I don’t know about you, but I do much better with the whole savings lark when I’ve got a particular goal to head for and it’s something that I am feeling really motivated by. I’m becoming increasingly aware that we’re going to have to take a very low price for our home – if we’re even lucky enough to find a buyer. Combine that with the fact that I now only earn a part time wage (where previously I was the higher earner) and we can potentially only borrow a five figure sum and the whole house buying thing seems a bit unlikely/depressing. And yet we’ve lived here for 12 years, outgrown the place and are desperate to move on. I know some people are ina position to ride out these rocky times but we’re really not. So the only thing for it is to dig our heels in and really start trying to save for a bigger deposit. I’ve been working on a top secret fund (doubtlessly I’ll be able to reveal all sometime in the next five years but who knows when exactly!). I figure that if I really go for it I can have it completed in 6 months and then turn my attention to our house fund. Meanwhile we are allocating money each month from our joint account to save into the house fund with any extra bits and bobs left over (like the two month council tax break, unspent food budget etc) being transferred into savings too.
For a long time it felt like there was no point in really trying to save because I can’t save a big enough chunk fast enough. A few years ago I earned enough that I could put back £500 or even £600 a month. This seems like a hilariously large figure now – the equivalent to around £7000 in potential savings a year! Now I have to be seriously hardcore with my budget to save as much as £2500 a year. And I’m grateful I’m in a position to have four whole days a week with my little girl AND save that much. I suppose what I’m saying is, that I am now thinking that where there’s a will, there’s a way (even if I can’t save as fast as I used to)! I’m not going for a highly detailed plan. I’m just going to head into battle with these two tactics in my head:
- Try to earn additional money where I can, even if it is only a little bit
- Try to save where I can and where it doesn’t make life too uncomfortable to enjoy the ride