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    • Cyclistdreams
    • By Cyclistdreams 29th Aug 19, 9:10 AM
    • 25Posts
    • 18Thanks
    Cyclistdreams
    CyclistDreams - House deposit diary
    • #1
    • 29th Aug 19, 9:10 AM
    CyclistDreams - House deposit diary 29th Aug 19 at 9:10 AM
    Morning all!

    Hoping this is the best place to keep a copy of my road to a house deposit! Thought If i posted here and keep it updated, it will help motivate me to hopefully save more.

    I'm currently saving for my first house. I found one that i really loved last year, but after speaking to a broker I didn't have enough of a deposit & mortgage availability to afford it which was a bummer! It was close to work, a lovely little cottage type of house in a small village on the outskirts of York - Ah well!

    I've been saving for the last 4 years rigidly. The years before that I didn't really think about growing up and getting a house so I didn't take the saving that seriously. As of today, 29th August 2019, I've currently got a grand total of 40,681.45 saved up towards a house.

    Monthly, I've got a standing order of 300 going to a 5% first direct savings account, and then I transfer over 145 into the account where the rest of the money is. 4000 is sat between a couple of other 5% accounts, and the interest generated gets transferred into the main savings account.

    I booked a holiday with the girlfriend a few months ago, and took the money out of the house deposit to pay off the CC because I had 5% cashback on the CC, so that's given me 100 cashback which will go towards the house when it gets paid next year, so my overall figure saved is about 1100 short of the actual figure. Currently got the Overtime banked to pay off my remaining share next month (300). The girlfriend is paying me back at 200 a month, so that goes back into the house pot!.

    Alongside the house deposit, i'm saving 100 a month towards my emergency fund - Currently that sits at just over 2000, and i want to get it to 3000 for a safety net before I get a mortgage.

    I've recently started commuting to work on my bike to save some wear and tear on the car. It's 52 miles round trip, so would cost just over 5.50 in fuel per day. Currently up to 40 saved this month. Usually my fuel bill is about 150 a month so every little helps!

    The current aim is to start looking for a house next May/June time as I will receive a payrise in April to the top of my banding (NHS), so that will help the max mortgage figure considerably. I estimate i should be sat on 48000 at that point, so that is currently the goal to beat! My aim is to have 42,000 for a deposit, then 6000 for fees, furniture, legal costs etc.

    This month (August) was a good one for saving. 1063 saved towards the house (200 from the misses for the holiday, 438 from me for the holiday and then 425 regular house savings)

    Will update this each month with the amounts saved and total in the pot. Hopefully there's some more of you out there that are in a similar boat saving away!
Page 1
    • Skint yet Again
    • By Skint yet Again 30th Aug 19, 2:58 PM
    • 3,781 Posts
    • 19,467 Thanks
    Skint yet Again
    • #2
    • 30th Aug 19, 2:58 PM
    • #2
    • 30th Aug 19, 2:58 PM
    Hi CyclistDreams

    Well done on your savings so far ! Shame about the house in York. Lovely place but can be pricey, but it's good that you can continue saving to get what you want.

    Cycling 52 miles each day wow! I am in awe but I guessed you must enjoy cycling and be good at it with your user name

    Your emergency fund is looking good, are you going to put the 100 into the deposit monthly once you get to 3000 ?

    Good luck with your savings. I look forward to following your progress.
    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
    • Cyclistdreams
    • By Cyclistdreams 31st Aug 19, 11:16 AM
    • 25 Posts
    • 18 Thanks
    Cyclistdreams
    • #3
    • 31st Aug 19, 11:16 AM
    • #3
    • 31st Aug 19, 11:16 AM
    Yeah, quite fortunate to be living with my mum. Paying her 340 a month in board, but that includes everything so anything else more or less goes towards savings

    It's honestly not that bad - The worst part is getting up at 0430 to get to work in time, but thankfully there's a shower there so i get sorted when i arrive It's addictive seeing the money i'm saving ticking up - Just finished all the commuting for August, 54 will be going back into savings rather than fuel. Hoping to save 100 for September as it was a half month of biking this month.

    I'm in two minds really... I've been saving 80 each month into a car pot which covers all car related costs, tax, MOT, insurance etc. However, any work mileage i've been doing has been going into there so it's looking quite healthy at 1200. MOT next week will likely cost a bit, and got the tax to renew (185), but come mid next year it should be back to it's value now. I don't plan on having a car once i get a house, so not sure whether to stop paying into the emergency pot now and just transfer over the car savings when i get the house, or to keep adding to the emergency pot as normal as who knows what may happen? I'm in a dilemma!

    Thanks for the kind words
    • savingwannabe
    • By savingwannabe 31st Aug 19, 12:52 PM
    • 14,327 Posts
    • 47,778 Thanks
    savingwannabe
    • #4
    • 31st Aug 19, 12:52 PM
    • #4
    • 31st Aug 19, 12:52 PM
    Welcome Cyclistdreams , your deposit is very respectable and you are clearly focussed. I know loads of cyclists and think you are a hardy bunch. lol.

    I work in education but working for the NHS is blooming hard work so well done you. The cycling is great way of destressing after a loooong shift I am sure.

    It's worth keeping the money in two separate funds as you will know more when you find a perfect house as you might need a car or you may be even closer to work and the car fund can be an extra bonus. I know you found a great one but I know from being on here for a long time that this often happens and an even better one will turn up soon.

    Well done in everything you have done and welcome.
    Last edited by savingwannabe; 31-08-2019 at 12:56 PM.
    Trying to be a frugal minimalist.
    • Cyclistdreams
    • By Cyclistdreams 31st Aug 19, 12:55 PM
    • 25 Posts
    • 18 Thanks
    Cyclistdreams
    • #5
    • 31st Aug 19, 12:55 PM
    • #5
    • 31st Aug 19, 12:55 PM
    Thanks very much savingwannabe
    • Cyclistdreams
    • By Cyclistdreams 2nd Sep 19, 9:48 AM
    • 25 Posts
    • 18 Thanks
    Cyclistdreams
    • #6
    • 2nd Sep 19, 9:48 AM
    • #6
    • 2nd Sep 19, 9:48 AM
    So, end of August means totaling the total money saved by cycling to work instead of driving. Total miles saved on the car is 494 and total money saved is 54.34!

    Not quite yet broken even with the related expenses. Front light was 88.99, but I see that as a long term investment. Got to be seen, and it's got to last up to the elements as it'll be used basically everyday more or less. Had to buy some grease as the wet weather has taken it's toll on my bike over the years. Again, it's 16 but will last a long long time as i only need a small amount to service it.

    Car needs filling up tonight as I've got a few trips for work this week, so that'll be 65 odd, but got 10p off a litre to use and i'll get re-inbursed at 45p a mile from work, so it'll all help
    • savingwannabe
    • By savingwannabe 3rd Sep 19, 9:12 PM
    • 14,327 Posts
    • 47,778 Thanks
    savingwannabe
    • #7
    • 3rd Sep 19, 9:12 PM
    • #7
    • 3rd Sep 19, 9:12 PM
    Your cycling savings will soon add up. Plus just think how fit they are making you. Well done.
    Trying to be a frugal minimalist.
    • Cyclistdreams
    • By Cyclistdreams 4th Sep 19, 3:15 PM
    • 25 Posts
    • 18 Thanks
    Cyclistdreams
    • #8
    • 4th Sep 19, 3:15 PM
    • #8
    • 4th Sep 19, 3:15 PM
    Realised I'd forgotten to update one of the accounts on my spreadsheet... Updated that now, so that was an extra 300 i'd not added in to the earlier figure! Moved across the interest from other accounts now too.

    41,028/48,000 saved
    • Cyclistdreams
    • By Cyclistdreams 5th Sep 19, 6:24 PM
    • 25 Posts
    • 18 Thanks
    Cyclistdreams
    • #9
    • 5th Sep 19, 6:24 PM
    • #9
    • 5th Sep 19, 6:24 PM
    Car tax came through today - 200.

    I'm sure last year it was 185, so gone up 15 in one year which i feel is quite a lot. Still, got no choice but to pay it.

    Car MOT tomorrow too. Last time it failed to the tune of 600 in repairs, so hopefully this year it passes, or if it fails, it's nothing major! Got the cash sat aside for the MOT, service and tax but i still don't want to spend it!

    Here's hoping!
    • savingwannabe
    • By savingwannabe 5th Sep 19, 7:01 PM
    • 14,327 Posts
    • 47,778 Thanks
    savingwannabe
    Crumbs! Cars are expensive. Good job you have the money give yourself a pat on the back.
    Trying to be a frugal minimalist.
    • Cyclistdreams
    • By Cyclistdreams 7th Sep 19, 8:04 AM
    • 25 Posts
    • 18 Thanks
    Cyclistdreams
    It's only gone and passed it's MOT! Could have bet money on it failing as well.

    Few advisories - Needs new tyres at the rear soonish, steering rack play and a bit of tie rod play. Not bad for 148,800 miles.

    Should just be the price of the MOT and labour for the service that I end up paying as I'd got the parts for it - I'd estimate 90 or so all in when the bill comes.

    Woke up to a 'You've won' on the lottery email... Thought it was the big boy, but it was just a 5

    Picked up 6 overtime shifts at work too, so that'll all go towards savings once they're paid
    • bestlifenow
    • By bestlifenow 7th Sep 19, 8:38 AM
    • 206 Posts
    • 915 Thanks
    bestlifenow
    Hi Cyclistdreams. Well done on your savings so far, you're doing really well.

    Congratulations on the MOT (and your lottery win ).

    bln
    DFW Make 10 a day December 0/155 NSD December 0/7

    PAYDBX 2019 #008 8094/8094 0 to go
    • Cyclistdreams
    • By Cyclistdreams 7th Sep 19, 1:18 PM
    • 25 Posts
    • 18 Thanks
    Cyclistdreams
    Thanks Bln
    • Skint yet Again
    • By Skint yet Again 8th Sep 19, 4:19 PM
    • 3,781 Posts
    • 19,467 Thanks
    Skint yet Again
    Glad to hear your car passed its MOT.


    I am up at 5am to sort the dog before work at 6.30 so I can relate to your early start at 4.30am but I couldn't cycle all that way
    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
    • Cyclistdreams
    • By Cyclistdreams 8th Sep 19, 7:01 PM
    • 25 Posts
    • 18 Thanks
    Cyclistdreams
    Trick is to get all the kit ready the night before, so I can just get out of bed, dressed and outside before i know what's going on haha. The cats didn't know what was happening the first time i got up though!
    • Cyclistdreams
    • By Cyclistdreams 27th Sep 19, 9:05 AM
    • 25 Posts
    • 18 Thanks
    Cyclistdreams
    So, today is payday

    Been quite a good month for savings, managed to save the following:

    110 into the car maintenance pot
    103 into the emergency pot
    405 into the house fund
    50 towards Christmas
    20 for bike maintenance
    30 into my fun fund
    25 into S&S ISA

    My misses has paid me back part of her share of the holiday, so that's 200 put back into the house pot.

    Also paid the remainder of my share of the holiday off, so I don't have to worry about that anymore. That was 440.

    House savings pot is now at 41988/42000. Overall, 41988/48000 or 87% of the way there.

    44 hours in the overtime pot banked for this month, and got another 9:30 hours to add to it after I work tomorrow's shift.

    Total saved by biking to work this month is currently standing at 48.62. Should end up saving more than the 54.34 last month by the end of the month, but had a couple of days off commuting due to needing to replace some bearings on the bike so slightly disappointed it's not higher. Also, just been told I can work from home a couple of days a week going forwards, so that will lower the total saved figure, but that's a win win all round as it's less trips to the office!
    Last edited by Cyclistdreams; 27-09-2019 at 9:21 AM.
    • savingwannabe
    • By savingwannabe 27th Sep 19, 6:14 PM
    • 14,327 Posts
    • 47,778 Thanks
    savingwannabe
    Well done on great savings! That is some serious overtime. It's great that you have the option of working from home. More savings in the future too.
    Trying to be a frugal minimalist.
    • Cyclistdreams
    • By Cyclistdreams 27th Sep 19, 6:50 PM
    • 25 Posts
    • 18 Thanks
    Cyclistdreams
    Thanks very much
    • Skint yet Again
    • By Skint yet Again 28th Sep 19, 6:09 AM
    • 3,781 Posts
    • 19,467 Thanks
    Skint yet Again
    You have done really well saving so much. I think being able to work from home is a bonus, less mileage on the car and less cycling in the dark, wind and rain !

    Is your girlfriend buying with you, or moving in with you ? If so should help with costs but make sure you protect your share. Hear many horror stories of people losing half their investment if they split. Sorry don't mean to be negative

    Stay safe on that bike now the weather has turned
    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
    • Cyclistdreams
    • By Cyclistdreams 28th Sep 19, 7:37 AM
    • 25 Posts
    • 18 Thanks
    Cyclistdreams
    You have done really well saving so much. I think being able to work from home is a bonus, less mileage on the car and less cycling in the dark, wind and rain !

    Is your girlfriend buying with you, or moving in with you ? If so should help with costs but make sure you protect your share. Hear many horror stories of people losing half their investment if they split. Sorry don't mean to be negative

    Stay safe on that bike now the weather has turned
    Originally posted by Skint yet Again
    I think the thing i'm most looking forwards to is the longer lie ins and being able to work in my PJs! Still got to go into the office most days for meetings etc, but even 1 day WFH will be great And yes, the weather has certainly turned these last couple of weeks! Wet and windy everyday

    Nah, she isn't buying with me. It's all my savings, so it'll be my house when i get it. She'll be welcome to come over anytime she wants too, but I've never lived alone before so it will be nice to give it a go. I'm sure she will end up moving in eventually, but yes, you're right - Got to protect my investment! No need to apologise, i've been thinking about that side of things quite a bit!
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