101 savings tips for FHB

[kathryn d]

Yeah; but you bought when houses were CHEAP!

On a harsher note though Kath - and I am a fan of yours - the 4 kids aspect of tough life doesn't wash with me - everyone has a choice and you don't have to have 4. One or two is plenty if saving money for IP's is in one's vocabulary.

I totally agree with you about the 4 kids.
I don't find having kids very expensive..but others always go on and on about how expensive they, so thought i'd throw that in

I actually wanted 12 kids..if given the chance, back then.

 

[BayView]

I don't think I have a defeatist attitude because I am a full-time student and work part-time.

Anyone who is doing those numbers is certainly not a defeatist.... you're a do-er girl, you're in that 5% of humans who do the extra mile and good luck to you!

 

[mrsdawnrazor]

FYI Cupcakes, if I had my time again I'd be getting a crappy unit or small house, fix it up, and get in some boarders to share with as a first house. Then when finances are stable, decide where to go from there (if the house is good, or demolishable, subdivisible, extendable or whatever).

In my opinion this is THE best way to really kickstart off as a single or young couple. Not diving straight into your own nice house somewhere fancy. Put up with crap for a little bit and when you're old enough and ugly enough to actually appreciate something nice, then upgrade.

Kudos - exactly what I did and if you ask, what many others did too. Bought what I could afford, where I could afford it, had 2 lodgers, lived 25k from work, renovated bits as and when I could. When I moved in it had rising damp, no heating and the grottiest kitchen you have ever seen. Fixed the damp straight away, borrowed a gas heater, ended up putting an open fire in an existing chimney cos wood was free. Fixed up the kitchen with a flat pack that we installed over a few very long weekends. Got used to doing DIY at 11.00pm

Just worked within our budget, borrowed as much as I could as I figured my salary would only go up so it would become more affordable and away we went. Was 22 when I bought it and it was a 2 up 2 down. For those of a non UK descent that means exactly what is says - 2 rooms upstairs, 2 rooms downstairs and a bathroom off the back of the kitchen. Loungeroom was 8ft by 12 ft, Kitchen was 'galley' style about 12 ft by 6 foot. Compact and Bijoux!!:-D

I am not saying this is what everyone wants to do but it was what I did and it set me up to go onto bigger and better things.

 

[jaycee]

sorry..no
I haven't had time to read them all.
I just took Wylie's post at "face value" and agreed with the statement she made.

I take it..I am mistaken?

Not mistaken per se kathryn, but the subsequent posts by wylie & forgot who else explain it far better than I would if I tried.

 

[Cupcakes]

CC, sounds to me like you’re looking at the future and saying “house, job, money…I don’t have any of that” And from where you are now, you’re not sure how to get there. Understandable, because you haven’t done it before. Many of us find things difficult when we haven’t done them before. (Not a gen Y issue, but an unfortunate side effect of being a human!)

Everyone here can give you advice, and a lot of it will work, but ultimately, you need to decide what you want and the best way to get it. To me, it sounds like you’re tripping over all your competing priorities. What is your number one priority? Is it getting a job or finishing uni or buying a house? Or something else? What do you want to have 5 years out from now? And if you could take just one step in that direction, what would it be?

Once you’ve worked out what you want, it becomes easier to decide where to spend your time. Be honest with yourself about your choices – what do you do with your time between classes now? Is that helping you get what you want? If you are worried you will burn yourself out trying to get everything now, then decide what are realistic goals for you, work to those and accept the outcomes. It’s your life, and it’s your right (actually it’s your responsibility) to decide. You don’t have to justify your schedule to us. But you do need to justify it to yourself.

Thanks, you're too kind.

I actually have a fair bit of faith in cupcakes. She says a lot of things that sound defeatist, but when it comes to her actions, she's studying and working and saving. Much better to be saying the wrong things and doing the right things than the other way around! I think a lot of her posts are just expressing frustration about not knowing what the future holds.

Hang in there Cupcakes, I predict that, 6 months from now, with a job and your studies finished, life will look quite different to you. Your confidence will grow and your thinking will change. And based on your current behaviour, it's likely you will do more of the right things that will improve your life long term. Just back yourself and don't be scared off by things that look hard. Remember that some things look difficult, but really they're just unfamiliar.

Thanks Cdro. I appreciate your posts! You give advice, but you try to understand where I'm coming from. If the people on this forum gave advice in that way I think they would get through to young people much better. I think you described exactly how I feel!

 

[rugrat]

Umm your son’s timetable sounds very similar to mine. Twenty hours of work is perfect and I fill additional shifts when I’ve got less on at university and when I'm on holidays. Ideally I'd work full-time during my breaks but everyone wants more work at that time! But during the weeks leading up to mid semester and end of semester I just do my permanent shifts.

I'm sick of justifying being a full-time student and working part-time. For me it's healthy and my stress levels and grades have improved dramatically since last year when I worked full-time and completely burnt myself out.

It's my final year of uni so it was really important for me to pull my grades up for when I start applying for grad programs. So far this semester I haven't got below a H1 and I'm hoping to do well on my final exams.

I don't think I have a defeatist attitude because I am a full-time student and work part-time.

Many of us have been students. I would agree with you. When I was a full-time internal student and working part-time - that was enough. Let's not forget that life is for living! Not just study and work.

Maybe though the problem isn't where you are now, but rather with your impatience to get ahead. It is admirable. But there is nothing wrong with putting off plans to enter the property market until you are in a better place and past this study period. You will eventually finish uni, and enter the fulltime workforce.

There is plenty of time. Of course you cann't afford anything at this point in your life! I was lucky to have $3 left 4 days before payday back in the day. It is simply life stages, and believe it or not, it will pass quicker then you realise, and you will be looking back with nostalgia wishing for those 'more simple' days.


May I ask how old you are?

 

[lizzie]

Kudos - exactly what I did and if you ask, what many others did too. Bought what I could afford, where I could afford it, had 2 lodgers, lived 25k from work, renovated bits as and when I could. When I moved in it had rising damp, no heating and the grottiest kitchen you have ever seen. Fixed the damp straight away, borrowed a gas heater, ended up putting an open fire in an existing chimney cos wood was free. Fixed up the kitchen with a flat pack that we installed over a few very long weekends. Got used to doing DIY at 11.00pm

omg - almost exactly what i did with my first home. old weatherboard miners cottage. deceased estate. many late nights balancing on the top of a ladder while the workmates were at the pub ... simple flat pack kitchen - retiled the entire bathroom myself - sanded the floors myself (the carpets were ripped up the first night due to the stink) - wish i still had that house as took a small profit, but now worth a very large profit.

 

[Property Meister]

a life time ago,

I was studying full time at uni, doing a bachelor so 4 subjects per semester

I was working 5 days per week (only 20 hours though)

plus I ran a at home business which consumed about 4-5 hours per day, 7 days per week

plus I went to the gym 5-6 times per week

plus an hour walk a few times per week

if I can do it, (and Im no magician) then anybody can,

although I didn't have any kids though

 

[mrsdawnrazor]

omg - almost exactly what i did with my first home. old weatherboard miners cottage. deceased estate. many late nights balancing on the top of a ladder while the workmates were at the pub ... simple flat pack kitchen - retiled the entire bathroom myself - sanded the floors myself (the carpets were ripped up the first night due to the stink) - wish i still had that house as took a small profit, but now worth a very large profit.

And do you know what, I was so proud of the result as each room came to fruition. Much more than I would have been buying a magnolia walled pristine condition new build (not that I could afford it). I put my heart & soul into that place and like you sold for a small profit in cash terms but a huge profit in experience.