Saving for a deposit and life’s pitfalls

It’s almost the new year and time for resolutions to be made, do you make them?  Are they the same every year or do they change?

Mine is usually to lose weight, well this year I did something about that and tried harder than I usually manage and I am pleased to say I have now lost 2 stone!  I’m really proud of my efforts but there is still more to go. 

This year my resolution may well be to pay some of my mortgage off, or at least save a little with the notation of doing just that.  You see I moved into this house with Paul around 11 years ago with the idea of selling it on.  Paul took on an interest only mortgage when the buyers for his parents house fell through, he planned to sell it on only we then got engaged and having an empty house sitting there seemed silly, so we moved in and have been here since.  We’ve never changed the mortgage so still don’t own our house and I want to change that.

Only it’s not that simple is it?

It’s the same problems which arise over and over again which stop us having enough money to change this situation, and it’s the same many of my friends face who are currently saving to move out of home or my friends who rent – it’s not a small deposit which is needed and saving can be difficult.

Over the past few years alone we have had:

  • Unemployment
  • Broken dishwasher
  • Broken Washing machine
  • A problem with the water tank
  • A car crash resulting in the car being written off
  • Broken down car with repairs costing more than the car – resulting in needing a new car TWICE!! I refuse to pay more than the car is worth repairing a second hand car so we chop in the car instead
And the other problems which eat into savings until they have all gone.
Whenever we get into a position of thinking it’s time to change then something else comes up – it’s a vicious cycle, one I can’t see changing too quickly sadly.
I have been having this conversation recently with two good friends – 1 is my age and still lives with her parents and the other is my age – a single mum of one daughter the same age as Emmy and she has just moved back home with her parents for a little while.  Why?  To save money.
It all comes down to money.  They both can’t afford to move out as they can’t save enough while renting.  Using the TSB mortgage calculator they have been able to work out what they could borrow and are beginning to form a plan of action.  It’s a long term plan and they will be at home with their parents for a few years and while this isn’t ideal for them it seems to be all they can do.
I am so glad I actually do have my mortgage now as I think I would find it very hard moving back with my parents – although they would possibly find it even harder but I can now see why people in their mid thirties are still living at home.
It’s not easy to save especially when life throws it’s curve balls your way.
Are any of you having to move back with parents to save money?  How are you finding it? 
“This is a collaborative post”

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