- 5 years ago
Ok bees, my name’s VickyAurea and I am a spendaholic. I’m not talking about the money in my bank here – I’m talking about future money I don’t even have. Even before we have any savings, I have dreamt up how we will spend it at all, and I’m starting to worry (ok totally freak out) that we won’t be able to save enough in the timeframe we want to save up.
Backstory – We have been dating 8 years and want to marry 2 years from now, for our 10th anniversary. Sure, we could just push the wedding back, but we really want it to be then so I’d rather not compromise on it. SO also feels very strongly about getting a mortgage asap, and definitely before the wedding. So we have just 2 years to save up enough for a home AND a wedding. Even though SO just got a new job and we will have more money coming in, it is still a huge amount to save in 2 years. I keep thinking it can’t be done. But I know there are savvy bees out there and I’m hoping to find some that can maybe help me figure out how to achieve our goal of both the home and wedding in 2 years.
To do this, we’re gonna need the vital stats: (and this is very personal so please be kind)
- Gross combined income – £48500 (before tax, national insurance, pension, student loan)
- Average price of homes we’re looking at – £170000-£180000
- Amount we have saved already – £2000
- Amount I’ve been told legal fees for a mortgage could cost – £4000 (haven’t looked into it, have just heard that)
- Amount moneysupermarket.com told me we’d need to repay on our mortgage each month if we only paid a 10% deposit – average of £1000
- Amount we can borrow from family for a mortgage deposit and not have to re-pay to family for 5 years – £10000
- Amount I think we need for the wedding we want – honestly? £15000. I know that’s a lot. If we had to really skimp and cut a lot of corners, £10000.
- Amount needed for an average 10% deposit – £17000-18000
We’re looking to buy our home some time in the next year ideally – if it’s much later than that, it’ll be nearly wedding time and I don’t want to combine moving stress and wedding stress. We have zero furniture so I can see that being an unexpected cost. Council tax will go up when we move, for sure. It’s hard to know how much our other bills will be.
Bees, can any of you help me? Do you think it can be done?
Can money-savvy bees see a way we can save that much within the short timeframe?
Can bank-savvy bees recommend if it’s worth putting any of our money in an ISA or not, since we will need the savings to spend within a year or two?
Can bargain-savvy / DIY-savvy bees / research-savvy bees find me a place where I can hold a DIY reception in a field/garden/farm land/anything that won’t charge me and arm and a leg to turn up with my own marquee, within a reasonable distance (maybe 20 miles, more if it totally has to be) of Peterborough, England?
Thank you so much to all of you and I hope I can get some positive responses. I’ll cross my fingers. Because I really am starting to think it can’t be done and, as much as I expect people to say I need to pick either the wedding or the mortgage to be my first priority, we really, really want to have them both happen within this timeframe. The longer we rent the more money we’re throwing away, the more cramped we are in a small space… and the longer we’re not married, the longer we’re not married!!! I hope bees will understand why I am keen on both.
Thanks for reading!