My 50/40/10 budgeting rule helped me buy £210,000 first home

My uncle was walking past the property one day and noticed there was a for sale sign up - so he found it on Rightmove and sent it to me.The house was on sale for £220,000, but I put in a lower offer of £210,000 which was accepted - and I put down a 15% deposit for it at £31,500.My monthly repayments are £666.

By January 2020, I had about £3,000 worth of debt - which is when I decided to move out of London and live with my sister and her boyfriend in Kent.To get my finances back on track, I made loads of spreadsheets, calculating every single penny I had spent for nine months to see what I had been spending my money on - and how I could cut my spending.

I also saved £200 a month on quitting the boozy days out in London, and dinner and drinks with my friends.I put myself on a new clothes ban for all of 2020, saving me around £300, and I stopped my gym membership, saving me £40 a month - which was £480 over the year.How did you afford to furnish it?I needed to buy everything apart from a bed, so there was lots to save up for.

Both me and the sellers of the flat weren’t given a reason for the delays - and with the Covid lockdown at the beginning of 2021, the setbacks only continued.If you are a solo first time buyer, rely on your friends and family for support.

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