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  • FIRST POST
    • pinknsparkly
    • By pinknsparkly 15th May 17, 5:08 PM
    • 350Posts
    • 824Thanks
    pinknsparkly
    PinknSparkly's Mortgage Wannabe savings dairy
    • #1
    • 15th May 17, 5:08 PM
    PinknSparkly's Mortgage Wannabe savings dairy 15th May 17 at 5:08 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 7
    • savingwannabe
    • By savingwannabe 22nd May 19, 5:03 PM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    So sorry about leg - I hope it soon get's better what a shame for it to happen in your work abroad. Good luck at dr's appointment tomorrow. Hurrah for your new garden and the lovely furniture for it. The weather is gorgeous here and I am planning to make the most of it.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • pinknsparkly
    • By pinknsparkly 6th Jun 19, 10:50 AM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    Thanks SW!

    It's been all go around here.... I've been booked in for my operation the week after next so have been running round like a blue ars3d fly trying to arrange cover at work for the three weeks I'll be off (4 weeks in total as I'm away at a conference and then a long weekend away before having the operation on the day I should have been back at work!). I also managed to turn up to a GP appointment this morning 24 hours early Though at least I was 24 hours early rather than 24 hours late!

    On a different note, I was due to have my annual appraisal this week and instead it turned into a review of my job role. I have a joint job that is split between two very different organisations with very different claims on my time. I have been struggling a LOT with trying to balance the requirements from both sides, and my managers were aware of this. Similar joint positions have been successfully in place in other departments for a number of years, but the staff in the joint positions are much more senior than I am (so are very much managerial and don't have any involvement in the day-to-day running of the department workload). My managers have decided that the joint role is not working out the way they hoped and they wish to terminate the position. From an employment point of view, this isn't an issue for me as I am currently permanently employed at one of the organisations and will simply work for them full-time rather than a 50/50 split. If I had to choose between the two organisations and job roles, this is the job role I would choose to move to. Being pragmatic and honest with myself, this is almost certainly a good thing as my workload and stress levels due to trying to juggle what is effectively two full time jobs is just immense, but I still feel incredibly guilty and disappointed that I couldn't make the joint position a success My managers from the two organisations are going to discuss the various contract options whilst I am off sick, and we'll meet up when I'm back. There is a possibility of me retaining an honorary contract with the second organisation and doing work on am ad hoc basis (though pay would need to be discussed - currently they pay half my salary to the other organisation who are the ones that officially employ and pay me which they would no longer be doing).

    But first, I need to get through the operation and hopefully start feeling like a semi-functional human being again!! In preparation for that, my sister, partner and puppy are coming to stay on Saturday and we're doing a wine tasting afternoon. Puppy is coming to become acquainted with the smell of cat (and possibly the sight of cat, our cat is very friendly and tries to make friends with everyone but doesn't really meet any dogs so he may well just hide in our bedroom until Puppy goes home!).

    I am LOVING our new garden, the flowerbeds are still completely bare and empty but it's so nice to just be able to sit outside in the evening sunshine and chill with a cup of tea after work!
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • savingwannabe
    • By savingwannabe 7th Jun 19, 6:39 PM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    Well done on getting the operation sorted so quickly! I hope the recovery is quick too. I hope the job will be less stressful and more doable after your return and that the salary isn't affected.

    This wine tasting sounds great. I hope you are enjoying the garden - it is chucking it down with rain here. lol. My garden is full of slugs, I am trying to get them! lol. SW the snail killer.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • Skint yet Again
    • By Skint yet Again 8th Jun 19, 5:32 AM
    • 3,584 Posts
    • 19,238 Thanks
    Skint yet Again
    Hope things work out with the job and good luck with your op. Enjoy the puppy ! Hopefully it will not be a chewer like ours and keep it away from those flower beds !!! even without flowers ours loves to dig in soil
    Balance 0% credit card to pay 1360 898
    Emergency fund 0/500
    • pinknsparkly
    • By pinknsparkly 11th Jun 19, 6:51 PM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    Thanks guy! And Skinty - the puppy belongs to my sister. Whilst I'd LOVE one, we simply don't have lifestyles that are compatible with having a dog (we both work quite long hours, five days a week) and anyway, I'm not sure the cat would ever forgive us!!

    I can't remember if I've mentioned it already either, but we've FINALLY booked time off for our honeymoon The year we got married was the year my PhD stipend finished so we couldn't afford it (spent a year living on my husbands income only) and then last year we were saving to buy the house so that took priority. We're going to South Africa for safari, which is going to be priiiiiiicey but safari is what I've always dreamt of doing for honeymoon. If we're fortunate enough to be able to make any small humans in the near future then big holidays will be out for several years so we figure we should make the most of it while we can! We've booked flights and time off work (we're going in September), but I really need to get round to booking the rest of it!
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • pinknsparkly
    • By pinknsparkly 11th Jun 19, 6:53 PM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    And SW, fortunately my salary won't be affected at all - I have a permanent contract with the organisation I will be working for full time, and the other other organisation simply contribute half my salary directly to them. So I never see the money from the second organisation, and my contract and pay are entirely coordinated by the first organisation. It's likely that the job description will need to be adjusted, but the pay will remain the same.
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • Skint yet Again
    • By Skint yet Again 12th Jun 19, 8:42 PM
    • 3,584 Posts
    • 19,238 Thanks
    Skint yet Again
    Safari sounds amaaazing !


    Did you survive the puppy visit ?
    Balance 0% credit card to pay 1360 898
    Emergency fund 0/500
    • savingwannabe
    • By savingwannabe 15th Jun 19, 7:22 PM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    Safari!!!! How utterly fantastic, what an amazing thing to look forward to!!!!!!!
    OMG I have always wanted to go to Botswana's Okavango Delta - OMG OMG.

    One day...……….
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
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