Growing up I was never the best with saving money. I’d spend my pocket money before I received it and would forever be borrowing money from my parents. I’d like to say that as I hit my early twenties that all changed. But it didn’t. I graduated from University at the start of the recession so finding a well paid job wasn’t quite as easy as I thought it would be. After interning (unpaid!) for about a year I finally got a ‘proper’ job that came with a ‘proper’ salary. But as I was working and commuting to London, the money never seemed to last very long in my purse. A combination of socialising a lot in London, designer handbags and exotic holidays, meant that by the time I was in my mid-twenties I didn’t have a very healthy savings account.
The reality was that while I did have a savings account, I never put a lot in there. And what I did manage to put away in a month, normally had to come back out again. It wasn’t a very healthy approach to finances and I would strongly urge you to not follow my example! It wasn’t until the start of this year that I actually sat down and started planning my financial future. A house was naturally at the top of the list but with my attitude to money, I knew it wouldn’t be easy.
But since January, I’ve managed to save £12,000. Now it’s not been easy. It’s been really hard! I’ve sacrificed a lot. Gone are weekend’s away, big holidays, new clothes and handbags. So how have I managed to save so much? Well I sat down in January and worked out my goals. From there, I worked out how much money I would need to achieve those goals. I then worked out monthly how much I would need to save and then worked out a budget that fitted in with those savings. And the most important thing is that I stick to it!
It probably won’t come as a surprise to know that the majority of my income goes into various saving pots. I know this isn’t realistic for everyone, but for me it was. I live at home with my mum and step-dad so I pay a very small account of rent compared to market rate. And I have no debts. I made sure any debt was paid off before I started to seriously save. Plus I really want this. And because of that I’ve found it easy to compromise on things and go without certain things because I can see the end in sight. It’s also helped by the fact that I’m able to earn money through my blog. Now I don’t earn thousands each month, but I do earn enough to top up my savings on a monthly basis by a few hundred pounds.
By doing all this, it now means that by the middle of next year, I should be on the property ladder. And I can’t wait!
How long did it take you to save for your first place? Has your attitude to money changed over the years?
Well done, it just goes to show that if you do look at what you are spending you can cut back and start to save. Good luck with getting onto the property ladder. I was lucky because I got on it in the early 90’s when properties were much more affordable
Well done, this is a great achievement. I definitely need to take a leaf out of your book!
I have to agree that’s it is much easier to save when living at home! I still do and used it as an excuse to quit my job and live my dream on a low income – it wouldn’t be possible otherwise! Congrats on your savings!
I guess the key part of this is that you are paying low rent, which is an extremely fortunate position to be in. Rent and mortgages are so high for most people that there is usually more month than money. You’re very lucky to have that family support.
Well done! I’m currently saving, and although it’s hard it’s so worth it! I haven’t quite managed to save as much as you have but i’m proud of how much I have saved and i’m hoping in a few years time i’ll hopefully have enough to move out! On top of that, i’ve been saving up to go travelling a little too, so all in moderation! xx
Great post! 🙂
I am terrible at saving money, maybe you could do a post where you give your top 5 tips?
A x
Well done. Yes my attitude to money has changed since we bought out place and the kids came.
Wow! Well done you! Just goes to show if you want something badly enough you can achieve it! Good Luck with the rest of the saving towards your first property x
wow impressive! I’m saving up for my next big step next year and ive started to cut down on stuff. hard but it’ll be worth it
Wow this is amazing!! I need to try and save more x
This is amazing, well done. It’s a great opportunity to save money when you live with your parents, I wish I could do that but I live far from my family. I came here to study and after that I found a job and I stayed here so I am renting a house all these years. I am afraid to invest and buy my own place, mortgage rates are so high at the moment and my salary isn’t that great.
Yiota
PinkDaisyLoves
Wow! That is amazing! Congratulations! I don’t even get paid that in a year, and I find it so hard to save too, but I guess if you really want something then you sacrifice other things xx
This is so great! I wish I could save up that much! Hopefully one day I’ll be able to!
I used to feel happy to save over a grand a year! That’s amazing, well done!!!
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Wow! Good for you that’s awesome 😀 We’re still renting (I kind of like it in some ways) but I can’t wait until we’re able to buy our first house.
My God you are an incredible human being!!! Well done for being so strict and making sacrifices!! If I could save like that I so would!!! Unfortunately for me I’m on the property ladder at the mo (due to inheritance money) I also have 2 children so I’m currently out of work whilst my husband works so we are on one income which can be tough at times! I honestly think you have done amazing well done!!
What a fantastic achievement – I really worry about my girls and how impossible it seems to get on the housing market but you have just proved that anything is possible. What an inspiration – well done!
That’s a fantastic achievement, I’m really impressed. It can’t have been easy to cut back so much, but it’ll definitely be worth it when you get the keys to your own home!
Great post! I wish I had the sense to do this when I was still living at home!
I rent with my bf atm and I have quite a low paying job so I find it incredibly difficult to save and always have. I’m trying to look for another job with a higher salary so I can start saving towards a mortgage/family etc which would be cool!
Who knows?? One day