July 2016: House Buying Savings Update

29th July 2016
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This is our first update on our progress on saving money to buy our first house since we announced it last month here.

House Buying

Since its the first month of building our savings we have had to adjust our family budget to meet our monthly savings goal.

Here is what we have saved so far , our target is £34 500

Month £s Saved This Month Total Saved So Far Family Reward 
 Starting Savings

July 2016

 £11500  

£605  

 £11500

£12105

 

 

How We Reduced Our Grocery Shopping To Save Money.

So this month we managed to save £605 it feels great but we had to reduce the amount we spend on grocery shopping. We have been using some of the tips I mentioned on this post how to save money on grocery.

We now plan our meals for the week. This has reduced our grocery shopping a lot as we now only shop whats on our menu and we go grocery shopping with a list always

We are also learning more for example we are watching Eat Well For Less which is a BBC One TV Series it is currently being shown on Wednesdays between 8pm and 9 pm.

It’s a great TV series where the presenters helps families reduce money on grocery shopping and show them low cost healthy meal recipes.

We enjoy watching this TV series and I would encourage you to watch it if you are trying to reduce your food grocery bill.

We will keep educating ourselves on and we will be posting tips and advice along the way.

Family Reward

You might have noticed family reward along the columns of the table above and wondered what it’s all about.

We plan to reward ourselves along our journey of saving money to buy our house.

Since it’s a 4 year savings goal we plan to give ourselves small rewards after a certain period of saving money.

We are still to decide on time scale of these rewards and we will let you know.

6 Reasons Why Reward We Ourselves

1. Rewards will keep us motivated

2. Rewarding ourselves will help us bond together as a family knowing we are working toward the same goal as a team.

3. Rewards will make us forget the things we are cutting to save money for the house.

4. Rewards will are a reminder that saving money for our house works as we look forward to the rewards.

5. Reward will help us staying focused on our saving goal.

6. We are likely save more money with incentives.

Looking forward to giving you next month update of our savings?

Over to you…

Do you give yourselves rewards for saving money or for reaching certain milestones in your savings goals?


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  September 2016 House Buying Savings Update
  October 2016 House Buying Savings Update
  November 2016 House Saving Update
  December 2016 House Saving Update

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