If you had to save £6k this year, how would you do it?

[pinkfishbluefish]

Two incomes no DC yet, combined is circa 3800-4000 overall take home depending on overtime.

Essential outgoings are 2.1k. This includes rent, bills, food, one car loan, car insurance.

Left with between 1700-2000 a month. Within this must factor in fuel, days out, meals out, people’s birthday gifts, clothes.

We need to save £6k quickly this year - this would take us to £10k at which point we have an incredibly generous offer from my parents that they will match that amount and we can then use as house deposit. We’re desperate to own property!

We are trying to work out the best approach. If we lived off one income and saved the other this would mean no room for haircuts, holidays, clothes or meals out. I feel that might be a small sacrifice to make as then we would be at our goal in 3 or 4 months time. Is it unrealistic to try to do that? Other thoughts are getting a second job but not sure if that’s a bit futile after tax.

(And transfer it over to MoneyBox/LiSA account just before end of 2023/24 tax year)

I realise you want to buy ASAP. So only do my advice if you can wait 13-14 months. Realistically it’ll take 3-4 months to exchange so you could find the house in Feb 2024.

if you can save £14k (£1150 per month maybe less with interest accrued) by April 2024. Then by May you’ll have >£30k. (£14k you, £10k parents, £8k govt).

Obviously, paying rent is shitty. And it’s a balance doing this versus just paying dead money in rent. But with the market in 2023 looking potentially flat/downward, and mortgage rates perhaps improving in 2024, it might be worth waiting. Maybe…who knows…

**£6k (not £8k).

I’d split the disposable income 3 ways:

(1) Fuel
(2) Days out, birthday gifts and general pocket money
(3) Savings

Each is £600