When you become a parent, financial and money matters that you hadn’t really take into consideration can often come to the front of your mind as you start to plan (and often worry!) about your future.
I’ve always been quite conscious when it comes to money and was brought up to appreciate the worth of it. My brothers and I were always encouraged to save up our pocket money in order to buy things that were out of our reach at the time. I remember saving up to buy each new Sims game that came out and all the expansion packs. I was a little obsessed!
In the past, probably the biggest thing I’ve ever had to save up to put money towards was my wedding two and a half years ago. My parents, bless them, provided the bulk of the budget but Rob and I saved up some extra money to put towards it and also saved up for our honeymoon that we were planning on going on a couple months after the wedding. Unfortunately, this also coincided with us moving in together into a (very) expensive flat in London…
Saving proved to be difficult on a entry level salary in my fashion head office job and paying out £1,200 in rent before bills! We had to seriously budget and often found ourselves surviving on the old cliched classic, beans on toast. Scrambled eggs on toast if we were feeling adventurous. We used my Royal Bank of Scotland savings account I already had set up and tried to put as much as we could afford in every month for a year. If I could go back and talk to my younger self, I’d probably tell myself that I didn’t need the £55 a month gym membership or to go out for dinner or drinks at least once or twice a week but it’s easy to get caught up in the social scene in your early 20s, living in London.
At the moment, we are living in military marriage quarters in Portsmouth and are looking to save for a house deposit for when we settle back in Scotland and buy our first house. It is such a scary thing for me because I’m used to moving around. The thought of committing to one house, in terms of buying it, is a bit of a thought! These days the prices of houses can be astronomical in some areas and unfortunately I am (un)lucky enough to be from one of those areas. We will be looking to buy a house in Aberdeen, Scotland, in roughly 4 years time and will need to have a pretty decent deposit saved up in order to hopefully make that dream come true.
I love a spreadsheet and my job involves using them on a daily basis but I’ve been super lazy in sorting out a budget one for us to use to manage our savings. I have one set up from when I managed our budget before having Isla but I haven’t updated it since then. Luckily I’ve now come across the RBS Budget Calculator which is a super easy way of listing all your outgoings for the month and seeing where you stand money wise for saving. As I have been on maternity leave, the amount we have been saving isn’t as high as we would like but that will change after I start my new job next week. Operation saving will step up a gear! As I am a RBS customer, I’ve also been able to set up a savings goal using the Savings Goal Tool which I think will help us be able to picture our deposit goal and make sure we’re on the right track towards it. If you are also a customer with them, I’d definitely recommend you check it out, very useful!
(An example of a savings goal)
Looking into the future, we hope to have another two children which will dramatically increase our outgoings. We want to be able to give all our future children as much as we give to Isla. It’s all about keeping it equal! I’d like to be able to send them all to private school when they are older which will be a huge expense in itself. We would also like to be able to go on family holidays, travelling all over the place and exposing our children to different cultures so they can appreciate the world they live in. With this in mind, it is important that we keep on top of our finances and continue to save for the future so that goals such as this are more attainable. It’s a good thing I’m starting a new job next week with all this saving we’re going to have to be doing! The Royal Bank of Scotland are saying goodbye to unfair banking and introductory teaser rates. Savings accounts are now simpler, easier to understand and existing customers are treated as well as new customers are. In my book that’s very good customer service and I am happy to say I have banked with them all my financial life and have had no problems whatsoever. To find out more, click here.
What’s the biggest thing you have ever saved for? I’d love to hear your stories! * I’m working with RBS on this project and have been compensated. As always though, all opinions are my own.
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A twenty-something, full time working, mum of two, with a love for all things cat, cacti and scandi related.