1000 miles
    Last updated: 10/10/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Jun 2052
    • savingwannabe
    • By savingwannabe 12th Nov 19, 8:00 PM
    • 14,286 Posts
    • 47,748 Thanks
    savingwannabe
    Congratulations on your happy news. Another Pinki to cheer us up. It's great to hear.

    However it is v sad to hear about the bank account. I am so glad you will get it back from the bank. How scary.
    Christmas Fund 268 No spend month?
    • JennyJukes
    • By JennyJukes 12th Nov 19, 9:24 PM
    • 251 Posts
    • 853 Thanks
    JennyJukes
    Aww pink, so happy for you!! Can feel through my screen how much it means to you!! (Or am I just hormonal too??) Is your PHD done?
    Shame about your bank but glad it will be sorted - I have had my card details stolen before (someone from Mexico?!) and the bank were really good and I got it back.
    Yay for another month chopped off!
    Saving for:
    Emergency Fund: 2295.22/3000
    Deposit Fund: 7234.95/?
    • Skint yet Again
    • By Skint yet Again 13th Nov 19, 5:11 AM
    • 3,750 Posts
    • 19,432 Thanks
    Skint yet Again
    Aw Pink such lovely news about baby Pink

    My bank card has been skimmed twice and the first time the transactions were stopped it was in the paper lots of people had the same after using a local petrol garage ! The second time one top up card 10 went through, two further 10 top ups were stopped and 3000 attempt to buy flights on Australian airłines thankfully also stopped. I also bank with natwest and they were brilliant. I got back the 10 next day. Hope you get yours sorted too.
    Balance 0% credit card 1360 598
    0% Car Loan 7500 balance to pay 1/10/19 160 1/11/19 160 1/12/19 160
    LAST PAYMENT 1/1/2020 140.
    Emergency fund 300 Xmas / birthday fund 285 Car maintenance fund 312
    • kirtsypoos
    • By kirtsypoos 13th Nov 19, 10:20 AM
    • 3,448 Posts
    • 15,161 Thanks
    kirtsypoos
    Delurking to say HUGE congratulations!
    PAID VERY, Barclaycard x3, Vanquis, Natwest, O/D, Tesco & MBNA x2 PAID LBM 24/07/15 - Original Debt: 0/31010.23 (100% paid)
    Mortgage - 153.800.00
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