26 Feb 2015

A question about : Changing my ways

Hellooo Everyone!

Well, here it goes. Its time I grew up and began to save so I can finally get a place of my own!
I'm 24, and currently live with my Mum and step Dad.
I'm single and have a good job so just looking for a flat. I considered renting as I'm desprate to get out the house and stand on my own 2 feet, however I do worry I wont be able to save to buy somewhere as I struggle to save without monthly bills now!

Anyway, my finances are as follows.

Salary - 26,000 p/a going up to 27,500 in July.
This gives me around Ј1400 a month thereabouts.

I have a student loan of Ј100 p/m and I have no idea how much is left to pay on it. The website seems completely useless!

I have just bought a new car in January which costs Ј155p/m for the next 3 and a half years.

A loan which was 7000 over 5 years at Ј150 p/m. I think this is due to finish in January 2013 however I have been working reeeally hard at work to I'm hoping to pay this off perhaps next month.

I have just paid off my credit card which was interest free. I'v had a few credit cards over the years. Never missed any payments and always interest free. So got a good credit rating!

Other monthly bills
Dig money - Ј100
Mobile - Ј17
Gym - Ј56
Dental plan - Ј22

So my outgoings so far total - Ј500
Which should leave me with Ј900 p/m to spend!! Dont even ask where all the money is going. I'm that bad with cash!!
My savings per month are Ј50 for xmas and Ј100 for holidays.

So the plan!
I'm looking for a flat for around 80k.
Of course I need 10% for a deposit at least!
I'm hoping 95% makes an appearance soon, however I still need to find that 5% too as I currently have no savings whatsoever!

I shall keep you up to date on my savings.
Thanks
M title=Smile

Best answers:

  • Welcome and good luck saving!
    From reading your post it seems that you are not sure where all your cash goes? If this is the case keep a spending diary for a month or two. Keep a little note book in your pocket or bag and note down everything that you spend money on - both CC payments, any DD's on your accounts, regular payments and all the small things as well, bottle of water at the gym, bar of chocolate from the vending machine at work, newspaper, clothes etc etc...if you manage to keep track of everything for a month or two, you will soon see where you are spending all your cash on. Once you know where it goes you can make decisions on what can be cut back on and what can't.
    BW
    D9
  • Good luck with the mission. All you need to do s find it where all that 900 pound is going. Give yourself a reasonable ammount of pocket money a week and bank the rest into a cash ISA. Ill be following you, as it's encouraging to read other peoples stories. I too am saving and know how that feeling is.
  • Best of luck to you. Always good to hear people ready to make a positive change for the future.
    On the student loan front, have you called them on 0845 073 8891? (From DirectGov website) or I think this is the non-0845 number- 0141 243 3660.
  • Hey!
    Thanks for the replies!
    I'm going to start a wee notebook of everything I buy. I'v stopped buying from the vending machines at work, and I'm always asking do I really need this when I go the shopping.
    I dont really buy clothes that often, and when I do its usually from primark!
    When I get paid this month (28th) I plan on paying off my loan. Very excited about this! Its about Ј1000, and I have a cheeky Ј550 saved.
    Next month I'm also going to to withdraw Ј50 per week, which I'll use as spending money.
    I'll give student loans a wee phone in the next couple of days hopefully get an idea of how long I got left to pay for that.
    Cheers
    M
  • You sound almost identical to me!!!
    I earn Ј26,000, I have similar outgoings, but jibbed the dental plan last month ha. I have several more outgoings but still worked out I should have around Ј800 to myself each month. It jsut seems like theres always something, holidays, car tax, MOT etc. Paying back debts. Never have had a spare penny, want to save Ј4000 in the next year.
    I rang the student loans the other day, turns out I owe them Ј14,000. Theyre a joke, ridicuously poor customer service / communication. I see it as a bill and dont iuntend to pay it off anytime soon.
    I intend to do matched betting, reviews and save Ј100 - 200 per month from wages.
    Good luck anyways.
  • Great inspiration. Thank you!
  • Just a quick wee update.
    Sadly last months overtime was not processed in time for pay. However this month means I'll be getting this month and last months overtime!
    So far I'v done not too bad, I have around Ј350 left till the 28th.
    I'm hoping not to go into my overdraft which I was Ј300 in at the start of the month.
    Next month, if all goes well, my loan will be paid!
    On the house side of things.
    A little flat has came up for sale, in the street I'd love to live.
    Ј75k. Sadly I dont have a deposit, and right now taking a loan out for the deposit seems sooo tempting!
    Must. Stay. Strong!
    Oh and I've managed to get my gym membership down from Ј62 to Ј42p/m. Still expensive, however thats pretty much my social life as I rarely go out drinking.
  • Hello!!!
    Ok the loan wont be paid off again this month. BOOO!
    I have totally re-jigged my finances and although they dont look good just now, but I have a plan which is going to get my total outgoings to Ј350p/m
    So! Right now I have as follows.......
    Overdraft - Ј250 = Paid Off This Month
    Car - Ј155 = 3.5 year contract ended June 2015
    Gym - Ј42 = 1 year contract ending July 2013
    Personal Training - Ј133p/m = 3 month contract ending Sept 2012
    Digs - Ј100 = Never ending
    Loan - Ј150 -p/m (Ј950 total) = 5 year loan ending Jan 2013
    Dentist - Ј23 = Never ending
    Mobile - Ј17.50 = Pay Monthly
    Right so planning on getting rid of the following......
    Overdraft - Junes Pay
    Personal Training - Ends September
    Loan - Octobers Pay
    So once I get rid of those 3 things my outgoings will be Ј337p/m
    And then its HELLO SAVING!!!!!
    Saving plan as follows......
    Car (tax,insurance ect) - Ј50 p/m
    Christmas Fund - Ј50 p/m
    Holidays - Ј100 p/m (which will likely just get chucked into the deposit fund anyway!!!)
    DEPOSIT FUND - Ј500p/m
    Total Ј700 savings and Ј350 outgoings = Ј1050 p/m
    Leaving me around Ј500 to play with a month
    SORTED!
  • When does your mobile contract end? Ј17.50 sounds very high. If you move to Giffgaff, you would get more than you can use for Ј10 per month. If you move to Ovivio, calls,texts and data are free (up to generous limits).
    Ј23 per month for dentist is high - unless you have bad teeth? Can you get an NHS dentist? Checkups every 6 months, fillings once per year, and a trip to hygenist, should not be more than Ј100 in total per year
  • Hello!!!
    My wee monthly update!
    I have paid off my overdraft AND loan!!! WOO HOO!!!!
    Right so just the personal training to get rid of and it'll be full steam ahead!
    This month I have paid off the loan and I have my car insurance due up so no savings at the moment.
    I have just discovered my bank does save the change in an internet savings account. I have an ISA which I plan on using to save for my deposit. But I'm wondering if it would be a good idea to take this other savings account out just to use save the change.
    I switch pretty much everything so I think it would help me save without actually realising it.
    Cheers
    M
  • Hello there everyone!
    Well its been well over a year since I last posted!
    And my how things change!
    I now have a boyfriend, and we are looking to buy a house! Not just a flat at Ј80 as I previously had posted.
    The past year has been crazy! Ended up using savings for an amazing trip to NYC in April and then Mexico in August!
    So now its time to start the savings again!
    Luckily none of the trips have gotten me into debt. So its full steam ahead for saving for a deposit again.
    I'm not too sure how much I'm looking for for a house as yet. In my head I'm aiming for Ј170-Ј180k.
    My income is now Ј30k coming home with about Ј1600 p/m.
    So with my partner bringing around Ј32k we are talking just over Ј3k p/m altogether.
    My outgoings are now:
    Digs - Ј120
    Car - Ј155
    Gym - Ј27
    Mobile - Ј19
    Dentist - Ј23
    TOTAL =Ј344
    Savings:
    ISA/Deposit - Ј500
    Car - Ј50
    Xmas - Ј50
    Long term - Ј25
    TOTAL = Ј625
    I have got an appointment with the mortgage person at Bank Of Scotland on Wednesday, so we shall see how that goes.
    Cheers
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