"How I live on a £69,500 salary while saving to buy a two-bedroom flat"

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Danny Dorito
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A project manager from London was inspired to make "radical changes" to her spending habits to save for a housing deposit, despite being on a salary of £69,500.

Change include moving into a cheaper house share, saving around £50 per month and cancelling her £150 per month gym membership, choosing to go running instead

You can read more on the story here

What do you make of this? Do you think she is really "cutting back"? Do you think this is an indicator of how hard it is to buy a house?
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drsfgdg
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I'm doing the same thing so I can buy a house at 22 (I'm 21). People should man up, work hard and stop spending money on avocado toast. There are zero excuses.

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(yeah I posted this in another thread, I'm bored lol)
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Sexybadman
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£150 for a month gym membership lmao extortion af, Man go pure gym for £15 smh. Obviously shes on Designer clothes, fancy restaurants etc. Nothing to do with it being “hard” when your living like that.
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It's****ingWOODY
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Short answer - live like you're on 20k a year.
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Fullofsurprises
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Did she give up avocados?
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discobish
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She's on 70K...

A better article title would be "How I'm saving for a 2-bed flat on an 18K salary" :laugh:
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Drewski
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(Original post by Danny Dorito)
What do you make of this?
That she's an idiot with a *****y quality of life, flogging herself to scrape by when she could live in any other major city of the UK and buy a house instantly.
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TimmonaPortella
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(Original post by discobish)
A better article title would be "How I'm saving for a 2-bed flat on an 18K salary" :laugh:
Short article.

'I'm not'.
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rockrunride
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"Give up avocados" if you've got a remote hope of making your target in the near future, don't bother if you haven't, but equally don't whine to the Guardian about it.
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LavenderBlueSky88
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Its all relative, she earns more but a 2 bed flat where she’s living probably costs waaay more than a 3 bed house that I’m saving for. So yeah I think it all makes sense. I don’t believe in giving up EVERYTHING to save for a house, some people don’t go on holidays for years and never have nights out just to save a bit more - I’d rather just enjoy my life, could be dead tomorrow you know.
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Puddles the Monkey
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I'm slightly confused because the average price of a flat in London was ~£430k in Jan 2018 according to google but she is spending £380k? :confused: Is that realistic?

Don't understand houses :moon:

Also: someone earning over double the average salary in London can't get a mortgage for a flat? Sad times.
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Dysf(x)al
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Wait £375 for holidays and £350 for food shopping per month? And that's after cutting back? Those budgets could probably sustain an entire family.
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Stiff Little Fingers
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I'm gonna go with quite easily, unless you're woefully financially incompetent, given she's on 2.5x average national salary...
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moonkatt
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I could live like a ****ing king on her salary
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Axiomasher
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She'd live like a millionaire in Gateshead, sorta.
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Toki the Dumdum
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(Original post by Puddles the Monkey)
I'm slightly confused because the average price of a flat in London was ~£430k in Jan 2018 according to google but she is spending £380k? :confused: Is that realistic?

Don't understand houses :moon:
Yeah..? :confused: Why wouldn't it be? 380k isn't far below 430k..

Also: someone earning over double the average salary in London can't get a mortgage for a flat? Sad times.
She is living a very, very tidy life. I mean 4.5k a year on holidaying says it all. And she's not going to not be able to save the deposit anyway? Last paragraph says she's close to her target.
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Fullofsurprises
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(Original post by Puddles the Monkey)

Also: someone earning over double the average salary in London can't get a mortgage for a flat? Sad times.
If you are single, you will struggle. On a salary of £60K, you might be able to get a mortgage offer of 3.5 times that (some offer bigger multiples, but they tend to be bad products in other ways), £210K. So to get a starter flat anywhere inside the circular roads, you will need at minimum around £150K as a deposit, which is beyond most people without large sums available or the ability to borrow/receive substantial help from parents, etc.

A lot of the property in London is only really available to professional high earning couples with joint salaries in the £150K range, or to people with access to substantial loans/gifts from parents who have large properties in the SE of England or in London, or to overseas investors.
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TheYearNiner
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Thegym is 12.99 a month for me so she's on drugs.

She's one of those people that buy a £200 wallet to keep £2 inside it.

Remember guys buy a £2 wallet to keep £198 in it.
Dont take that too literal but follow that mindset!
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MrBroadbandings
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why would one be so eage to buy a house
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iElvendork
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Refinery29 do weekly 'money diaries'
More normal people who earn normal salaries recording what they spend for a week - I find them really interesting!
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