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  1. #1

    Rawr_'s Saving Diary

    Tomorrow is the start of a new year, and I'm looking to save a lot of money over 2018!

    A bit about me... I live in a fairly rural area of Norfolk, currently living with my husband in his Mum & Dad's house (which they will be selling when we move out) whilst they are living in Scotland. This has been a big help for us while we save for our own house. We got married in October 2016, and have been saving for a house since then, and with a lot of scrimping and some extra help from family, we now have a deposit for our first home.

    Initially, I though "Yes! The scrimping is over!". Oh how I am wrong. My husband will be going back to Uni (won't be going until Sep 2019) part-time for 4 years, which means there will be some parts of it where we may be living on just my wage, as he will have to do some placements. I'm also 25 (DH is 29) and would like to start a family. I'm the higher wage earner of us both, so would like some money behind me before we start having a family so that I could have some decent maternity leave and not have to worry about going back to work too soon.

    I've started this thread to keep tracking of my spending, and hopefully make myself accountable for the things I do spend money on. I go through phases of splurging and having an "oh well you only live once" attitude, which I need to stop if I want to money proof for future plans!

    I'd also welcome any tips from anyone that may be going through a similar thing, with more than one thing that they need to save for!

  2. #2
    So as of today, we have around 16k for a house deposit (which includes money and top up in H2B ISA's). We agreed that I would stop paying into this house fund as of after Christmas, and to put the savings into another account (baby fund maybe? ) and DH will still carry on paying into the house fund, as the bigger deposit we have, the smaller our mortgage payments will be.

    As I have only been putting dribs and drabs away, I have 75.40 in my savings account, and have 90 left of Christmas money (got a few bits in the sales!) which I will be putting in the bank when I got back to work on Tuesday. So: 165.40 so far.

    If I want 6 months off work for maternity and to have the same money as I do now, I'd need about 7000 which seems quite a lot, and I would probably maybe cut this down a bit as we can go without luxuries. I also feel like this will kind of also be an emergency fund. If something goes wrong with the car, we'd be pretty screwed as we both rely on it to get to work.

    I'm aiming to have a lot of NSD (No spend days) and will keep track of how many I manage in a month. I get paid on the 25th of every month, so generally run my budgets to then.

  3. #3
    My biggest tip for saving in 2018: sign up to 'Save 12k in 2018' thread here http://forums.moneysavingexpert.com/....php?t=5755819

  4. #4
    This thread just go to show how hard it is to get by and plan a small family in y2k17 in modern Britain. You seem to be doing most everything right yet your deposit is what 5%(?) and you're going to be banking on low interest rates and reasonable house price increases for a number of years. Quite a risk. Add to that you're going to actually have to spend literally 'nothing' for any number of days these coming months.

    They talk about late stage capitalism on reddit. And boy are they right. We should have some form of universal basic income and some incentives for people to bank properly and get online and educate themselves as a bare minimum. There's a lot more that needs to be done in terms of collecting taxes and curbing corporate excess but that should come. Please someone take charge here? I can't be expected to care this much! not now.

  5. #5
    Hello george4064 Thank you - I have already signed up that thread to save 6K, think 12K would be a bit unrealistic for us!

    Hello Zoea - Actually a 10% deposit for us, as we are looking for purchase for 150 - 170K.

    But yes I agree, it is hard! We wouldn't have been able to do it without the generous help we've received from DH family. I'm not sure I agree with 'educating yourself' I think this is a basic thing that should be taught in schools, everyone should know what to expect from 'adulthood'. I wish that there was a simple solution, but we'll be doing the best with what we have, as most family's do and will continue to do!


 

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