# Best way to save



## tweety07 (4 Jan 2018)

HELP!! I’m a 39 year old female and romance has come to me late in my years.  So my reason for posting here is I’m now at a loss........... as to the best way to save for the following to happen in *a short space of time*:

House

Engagement

Baby

Wedding down the line (because I imagine funds will be soaked above)

My income is 37k, Partners income is 43k.

I have savings of roughly 6k, Partner has roughly the same.

Much appreciated, this is starting to stress me...


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## vandriver (4 Jan 2018)

Do you both currently rent?
What are your respective take home wages and expenses.
How much are you both saving at the moment?
What value house are you looking at?
What maternity pay arrangements are in place at your job?


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## vandriver (4 Jan 2018)

Also,don't underestimate the cataclysmic effect crèche fees have on your income(I had 2 kids in crèche back in the day @€355 a week)
An engagement needn't cost much.


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## elcato (4 Jan 2018)

tweety07 said:


> House


Where do you live and where do you want to live ?
Leave wedding and engagement out of it and concentrate on the practicals so that's halved your list already.


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## TheBigShort (4 Jan 2018)

Dont stress out, financially there are lots in your position. 

But to fulfill the list, the only practical thing is to borrow, heavily. Dont fret though, lots of people are up to their neck in it, some of them drowning in it too. As long as you are prepared to live life on the breadline, trying to keep your head above water, worrying about childcare costs, mortgage repayments, insurance premiums, groceries, and are prepared to put up with the rest, you will be fine. 

On the otherhand, drop the engagement and marriage plans. Perhaps rent instead of buying, can work out cheaper long run, but dont give up on the baby - thats what keeps everything together.


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## cremeegg (4 Jan 2018)

There are times when I think TBS should be banned.

Don't start with borrowing, start with budgeting. 

Decide how much the engagement and wedding will cost. Then stick to that. We made a profit on our wedding, dinner for 100 at €25 a head and asked for cash gifts. You are too sensible for the €20k wedding. A marriage is the most important thing in your life, a wedding is just a nice day out.

You will need to post some more detail for any response on the house.


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## TheBigShort (4 Jan 2018)

cremeegg said:


> There are times when I think TBS should be banned.



Thats unfair, im simply spelling out a typical reality that a lot of people on similar incomes are enduring in this country.
There is very little detail in opening post. So to answer the question directly, open a bank account and put as much disposable income in it as possible. 
To elaborate somewhat, interest rates on deposit savings are rubbish. 
You would be better off borrowing now for what you want, albeit it means heavy sacrifices later. 
I dont see what the issue is here, this is a valid response. 
Dont give up on having the baby though, under any circumstances.


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## tweety07 (4 Jan 2018)

Thanks so much for all the replies. Sorry I didn't give enough detail, not used to posting.

We are both renting (separately) total rent €900, plan on moving in together in about 6months, we will then be able to save half of this. We would hope to buy this time next year if it's doable. 

Savings just started this week. €250 total weekly. 

Neither of us get expenses. 

No maternity pay in my work. 

Value of houses we are looking at would be up to 250k (we think this is the max we should budget for).


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## TheBigShort (4 Jan 2018)

Sounds like you have it pretty much figured. Well done.


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## tweety07 (4 Jan 2018)

Gosh I don't know if I did I wouldn't be stressing


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## PaddyBloggit (4 Jan 2018)

tweety07 said:


> Gosh I don't know if I did I wouldn't be stressing



Why not fill in the *Money Makeover* template?

Details needed (*Basic information required for the "Money Makeover" forum*) can be found here:

https://www.askaboutmoney.com/threads/basic-information-required-for-the-money-makeover-forum.61289/

You'll get a better overview of your situation if you do that. (Just add it to this thread).


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## RedOnion (4 Jan 2018)

First of all don't stress. You'll get lots more advice when you provide more details, but my 2 cents:

Engagement : why are you worried about this?. If baby / child are your priorities get a token ring for now, and keep celebrations small.

Wedding : again, this can be as cheap or as expensive as you want. An intimate day with family and close friends in a restaurant doesn't have to be expensive. The only thing I'd recommend, is to get married before baby comes along. From a financial point of view, your tax credits can be shared when you're on unpaid maternity leave. (There are lots of other reasons of course).

House : there's no rush. Even if you had deposit saved, it'd still take a while to find the right house. If you can rent relatively easily, do that, build up a savings record and make sure you can afford it when baby comes along. No point putting yourself under stress if you've unpaid maternity leave. The flip side of that is once you've a baby, the affordability testing to get a mortgage is a bit tougher, but cut your cloth to measure...

Baby : well, you don't say if you're already expecting, or just planning. Either way, babies will use up as much money as you let them. People always over spend on things they don't really need. I know I did. Twice! Babies grow out of clothes every few weeks, so if you've got family / close friends who already have children, they'll have lots of barely used clothes they'd be happy to give you. Similarly with things like cot / pram / car seats. Don't be embarrassed to borrow from people that have been through it. In my experience I'm only delighted to clear space when I know someone that will use things I have lying around.


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## so-crates (5 Jan 2018)

Definitely don't stress. If nothing else, it impinges on a couple's fertility  It doesn't all have to be done at the same time. It doesn't all have to be done at once. Put an order of priority on your list and decide what you want most, focus on that first. Give yourself time. Time and consistency build savings, there are no really dependable shortcuts on that approach. You aren't in debt now, you have savings and you have started increasing that, you have also looked at freeing up some more money by moving in together so you are doing all the right things to build up your savings.

Getting married before the baby arrives is a good idea but it isn't necessary and if you decide it is, it doesn't have to be the full shebang. You could do what friends of mine did. They wanted to be married before their baby arrived but the finances were tight and the timescales weren't any better. So they had a basic civil marriage with no frills and a meal out with just immediate family, then two years later did the full church wedding with as many frills and guests as they wanted. It depends on whether you feel the marriage itself is important or whether you want to have the full party. Just don't do what another friend did. He got married in a basic civil marriage ceremony without telling any of his family he was even thinking about it, they only found out about two months later!


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## Leper (5 Jan 2018)

Hi Tweety and Partner. You're getting much advice here on not to stress yourself etc. You have a long road ahead of you and I wonder how you will not suffer some kind of stress. It is the extent of your stress endurance leads to potential problems. You're not the first person in this position and you won't be the last.

The Bottom Line:- You need (a) Money (b) Savings Plan (c) Reduction of Expenditure. Sounds simple, but the bullet must be bitten sometime. Tease out the Bank of Mom & Dad (I kid you not). There might be something set aside for you.


How about taking a 2nd job (you and partner)? Can you work overtime in your jobs? Are you prepared to take in a "lodger" (student, etc)? Have you a hobby which you can turn into a nice little earner? Are you prepared to sell what you have and do not need e.g cd's, clothes,books, 2nd car, old bikes, etc?

I don't want to sound like the Minister for Hardship but there is no easy road ahead for you unless your lucky numbers come up at 8.00pm Saturday or Wednesday night.


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