SB's Savings Diary

A question about : SB's Savings Diary

Hi everyone

I've started this diary to keep my mind focused on the end result: My dream home.

I've fallen in love with a house once owned by my great auntie and great uncle. I would love to get it back in the family (sentimental, I know). It's up for Ј69,995 - Ј74,995. It's in good nick, and been on the market since March.

Total savings so far:
Deposit: Ј4,500/Ј6,000(75%)
Fees: Ј160/Ј600(26.6%)

Luckily, my job has me on call 24 hours a day, for up to three weeks at a time. This means little spending, as food and accommodation is provided (initially why I took the job, even if I feel like a slave).

Monthly spend:
DD's: Ј21.99 (Phone & Spotify).
Food: Ј15-Ј20 (These are mainly treats, chocolate etc to get me through work).
Petrol: Ј50-Ј100 (This is my biggest out going, but work gives me 20p per mile).
Necessities: Ј10ish (If needed).

I don't spend ANYTHING else during the month. But this gets hard if I have a few days off and I want to go out with friends. So a little give and take is required.

I'm able to keep my belongings that I can't fit in a suitcase at my mothers in a spare room, rent free. AMAZING. But I'm getting tired of having everything in storage.... It's been 18 months now

Please share any tips to help improve my penny gathering!

Thanks!

Best answers:

• Oh, I forgot to mention my income!
  I recently took a pay cut of around Ј300pcm. I was on daily uplift to deal with the more difficult clients, but it was really affecting my health. So now I'm working with the less stressful ones (happily), but this has knocked my saving target back at least a month... Currently I reign in around Ј1,300pcm after tax.
  I'm hoping to have only three or four days off this month to scrape together a little extra cash. Fingers crossed!
  33 DAYS TILL PAY DAY!!
• Hi SB - thank you for popping by my diary. Good luck with your savings goals. I can't offer much advice but happy to cheer from the sidelines
• Good luck with it all! You sound very focused on your goal, so I'm sure you'll get there.
  Just keep stashing the pounds away and it'll all come together.
• Hi Pal,
  I'm glad I read that you came off the more stressful work. I know the feeling very well, I've done some months where I've not had a single day off and by the end of it, no matter how indestructible you think you are, you realise you aren't.
  Id wish you good luck, but sounds like that isn't needed as you have it covered!
• Thank you everyone!
  After continuous set backs over the last two months, I'm thinking about giving up trying to get this dream home. I'm not sure how much more disheartened I can get...
  Since June 3rd I've tackled recent, wrongful defaults (now late payments, they just won't budge on it), having a zero-hour contract, highly fluctuating pay checks, someone else wanting to put an offer in this week, and the final straw - Being told my 'registered to vote' confirmation won't be on my credit file for another 6-8 weeks. I've already waited two months. With an offer about to go on the house tomorrow/Monday from the other perspective buyers, I don't have any time, and have no idea what I can do. I spent an hour on the phone to the three main credit agencies last night trying to get it updated A.S.A.P... They can't.
  I feel defeated. Maybe I'm not meant to get this house?
  I called the broker this afternoon, gave him all my information, discussed all the negative aspects to my application, and basically said that this is the final straw. If I get denied I feel like I just want to throw in the towel.
  But I know it's no good to give up when things get tough... I'm usually so positive, nothing can set me back. If you want something bad enough, fight for it and get it which ever way you can. I always think of Richard Branson when I feel like giving up. If he had given up when every door was closed to him, he would have been broke several times! He never listens when people tell him 'No'.
  So, this is my defeatist diary entry. Sorry if it sounds whiny. I'll update tomorrow and let you guys know if there's any chance a provider will give me a break.
  Thanks, SB.
• It's not over till the fat lady sings. Lots of offers get rejected, especially at the moment as loads of buyers think they have the sellers completely at their mercy and so throw lots of low unattractive offers in. So don't give up hope yet!
• while looking for my daydream place, I had many pit falls, hurdles etc, the first one was getting out of serious debt.
  Ok quite a few years later, last year we bought a smallholding at auction, with saved, borrowed, loaned money etc.. BUT its ours now.. ( needs loads of work to stop it falling down)
  https://forums.moneysavingexpert.com/....php?t=4651793
  the thread is over on the green fingered boards, and is on its 3rd thread.
  NEVER give up!!!!!! 'IF' it sells this time, you never know it might be up for sale in the not to distant future, which will give you more time to save. and get those late payments etc off your credit score foot print.
  Also in the mean time, yes you will be gutted, feeling physically sick because you cant buy the house NOW... ( been there..) still carry on saving... as you never know you might be out and about one day, and stumble across a house for sale that will pull at your heart strings..
  Now have a nice cuppa, ( or a pint) and start re-focusing on the future, and what you want, and how you are going to achive/get there..
  I will boot you up the backside every step of the way, if I need too
  Lets get back to the beginning, and see what you have saved so far, and see what you owe, and earn, and lets take it from there
• Thank you COOLTRIKERCHICK & The Magnificent Spoon. Your comments helped me keep perspective in work whilst biting my nails to the quick.
  The verdict is in. The lenders want a 35% deposit, which is impossible for me. I only have 10%, and no one to lend from.
  I've dealt with the news surprisingly well. After dreading this result for the last two months, I'd already come to terms with it being a strong possibility it won't happen... I think it was more of a relief, to finally know. Does that make sense? Maybe I'm just in denial... I feel like I might be in avoidance mode haha.
  Anyway, I've taken your advice COOLTRIKERCHICK. I'm sat here with an extra large cuppa whilst the storm is bellowing outside. I'm re-focusing on my future and re-organising my 5-Year-Plan. Do you guys have one of those? On it I have everything I want, and how I'm going to achieve/get there within the next, you guessed it, 5 years.
  I thought I might jot a few ideas down here. Sorry if you find it boring.I'm hoping it will help me gain some sort of direction. I've been wandering around aimlessly concerning my path in life for years. Time to achieve some concrete progress!
  So,
  1.) Stay in this god awful job for another year and SAVE, SAVE, SAVE. Even though it depresses me, I can save Ј1,300pcm. Something I wouldn't be able to do if I changed job and had to rent somewhere. I fired up my spreadsheet and found I can save Ј20,000 by the end of August next year (including the Ј3,660 I already have together). That's if I only have 3 or 4 days off a month
  2.) After a year, change job! Although I have no idea what into... I've always worked/volunteered for humanitarian causes, but have no educational skills to back it up. My degree is completely useless for that (English with Creative Writing). Completely at a loss here!
  3.) Decide whether I'm going to do the Nutrition & Naturopathy course I've signed up to. It starts in October this year and costs around Ј8,000 in total, taking three years to complete. Initially I want to say NO! That money could be so much better well spent, and I don't even know if it can secure me a decent income at the end of it… The only reason I haven't completely scratched it off the cards, is that I've paid a Ј230 deposit that I think it non-refundable Whyyyy did I do it?!
  4.) Try again for a mortgage in a years time. Ј20,000 should be enough to convince lenders, right??? It would be around 15% deposit… Although who knows, probably not!
  5.) Write a novel. I've stopped writing so much lately, I really need to get back into it and put my degree to good use! It's hard to focus on things in this job, but I need to commit and dedicate time to writing a little every day.
  6.) Start making jewelry etc. I have a few ideas that I'm really interested in, but I think it will take me 6 months-ish to get going with it all… I don't know, I'm just trying to think of extra ways to make cash? Ebay etc isn't really an option. I've downsized so much there's nothing I don't use...
  I cleared all my debts in January this year. So I have no worries there. I have a slight phobia of debts after having no income and no where to live this time last year. (I ended up moving to Italy for 6 months, just to avoid my debts - escapism at it's finest).
  So, that's a lot of rambling for one post.
  Please, feel free to boot me up the backside at any point. I will always appreciate it. I have a tendency to over think and not act when I need to
  P.S. I looked at the Daydream thread, and it looks amazing. I'm currently lurking on there, and seen some photos of your home COOLTRIKERCHICK! It's beautiful So happy for you! I'll keep reading!
  SB
• SB...
  glad you like the daydream thread, don't be a lurker on there, as at the end of the day, you do have a daydream to own your own place one day.
  RIGHT!!! This coarse you have signed up to??? now only you can answer these questions I am going to fire out to you.
  1) did it seem like a good idea at the time ? if so what were the reasons why you thought it would be good to do?
  2) was it before, or after you decide you wanted to buy your aunt's place?
  3) Truthfully, if you done the coarse, would it benefit you getting a better/ideal job in the future?, if yes, would this mean a better paid job, better quality of working environment?
  4) don't let the paying of the Ј250 deposit, influence your decision to o the coarse, do the coarse because, you want to, or if you feel it will benefit you in the future. if you don't do the coarse, then don't think of it as losing Ј250, but not paying 8k..
  EXTRA MONEY
  it looks/sounds as though you are tied to your job/long hours etc, to do any other jobs etc, so consentrate on saving/cutting back.
  sounds trivial, but making a few pennies here and there, really do add up. and that sealed change jar, can also save you loads of money over the months.
  What type of price bracket house you are looking for?
  you mention about changing jobs next year etc, unless your job comes to an end... in this current economic times, don't be too hasty to walk, as you want to show the mortgage lenders in have been/are in a stable job.
  Is there one same night/day in the week that you are not working?
• Thank you for replying COOLTRIKERCHICK!
  I’ve taken a few days to really think over everything, weighing the pro’s and con’s. It’s been hard, but I’ve been completely honest with myself and faced some home truths
  In answer to your questions…
  1. The Naturopathic course seemed a fantastic idea at the time. If I’m to be 100% truthful, since Uni I’ve had a phobia of settling down into a job/place, only to wake up twenty years later and realise it was the biggest mistake of my life! Silly, yes. But a source of anxiety none the less. Instead of using the qualifications/experience I already have, I've spent the last four years jumping from one career path to the next. This Naturopathic course was the latest ‘idea’. I picked it because nutrition and natural living is a huge passion of mine… I was convinced my career had to be something I could live and breath constantly…
  2. The course will enable me to be self-employed. It would take me a while to get a good client base (Not something I’m sure I can get as I pretty much live an hour away from any city). And the pay wouldn’t be over Ј20,000… I’m thinking the time, effort, and money going into it isn’t necessarily worth it…I could get a job that I still find meaningful, already uses my skills and experience, and probably earn more than Ј20,000 - without the initial Ј8,000 investment!
  3. I decided to do this course before I knew about the house. As soon as the house came along, the course sort of faded into the background…
  What are your thoughts? I don’t mind a few home truths. I’m fantastic at blinding myself to the facts to suit my wants.
  Thanks for the advice on concentrating on saving/cutting back instead of trying to earn extra cash. It makes a lot of sense. I will just run myself into the ground if I try and stretch myself too far.
  As for how much to save now, I’m still undecided. If I save around 90% of my wages every month, I will end up with a huge chunk relatively quickly. Doing a few calculations on my spreadsheet has made me think being in this job for a little longer isn’t so bad
  It also give me time to figure out what it is I really want to do job wise.This time next year, if I stick to my plan, I should have Ј20,000 for a house deposit. If I carried on for another year after that, I would have Ј40,000…Plus my workplace has offered to train me in health and social care for free over the next year (Level 2 and 3). Can’t hurt, can it??
  So in summary, staying in this job for another year/18 months, noto nly helps me save lots, it also improves my CV (I’m a job hopper, never staying in a job longer than a year).
  My end goal, is to be a stay at home mother. Everything is leading up to this. (When I get to that stage in my life!!!) It’s something I’m passionate about. So part of me is thinking, ‘Less about the dream job, yes get something you enjoy once you’ve saved enough to give yourself a good grounding, but concentrate on setting myself up so I’m able to stay at home with my children in the future’….
  Is this making sense?
  Tips/advice/comments, all appreciated. Thank you
  p.s. I’ll join in on the daydream thread now
• UPDATE: I forgot to say what price bracket for a house I'm looking for!
  Well after discussing ideas with mother bear, I'm thinking of aiming for an apartment in a popular location. This one is my dream place atm: https://www.rightmove.co.uk/property-for-sale/property-39995992.html
  I want to get a large deposit, 30%? And then in the future I could rent it out once I move (hence the popular location).
  I believe I can borrow around Ј80,000 atm. But I'm hoping to get a small pay rise before I'm in a position to buy. That would increase it (fingers crossed).
  Thoughts??
  SB
  EDIT: Although saying that, isn't it likely property prices would have boomed in two years time?
• You are not alone with how you feel, In an ideal world we would all make the right choices in life, an everything would run smoothly, BUT in reality it never goes that way and you always catch yourself saying 'If only' or I wished I had.
  None of us have a crystal ball to see if we are making the right decisions...
  So only YOU can honestly answer any of these questions or feelings etc you have.
  At first glance, your current employer is potentially offering you a good deal, and I think (I might be wrong) the extra qualifications that you can get from the coarses they will pay for, might be a good for potential jobs in the future...
  NOTHING is set in stone, and nothing ever goes to plan You will find your outlook on things change,
  I don't know how old you are, but don't be too strict with your savings at the mo, treat yourself now and again...you do need to find a balance... as you do need a life now as well
• Agggggh, you're repeating everything my mother has drilled into me this evening You're right. A balance is needed.
  I'm 23. Thanks for all the advice! I'll post updates when needed
  SB
• IF I had my time again, and if I can financially do it now, I would def try and get some 'cheaper end' properties under my belt and rent them out..so potentially when I am older, I would have a passive sort of income.
  I am a welshy, and if you look towards the valleys there are some real cheap bargains to be had, for cash buyers..which potentially can make you an income of between Ј300 - Ј400 per month..