Best put on my big girl pants! my saving for a deposit diary

mumof3.12kindebt · 11 January 2018 at 1:28PM

This was my goals posted about a week ago

At the moment I hope to save
5k by April
10k by August
15k by December

If everything goes to plan I should have 3800 saved by the end of this month. I'll add my overtime at the beginning of next month which will hopefully bring it up to the 4k
Then I'll add 1k next month. So by March we should of hit our 5k target.
Essentially by the 1st of April we should have 6k saved .
Plus we will be in 1k less debt than we were on the first of January.

I've worked out mortgage affordability and we can either put down. 5% on traditional buy but this wouldn't leave much spare for overpayments unless we were to continue to stick to a tight budget. Until the loan is paid then we would be able to pay an extra 1/3 of the mortgage monthly payment each month
Or we could do 10% deposit over the same period but would be able to overpay half the mortgage amount each month comfortably and match the mortgage payment as an prepayment each month once the loan is paid.
Here's the thing.
We currently rent. Costing us 5k a year. If we were to raise a 10% deposit we would need to stay here probably an extra 2 years Vs putting down a 5% deposit. So by putting down a 5% deposit we will save ourselves 10k . And would still possibly we able to pay the mortgage of early. We would aim to knock off 10 years more if we could.
But 10% we would potentially pay our mortgage off 20 years sooner but spend 10k extra in rent

I've worked out after factoring the extra rent. It would cost us 11k more in interest over the period to do the 5% but we would be on the property ladder 2 years earlier so would still have the mortgage cleared at the same time of saving for the 10% deposit.

Either way we plan to overpay on a mortgage .

Gives me a lot of food for thought

mumof3.12kindebt · 12 January 2018 at 2:09AM

had a phone call a few hours ago off my dad to say my brother had crashed his car. Luckily my brother is unharmed and no one else was involved the car is probably a right off. And is in a ditch until recovery can get it out.

It really put life into perspective. The outcome could of been very different. I'm just glad he's okay.

It's like I told my dad. His car can be replaced him son can't.

It's my eldests birthday today.

I'm just going to take some time to appreciate my family and our lives.

I'll still be plodding along with my savings journey but foremost I'll be making sure my loved ones always know I love them. And not taking everyday for granted. We were lucky I get to see my brother and we all get to carry on life as normal but somewhere someone will be saying goodbye for the last time to their brother or son for the exact same reason they just wernt as lucky.

Much love to you all. Catch up soon

debtaghh · 12 January 2018 at 7:01AM

That’s so true, life goes to our fast! Your post has really made me think about things so thank you. Glad to hear your brother is ok.

mumof3.12kindebt · 17 January 2018 at 12:14PM

It was my brothers 21st yesterday. His party is on Saturday. I put some money in his card.
Budgeted for.

I think I'm going to pay off the catalogue next month in full. It's interest free ATM but it means I don't have to remember to keep transfering money each month to make sure it's payed before the interest kicks in

I was hoping we could have a really frugal year thia year and possibly move the end of this year beginning of next. I'm still going to aim to be able to start the process around Xmas but I don't know how likely this will happen. I'm unlikely to be able to do any overtime from now until August due to the way my sons nursery sessions fall. Special needs nursery so can't change the hours etc. But we will plod On. Next month I'm going to try Even harder.
I aim to save 1k a month more if we can. Between now and the end of the year. This is not counting overtime so by December I should have at least 12k saved for a house. A small emergency fund and any car expenses and Xmas covered. If we were to put down a 5% deposit we could start looking at properties in January. But this would leave our bank balance close to empty once we have moved and all costs have been paid. So I'll see how we feel at the time. I will probably end up leaving it until summer next year to allow us to get some extra saved so we have money to fall back on. Then again once we get to 16k we would have a 10% deposit saved so I know I'll just want to keep saving to be able to put down 10% instead as the repayments would be much lower.
First off get to 5k . Then 10 . 15 ect and see how we feel. Will staying here an extra 6/12 months really matter when we could save ourself 200 a month over the course of the mortgage. Not really. The way I'm going I won't even consider looking until we get to the 25k I was originally aiming for :rotfl:

mumof3.12kindebt · 17 January 2018 at 1:30PM

one thing we have decided and agreed on is we wont be going down the part buy option to stay in the village. It's really not financially worth it for us. So we will be doing a traditional purchase as I call it.

mumof3.12kindebt · 1 February 2018 at 5:34PM

01/02/18 update
House savings total 3000
Emergency fund 377
Loan 9700
Catalogue 530
Family 40

I've had to take some time off work due to illness . Nothing serious hope to go back next week.

It's not the progress I'd hoped but the debt is less and the savings more than they were 6 weeks ago so we are heading in the right direction

Spends for 01/02/18
50 electric
85 food.

mumof3.12kindebt · 1 February 2018 at 5:39PM

Feb aims / to-do

•Log all spends or no spend days daily on here
•Have 10 no spend days
•Complete 3 online courses
•Get a start date for my nvq
•Concentrate on spending as little as possible .
•Aim to have 5k saved by April still.
•Clean car
•Sort through dds clothes
• playhouse in shed
• finish hall

mumof3.12kindebt · 4 February 2018 at 2:39AM

Having some time off sick has really got me thinking about my life.
I've decided this year is going to be the start of my journey.
My first goal is too end the year with a good chunk towards a deposit and a good emergency fund.
To have less debt. Hopefully less than 7k
I'm going to focus on self development and progression.
I'm going to develop further in my education and possibly end the year with an extra qualification or two.
Towards the end of the year I'm going to look for some volunteering / work experience to help me with progressing towards my career goals.
I'm going to create lots of fabulous memories with the family
I'm saving up towards internships overseas up-to two weeks at a time . To start doing In the next few years (youngest will be around 4) .
next year I'm going to go back to my degree .
But ultimately I'm going to make sure Im living life to the full. No excuses. No more I'll do it tomorrow. No more I'm too tired. Excuses won't get me anywhere. But effort and hard work may make my dreams come true and even if they don't I would of gained so much from it all its still worth doing anyway.

I have an amazing partner. And without his support non of this would be possible for me to do.
Studying 20/30 hours a week plus working 20-30 hours a week with a disability and mental illness and a disabled child and 2 more kids. I really couldn't do any of this without his help. The house and debt yeah maybe. But the rest would be completely out the question if I didn't have his support.
We also plan to take the kids traveling across Europe and the further in the next few years

mumof3.12kindebt · 8 February 2018 at 11:46AM

so life is about to get a whole lot busier.

I've applied for a new job. (a few different ones all in the sector I currently work in but different types of work)

I've made an appointment for my first blood donation. It's not until may but I'm Hoping to be able to donate twice before the year is out.

Still haven't found out about my nqv through work.

I've contacted a number of charities, the local children's hospice and st John ambulance regarding volunteering

I've completed 6 online courses

I've made a list of everything I want to do this year. Experiences. Acts of kindness. Personal goals. Educational goals and career goals and family goals etc. It's a really long list if I can get half to three quarters of it done by this time next year I'll be thrilled.
I've figured regarding my mental health the one thing that keeps me healthy is staying busy and keeping positive.

I want to gain a qualification in sign language next year . I hope to eventually take it up to degree level .

On the money side we are doing okay and sticking to the budget. I must keep my focus on the important things and worry less about the rest.

Work is causing me exteam anxiety at the moment. Not so much the job it's self but other colleagues. I've decided Im going to keep my head down get some more qualifications under my belt and apply for jobs that interest me but not worry to much If I don't get them. Next year though I will be trying as hard as possible to get a different job.

Tahlullah · 8 February 2018 at 10:03PM

The list sounds wonderful and all encompassing. I wish you every luck with its success and your future. I am certain you will get there!

Best put on my big girl pants! my saving for a deposit diary

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