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How do I save to buy a home when all our money goes on rent..

User Profile: Ivictoria88
Ivictoria88 May 12th, 2022

Unsure if this is the right place but honestly I am getting so incredibly depressed and down over this situation. Partly because I see other people who don't earn as much money who have cars and kids and they all manage to live better than us.. And buy a home.. Or two!


So firstly let me say I'm disabled and sick. I'm unable to work. But my man earns a really good wage (double national minimum and then some). I opened an Etsy shop to sell the jewellery I make when I'm well enough to.


But all our money goes on rent, council tax, utility bills, bills and food. So I looked online and it says to cut out splurging - BUT we don't go out, we don't really do anything, my craft supplies I've had for years / use Etsy money to buy. And then we have a few subscriptions (Netflix, Disney and Amazon Prime). So unless we absolutely want to just sit and twiddle our thumbs so we can save £27 a month. So we cut back on food... We are not eating well.. Eating only one meal a day... And managed to save £50 on our food bill which is just as well as our utilities have just gone up by £80. We don't have a car or children.. We live in a tiny 1 bed place have looked at other rentals but they're actually more expensive now because of covid and everything. Due to UK situation you're not currently able to switch utility suppliers so we are stuck with them and us paying rediculous money. Our home is moldy, damp, damaged and not fit for purpose but our landlord is STILL using covid as an excuse and the government and council suggest if we're not happy then move - with what money??


I genuinely don't know what to do. He can't work over time at his job its not a thing. And because of what he does he's legally not allowed to get a second job. And if he looked for a different job it would be even less money..... And I'm not well enough to work, I tried and ended up in hospital inside a week. I simply break even or make a loss one month and a profit the next with my Etsy. I genuinely see people make utter shit that sells for more money. I feel penalised for being in the UK. But if I pack it in I'm definitely no better off it just gives me more time to get more depressed over this rediculous situation.


We have looked at our finances and at best we can save maybe £60 a month which means it will take us 100 months (8.3 years) to save. And that is the deposit for a mortgage, fees etc etc as currently stands not removals or boxes which BTW are another 2k so 10years? I see other people, single people who earn minimum wage manage to buy houses just like that while also paying for a car and kids and designer stuff and always down the pub. I don't understand how they do it..


The Internet suggests as move in with a parent or friend. Basically we have his dad. And what we save on rent we will have to pay in storage for all our stuff. And what we save on utilities and bills and council tax we will have to give him for the increased costs he will incur not to mention my man will have to pay crazy money for transport as his dad lives 2 hours from his work. So we will possibly be worse off. I don't wona get rid of all our stuff (inc precious memories and furniture which is worth nothing but was inherited with memories attached. and stuff we previously saved for, worked for, obtained.. Which to sell we would get pennies but in sentimental value we couldn't replace.. And everything else is worthless junk..) and if we do get rid of our stuff to buy a house we then have a house and nothing for in it..


So how how do we save?? Stop eating entirely? Refuse to pay our rent and get kicked out?? Rob a bank?? Wait 30+ years for his dad to pass and hope after his 5 brothers and sisters and aunt that maybe he gets something.... There's just no real options. I've never wanted kids or holidays or a flash life style the only thing I (we) have ever wanted is our own home. Am I missing something here??????


TIA

2
User Profile: ImpudentIncognito
ImpudentIncognito June 4th, 2022

Hello @Ivictoria88, I used to work at a job handling mortgage loans, but in a different country from you.


Right now, the housing market is rather bad where I am located as well, but I would like to try and buy a house myself as well. I'm a single parent now, and my wage is OK for the most part, if I went back to school for engineering, I could make triple what I make now...


Anyhow, I recommend going online and using an "affordability" calculator to see how much you can afford for housing. It'll ask for total income and expenses. If it gives you a number you don't desire for a house...I recommend looking back into your budget.


There's a 50/30/20 finance rule that I like to follow.

50% of the check goes to income, 30% is "fun" money, and 20% goes into savings.


So, if he makes $X/hr, take that times 160hrs[if he has 40hr work weeks, that'll be 160 monthly], and times that by 20% that's how much you guys are able to save in a month, then times 12 for the yearly amount.


Of course, the 50/30/20 can be tweaked to whatever fits your lifestyle.


As for the subscriptions...to be honest, if there's a show or movie I want to watch, I look it up online for free and use a VPN heh... If you're not comfortable with that, that's OK as well. Perhaps you can rotate your subscriptions depending on which shows you are currently watching? For example, keep Netflix on for a month, then switch to Disney. I know it's a small fee, but it can add up. This is only a suggestion, and it's fine if you'd rather not.


Food-wise, I recommend buying foods that last a long time, like a bag of rice, beans, etc. Depending on what you like to eat and meal prep. I have a friend that meal preps and eats chicken, broccoli, and rice.


Anyhow, I'm sorry you are going through this situation.

It may take a bit of time, but it looks like you guys are on the right track on saving money!


Lastly, I recommend consulting a realtor for more info info on houses available and affordability. A loan officer can help discuss the different types of loans with you, and what would work best for you[as well as the realtor, they can make suggestions too].


I wish you the best!