Well, we're almost halfway through November so I thought it was time for an October update.
Let's recap
We are saving up for a downpayment on our future homestead. In September we managed to add DKK 12,205.10 to our account, giving us a new total of DKK 183,160.00 and we had a stretch goal of 5000 for October but would be happy with 3000.
Our new goal for the year was to hit 190k.
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What happened in October?
I think we did well. We managed to sock away 4491 DKK. It would have been nice to get to the full 5k, but it was a lot better than the 3k our initial budget allowed for.
That brought our total up to 187,651 DKK
We are tightening things up left and right these days and hoping to save money on a lot of things going forward.
Goals for November,
With Christmas coming up, we have decided to limit our saving for the next two months. We have plenty of money for Christmas in our savings, but we want to see if we can cash flow it out of my husband's income in November and December. We do however want to make sure we reach our goal of 190k, so we will see if we can make that happen this month and then leave the rest of what would have been saved for Christmas. Our plan is to put anything left over after Christmas in the savings account as soon as my husband gets his January paycheck.
We will also have to take a look at what our goal for 2018 will be savings-wise. I'm thinking 250k is a nice number, but I'm afraid the budget will tell us that 230k is more realistic as our income is much lower now. This will be a topic for next month's update.
Looks like good progress.
What is the total amount needed for the downpayment on the homestead?
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That would depend very much on where we settle. We technically only need 5% of the total price in cash. Our bank is encouraging us to have 22,5% thus avoiding a pricy bank loan since you can only mortgage 80% here.
Back home we would need about 200k, anywhere else, about 400+k.
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Great work on the savings! Sounds like you'll make your savings.
Christmas is always ultra cheap here - small family so not many gifts to buy, and I usually do lots of little presents rather than expensive ones. Also, my husband grew up on a muslim household so doesn't really do Christmas - that helps. We still do all the decorations, Christmas meal and have our Christmas party but it sure keeps the expenses down!
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We keep expenses down too but have a large family (husband has 3 brothers, just to begin with). Most of our expenses are gifts and travel. I often wish we could do fewer gifts, but people are not up for it. At least we've limited the budget to 100DKK per person. That means we have to join with others to get gifts as you can rarely get anything meaningful for 100DKK.
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GREAT progress!
Every little bit saved helps.
Christmas funded? Well, do some degree. We usually give gifts of the homemade way. Since I started making soap, castile oil, lotion, etc. and all my preserved goods. I have that part wrapped up so to speak.
As for 'buying gifts"... still working on that part.
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If only our family would appreciate such gifts. We only have to buy a few gifts each year as we team up with my husband's brothers, but they are expensive, usually 400 DKK /gift
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We do not really have a Christmas fund here, as we are putting what we can into the small house and then into our Aircrete homes. We will do a Christmas dinner and some small things for the grandkids but nothing big. To us getting our homes and other stuff is more important than just about anything else. Great job on the saving.
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That's a really good prioritization if you ask me.
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Thanks! We just try to do what we can a little at a time, just like everyone else. Getting the houses done was more important than a movie or game. We are trying to get them done so we can maybe have the other things later. Building supplies are expensive and tools, My miter saw burned up on me a month or so ago and we have not even spent money on that, the old hand saw works just as good. LOL
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Good luck with your saving fund.
Even if you don't manage the goal every month it is the long run that counts!
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It sure is. We've had months way under and moths way over, it evens out. Because of our overall income going down some, we had to readjust our goal, but we are only 'down' by 10k, so that's not bad so far.
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