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.
Until tomorrow,
Love Froogs xxxxxxxxxxx
Amen to everything you have written. Just want to say to be sure to save any windfalls (tax refunds, insurance payouts, the proceeds from selling something, etc.) that come your way--they will really boost your savings. If you are lucky enough to get unexpected money, don't blow it. A second job can be really helpful, but don't even bother with it until your spending is under control. Otherwise, it just more money to blow and less time spent with the people you love.
ReplyDeleteThis post came at the right time for me. I'm starting to think about what I'm going to do when Uni is finished and I've started putting money by from my extra hours over summer. I'm planning to lead a simple and frugal life for as long as I can to make sure I have funds to stand on my own two feet when I leave education. Thank you for this brilliant post.
ReplyDeleteQuiche looks fabulous!
ReplyDeleteMy advice would be the same, except to remind young families that it will only work if both partners are on the same page. Compromise and a positive attitude are key in living a peaceful frugal life that allows you to save up.
Froogs, an absolutely spot on post!I see the generation younger than me wanting and expecting it all, yet the only way they can do it, is to keep charging and carrying debt on more and more CCs. They refuse the concept of "No" to their kids, whose schedules are booked with events (at cost, not necessarily freebies either). I know one who refuses to let her second child, also a girl, to wear hand me downs from the first daughter. @@ I just don't get that! So, if the goal is home ownership, yes, significant sacrifices must be made. It's just that simple.
ReplyDeleteThe baking looks lovely. Could you just clarify about suet pastry. I know you have used it before but when I tried it a few days ago, it was really hard (I still ate it though) but am sure it was not right. I used beef suet in place of the normal lard and butter (same ratios) but I did use plain flour, and think I should have used self raising! Any ideas?? oh, and when do you use suet pastry (baked) instead of shortcrust?
ReplyDelete8oz plain flour, pinch of salt, 4oz suet beef or veggie - enough water to make to a dough - roll out on floured board - if yours was hard it might have been too dry? use suet pastry for savoury dishes, I'll admit the jam tarts were unusual
DeleteMany thanks, will try again in the future.
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ReplyDeleteSpot on! Took me many years to work this out and I am still paying the price, literally! When people realise they can not have everything and can work out what they want and need rather than wanting and needing everything others have things become easier. My colleague aged 24 bemoans not being able to save a deposit for a house and yet has had one holiday this year already with two more booked??? Do the math as they say........
ReplyDeleteGreat advice! When we were young and had no children, we were both working and we should have tried to live on one salary but we didn't. We got married young and we were both immature and not caring about how much we spent. When I look back at it now, I see it but at the time, I didn't. It took us awhile to save for a down payment on a house but finally did. We were lucky because we were still both young and had one child at the time. I would tell young people to try and live on one salary and save the other if possible. Don't try to worry about keeping up with the Joneses as they say. Those people aren't going to pay your bills when they come in and they're not going to care if you ever have a house. Putting on a façade of wealth only brings you down. If what you really want is a house, then you have buckle down and make it your priority. I think everything you said is true and that you have to try to put aside silly purchases and spontaneous spending.
ReplyDeleteHonestly, I am 25 (soon) and I agree with you. I really do. But there is one thing that really scares me: on my mums side, there is an hereditary disease that almost every woman of the family got around 45. Now, they are (and where ) all incredibly strong, frugal, and hard working women. I look so much up to them. But what if I do like them, work like a horse, in the best years of my life, and then when I could finally buy my house and make my dreams come true, I get sick and never have a chance to enjoy it? I am working part-time at the moment. Why? I'm trying to live consciently, not killng myself with work, and take care of my body. I'm pretty frugal also, if we don't consider osteopaths or other doctors. Am I wrong? Probably. But I guess I have to make my mistakes
ReplyDeleteLife isn't about the destination--it's about the trip itself. Live your life as though you might live to be 100...because, who knows, you might. I'll bet not one of those "incredibly strong, frugal and hard-working women" regretted any of it.
DeleteBrilliant post!! The ham looks lovely, how do you cook it?? As last time I cooked it in my slow cooker it just fell apart :(
ReplyDeleteBoil then simmer for 40 mins per kilo - I did my joint for 1 hour - soak in cold water for a few hours to remove the excess salt - never slow cook any bacon product
DeleteBrilliant post!! How do you cook your ham as last time I did mine in my slow cooker it just fell apart!!
ReplyDeleteYour post came at an excellent time...I ave been considering entering my overdraft to purchase a car as my new journey to and from work will take 4 hours (minimum) daily otherwise, but this is a fab reminder that I need to keep working for those things that I really want. I need to work hard for them. I need to forsake certain luxuries to build a better future!
ReplyDeleteThe sooner you learn the lesson the better. I wish I had learned sooner. Better late than never I suppose. Also be kind to yourself. If you fall off the plan, don't use it as an excuse to really go off the rails: instead stop, take a breath, and start again.
ReplyDeleteVery true. Doing without can be tough but the reward is grand. Children need so little and the smaller they are they need even less. When I think back at how little we had growing up compared to others I am shocked because I never felt deprived. Sure on occasion I wished I had something the others had but I soon forgot. I remember fondly the one birthday party I had. The rest were brownies and my favorite dinner with family. We still keep this tradition with my own family. I was tall and was not fond of having every pair of hand me down jeans trimmed with ribbon to add length. But it has not made a difference in my life. I may not have been a fan of the chores put before me but I am an independent woman who can fix most anything. Children need very little.
ReplyDeleteGreat post (once again!). I would only emphasize a few things:
ReplyDelete(1) Figure out what you truly value and truly want. If you really want (must have it!) a seaside holiday then you don't really want a home (or anything else such as retiring early etc.). There is nothing wrong with wanting a holiday more than a down payment for a home but know there are consequences in both the short-term and the long-term if you do not have the basics (food/safe shelter/heat/clothes) covered.
(2) The sooner you get to "I have enough" the easier it will be.
(3) It doesn't hurt anyone to try to live a frugal life and provide for your future. But commit to giving it a certain amount of time for the frugal magic to work. It DOES get a lot easier.
Pru
It is even going to get harder for the young ones here in NZ the Reserve Bank has just raised the deposit for first time buyers to 30%. Thats about $100,000 they will need befor getting a look in, and thats out side the dearest centers. But you are right you have to do without to get what you want.
ReplyDeleteThis is such good advice. It is worth its weight in gold. I hope people wanting to save for a home mortgage are taking note. I have just been listening to a favourite radio program and the talk was about eating out ..... breakfast, lunch, dinner. I was very surprised to learn that in my city/country people on average eat out 3 times per week! You can hear me shout" 'How can they afford it?". Then more revelations - a kitchen is no longer a necessity! Apparently, some city apartment dwellers see no need for a kitchen or even a kettle. I ask how can anyone save for a mortgage by eating out so often???
ReplyDeleteI'm wading in today because the food looks delicious and the idea of having a frozen meal ready for that 'I don't want to cook today moment'. I had this moment last week after a long day at work. My husband offered to get a take-away. It was very nice but the price he paid for the meal (2 curry patties each for starters and 2 curry dishes) took my breath away. He forked out $38 for a meal that was not generous and was just enough as a light meal for the 3 of us. There is much value in a simple meal, especially if it can be frozen for a later date.
We make our own bread and make several loaves at once and then freeze them. We have considered buying an electric slicer but havent been sure if they are worth it and where to get one from?
ReplyDeleteI hope whoever asked your advice takes the time to read through your archives as they will see it is possible, tough at times, to live well and save. If their priority is to save for a mortgage it needs to be the priority day in and day out - no other way.
ReplyDeleteGreat post, and gorgeous recipes. My best tip for young families, is to not just looking in Aldi and Lidls, but online. I buy a lot of items on Amazon with free delivery. If you have children who love ketchup, you can bulk buy the restaurant sized vats of it for 60p a kg. Coucous, dried lentils and beans you can often find at half the price of value brands if you are able to buy large quantities. Free delivery means you don't spend the money on the bus or car to go out and get it either. I agree with the valuable advice. The hard truth is there are two ways to have more money. Increase your earnings or decrease your expenditure. The easiest is to decrease your expenditure.
ReplyDeleteI have always tried to be frugal and it is not always easy. It often feels like one step forward 3 steps back due to unforseen expenses. Yesterday I spent the morning cleaning and thought I would make some biscuits for my dad coming over instead of popping out to buy some, ( baking is a new habit I am trying to establish). I had all the ingredients in my cupboard. Then, I am glad to say I noticed, I had hundreds of little things running all over the packets (a sort of flour bug) and when I opened the relatively new flour they were in there too! My whole baking supplies were then binned just in case as they seemed to be over every packet. The cupboard then disinfected, so I had to go to the shops anyway, but I didnt give in, I bought the flour walked all the way home and baked those biscuits! It would have been easier just to buy some, but now I have to start replacing the cocoa powder, sugar and the rest I thought it would be a good place to start. On the look out for very cheap air tight containers now too.
ReplyDeleteThe bugs are probably weevils that arrived as larvae in your flour. Freeze your flour to kill them--just put the package in the freezer for a few days, then store and use as usual.
DeleteEmpty all of your dry ingredients into glass jars with lids. (Label them--baking soda and corn starch (corn flour) are hard to tell apart!). If bugs hatch in one jar, you can throw it away and won't have to get rid of everything else.
Thanks for that I would never have known to freeze the flour.
DeleteGreat post. Please will you clarify if your costing for the bread includes the cost of the electricity used by the bread maker. I'm trying to decide if purchasing a bread maker is the best option for me - I live alone following the death of my partner earlier this year and having enough fresh bread is one of the things I find challenging! Also, please can you say where you buy your flour and yeast from. Thanks.
ReplyDeleteOH makes our bread in a Panasonic bread maker. We've had it for over ten years and it's our most-used piece of kitchen equipment (closely followed by a yoghurt flask). As we're only catering for two, we slice and freeze the bread then peel off slices for toasting, with the rest of the loaf remaining fresh until required.
DeleteIt's always refreshing to read your blog. I love it when you say "we don't hanker for things". Around me and particularly at work, there is this culture of going away when we have time off, seeing places, going out and appearing to have a full social life. I feel so out of the loop because like you, I feel a day not at work is a holiday. I don't need to go on endless days out or visit other countries to relax and feel content. I'm happy at home, cooking, pottering about, reading or listening to the radio. So thank you for this post that makes me feel like I'm not the only one, I'm not weird!
ReplyDeleteJanuary20 - I second your post! Husband & I are currently on holiday, I work for local Council and husband works in retail, and it is a joy to be at home and pottering around. At work I'm the only one who doesn't go "away" on holiday, but I don't envy those who do.
DeleteLesley H in Livingston.
Great post. For me it took a little while to work out that splashing the cash is not as rewarding as saving for a long-term goal.
ReplyDeleteSometimes I still spend money mindlessly- the odd fiver in a charity shop/boot sale on things I don't need. It is a habit that is hard to break. I suppose that I'm just going to have to steer clear but it is such fun.
A brilliant post Froogs.
ReplyDeleteWhat anyone really wants they will strive towards, doing whatever they have to on their journey to get there. You have shown how it can be done and are continuing to give folk the motivation to get out there and do it for themselves, well done.
Your simple life is very similar to our simple life and the amazing things is we eat wonderful home cooked foods, live in clean and well looked after houses and have what we need, true we don't always have what we want, but our needs are VERY well taken care of.