Hi everyone, as others have said, I have been reading this forum for a while now, and love looking through everybody else's stories/lives, so thought I need to get serious now and get going and do my own journal.
Heres a bit about me, I am 24 years old, never went to university and am in no debt, well except my mortgage which is £93,000 with around £30,000 equity in my flat.
I have been saving hard as I want to be a buy to let investor as my full time job, as soon as I possibly can. I am currently saving , but want to look at my finances and save more so this can become a more realistic goal.
I have spoken to my parents and they know how hard i am saving for this, and we have said , if i can get half the deposit up together, they will give me a loan, which will be paid back in 3 years, with interest on top. Im not sure what it is like in other countries, but here in england the smallest deposit i am allowed on a buy to let is 25%, which given my current location, i will need about £40k.
I have worked out cutting my spending, saving more, and hopefully getting a much needed promotion (this side of christmas) I will have my share of the £20k this time next year. I currently have £10,500 so over halfway there.
My pay at the moment is £21,500 p/a with a £3,700 car allowance and an £1000 bonus.
Payday was today I had my £500 bonus, so next bonus will be next September. This bonus has gone on my ring fund for my girlfriend (soon to be fiance)
I need to do a better break down for you but this is what i know i spend right now, will be tracking money better from today so will be able to give you more info next time i update you all on progress.
Monthly Pay -£1497 after tax and after £300 into shares (me and the gf split 50/50)
Flat- £500 this includes my side of mortgage, all bills and food.
This leaves me with £997 a month, im not sure how much of this i spend, although in future i will be able to tell you, I know i normally will save at least £500 of this, my problem is , it is all in one account except for the ring fund, so it builds up but not sure of the exact amount i am saving each month.
This is my current status and targets:
£10,500 B2L Deposit - Need £20k in 12 months, by christmas i want this to be £12k
£1,100 ring fund- added £500 to it today as ive dipped into it a few times, target £1,500.
Im not sure if i have missed anything, probably have, but as i said, by doing this i should be able to really watch what i spend and see how to improve, going to try and save really hard this month as last month i feel like i wasted money and i dont even know what on, i dont even have anything to show for it.
My aim is to get a property next year, pay my parents back for 2.5 years, then buy another and sell the flat i am living in, use our share money as a deposit for our own house, and the flat money for a buy to let, so 27 2 B2l's and a family home, i dont want to spend the rent if i can, just let it build up and up so i can buy more. If anyone has any advice or stories i would love to hear from you, the interaction i have read on the other stories really seem to help the people who write them.