Hello Dear Reader,
You contacted me via Twitter yesterday and wanted some advice on how to save for a mortgage. The answer will not be what you want to hear. If you want to save up for anything, you have to give up almost everything to get there. You will need to live a simple, austere and frugal life and learn to love it. If you don't love it, you will not stick at it and you'll never save up for anything. When we paid off our debts, we totally gave up our previous life and we don't miss it at all because we've not slipped back to any of our old ways at all.
My life is very simple now. I've been on holiday from work since the end of July and we haven't had one day out, I've not spent any money on myself, we've not eaten out, I've not bought any thing new and I've not been anywhere. I now consider a holiday to be any day where I'm not at work...........that's my holiday now. I've had the luxury of being able to afford new glasses, had some work done on the house and getting the car serviced; all from money we had saved for such an event. We have enough. We have enough food, our home is heated enough, we have enough stuff, I have enough clothes, I have enough to do and read and our lives are simple. We have no debt other than our mortgage and saving for when we need anything.
I'm still using the goodies I was sent by Tesco and have some of the bag of Charlotte potatoes that they sent me. I'll share my potato salad recipe with you.
Serves 2 - You will need
1 small onion finely diced
10 small new potatoes cut into cubes - only just cook them
1 tablespoon of mayonaise
3 tablespoons of low fat natural yoghurt
4 cornichons or 1 gerkin - finely diced. I get mine from Aldi and they have a stong dill flavour
1/4 of a peeled and chopped cucumber - optional
Today sums up our simple life. Dearly Beloved had the day off work and the highlight of our day was sitting down to lunch together. You see, normally we eat lunch apart and it's a great joy when we are both at home together. We don't hanker for things, experiences, trips, days out and enjoy life just as it is.
I don't for one minute want to tell the young reader that you should live like me to save for your mortage but I will say you can't have it all. You can not have new shoes, all the latest toys and crazes for your young children, you can not have the best toiletries, day trips to amusement parks, you can not have trips to the hair dressers (may I suggest the local college or training academy), handbags, ready made supermarket food, holidays, nights out in restaurants and save up for a deposit on a house. However, if you truly want your own forever home for your family, giving up any of the above will be easy.
We are determined to move to a smaller house. We are determined to keep paying the amount we do now and have a very short mortgage term and be mortgage free within six years. If I have to go without to get what we want out of life, then I will have to go without. I'm not telling anyone to live like I do, nor am I suggesting that they should I'm just sharing my simple life and how I save to get what I need. My only regret is that I didn't think like this earlier. It's never to soon to be frugal, thrifty and to live a simple life.
Sorry I couldn't tell you what you wanted to hear but have to tell you that if you want to save for a deposit, that you'll have to go without for a many years to be able to afford a mortgage at all. I wish you well and know if you are truly prepared to make sacrifices that it will be worth it in the end.
Over to you Dear Reader, what advice would you give to a young family on how to save for a deposit for their first home.
Love Froogs xxxxxxxxxxx