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    • Cyclistdreams
    • By Cyclistdreams 29th Aug 19, 9:10 AM
    • 25Posts
    • 18Thanks
    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 2
    • atrixa
    • By atrixa 28th Sep 19, 2:08 PM
    • 87 Posts
    • 92 Thanks
    Well done on the savings! I work from home occasionally and it's such a treat to not have a commute
    I work in Pensions and I'm currently saving for my first house deposit
    • bestlifenow
    • By bestlifenow 29th Sep 19, 8:54 AM
    • 206 Posts
    • 915 Thanks
    Well done on your savings this month, CyclistDreams, that's really looking good.

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

    PAYDBX 2019 #008 8094/8094 0 to go
    • Cyclistdreams
    • By Cyclistdreams 25th Oct 19, 8:47 AM
    • 25 Posts
    • 18 Thanks
    So, another month and another payday.

    Totals saved as follows:

    445 to house fund
    175.82 to Car fund
    25 to S&S ISA
    100 to Emergency Fund
    30 into 'fun' fund
    20 into bike maintenance fund
    325 into Christmas fund (Bank switching offers paid for this)
    200 from the misses for the holiday.

    Worked some overtime last month which was paid today, but I bought some upgrades for my hobby so that's where that money went. On track to bank 84 hours overtime this month, so that will all go towards various pots. Going to get the Emergency pot up to 3000 (691 away), then any remainder will go into the car fund pot. Ideally want to get that to at least 1500. Once the Emergency fund is finished, the 100 per month will go to the house

    Now 88.92% of the way there!
    • Skint yet Again
    • By Skint yet Again 25th Oct 19, 7:03 PM
    • 3,781 Posts
    • 19,467 Thanks
    Skint yet Again
    Your savings are looking great ! 84 hours overtime is a lot of extra money but also a lot hours, make sure you don't overdo it and burn yourself out.
    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 26th Oct 19, 7:49 AM
    • 25 Posts
    • 18 Thanks
    Thanks very much

    Yes, i know what you mean - it's been tiring, but trying to make the most of whilst it's there.

    Only got 9:30 hours booked in as overtime next month, so it's a bit different to this month
    • savingwannabe
    • By savingwannabe 26th Oct 19, 12:36 PM
    • 14,327 Posts
    • 47,778 Thanks
    Great savings but blimey how big is your family that you have to put 300 into your xmas fund every month? Holy moly.

    I have will have 300 in total in my xmas fund by December and that is plenty but I am buying for 7 people and keeping 100 for food and sales shopping.
    Trying to be a frugal minimalist.
    • Cyclistdreams
    • By Cyclistdreams 26th Oct 19, 9:35 PM
    • 25 Posts
    • 18 Thanks
    Ah, i may have worded that slightly wrongly! Just trying to get it to 500 total, rather than a certain amount each month
    • savingwannabe
    • By savingwannabe 27th Oct 19, 9:02 AM
    • 14,327 Posts
    • 47,778 Thanks
    Blimey that's a relief I wanted to be adopted into your family if you were giving gold bars out!!!!
    (ok Christmas Cracker humour).
    Trying to be a frugal minimalist.
    • pinknsparkly
    • By pinknsparkly 28th Oct 19, 3:20 PM
    • 450 Posts
    • 983 Thanks
    That's a great job on your savings for the month! I was also going to echo SW by saying don't burn yourself out with overtime, but it sounds like you'll be having an enforced reduction in overtime next month anyway I'm usually so organised with Christmas, but I've not even started thinking about it this year. No idea where we'll even be for the day, let alone started thinking about Xmas gifts (beyond buying theatre tickets for my husband) so I'm in awe of your organisation skills and planning!
    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
    • Cyclistdreams
    • By Cyclistdreams 27th Nov 19, 11:58 AM
    • 25 Posts
    • 18 Thanks
    Today is payday

    Totals saved below -

    135.86 Car pot
    691.36 Emergency Fund
    445 House fund
    23.50 Fun fund
    20 Bike fund
    50 S&S ISA

    This payday included the 84 hours overtime I did, so managed to squirrel away quite a bit more than usual. Had a bit of work done on the car (new rear tyres, rear suspension etc) so 396 went to paying that, but still managed to put 135.86 into the pot, so happy with that.

    Emergency fund is now topped off at 3000/3000 so really pleased that's now done!

    Treated myself and picked up a tablet I've been looking at. Black Friday sales got me 20 off, and waiting for 10% cashback on it too

    Another 35 hours Overtime banked for this month - not sure what i'm going to do with it, probably split between car/house pots.

    90.05% of the way to the overall house goal - getting closer!
    Last edited by Cyclistdreams; 27-11-2019 at 12:06 PM.
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