Wednesday, 24 August 2016

Saving for a Mortgage Deposit

money & keys
 
I've bored on quite a lot on here about how I currently have no life because I'm saving for a mortgage deposit. I know, *yawn* yes Jess we get it, Bore off. But tough shit, here's another grown up post.
 
Deciding to save for a mortgage is a huge decision and a massive commitment so today I thought I would share 6 ways I'm saving my pennies so I can have my own fireplace and freestanding bathtub.
 
I live at home
Well I live with Jody's parents. Minimum rent plus we get all of our washing done. It was hard to give up all the independence we found in Australia but it be worth it in the long run. I know some people don't have this option though so I'm pretty lucky!

I have a savings account
This one is actually really stupid BUT having an online savings account means I can transfer half of my wages into it the minute I get paid. 'Cos of the way my brain works I know that that money is pretty much untouchable.

Budget, Budget, Budget
I pay my rent, then put half of whatever is left away. I work out how much is going to go out in direct debits and then I get a rough idea of what events are going on that I will need to shell out for. Any money left at the end of the month goes straight in the pot.

I avoid the pub & only go out for special occassions
Jody and I are terrible for going out so the easiest thing to do on a weekend is to simply turn our phones off and fill our time with wholesome activities (i.e watching Netflix). It's also better for our health so every cloud I guess.

I follow the 'Wishlist' rule
I love clothes. I do, I'm sorry, I'm an addict and I can't help it. Instead of impulse buying I now save things to my wishlists and if I still want it in a month's time then I allow myself to buy it. Tbh most of the time I totally forget about whatever it was I was lusting after.

No spontaneous days out/meals/etc
Don't get me wrong I haven't stopped having a life completely but we used to g out for tea twice a week, get two takeaways and go out on adventures at the weekend. We've now reigned it in and go for one meal a week, order one takeaway and do one budget friendly activity. It's not very exciting but it's all for the greater good.

So there you have it. This is probably a really boring post to most people and they're pretty bog standad tips I guess but they really work for me. My savings are looking pretty fine if I do say so myself.
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