Welcome to the first savings deposit report for Q2. The goal remains the same to save a £40,000 deposit for my first home in London. Being a single renter has made it harder but the goal is still clear and hopefully you can join along for the ride and also perhaps get the inspiration to do this for yourselves.

If you haven’t caught up with the previous instalments, then see them below:

Challenge Intro
Update 1
Update 2
Update 3

Why am I publishing this journey?

For any new readers, this series is a way to track stay accountable towards the goal of saving a £40,000 deposit for my first London property. There currently isn’t any actionable content out there which shows how it can be done with a regular 9-5 job as a single renter, until now.

Monthly updates

Second Job Hunt

In the UK, it’s been well documented that there’s a shortage of applicants for jobs in hospitality and retail mainly due to there being a huge shift in people moving out of these careers over the last year.

I’ve been exploring the viability of taking up one of these roles whether it be a few evenings a week or over the weekend. This will allow me to make £500-£700 extra each month to put towards the house deposit.

I’m not new to working in retail jobs with it being a key part of my university and college life and did a stint after graduating and enjoyed the physical nature of the jobs.

For now, I’ve decided to hold off on this not only because I’d like to continue searching for viable passive income streams but also personally I wouldn’t like to stop a person who needs an income from getting a role.

Also, the time you spend in a second role could be spent improving your main career and building new skills to move to the next step and increasing your main salary.

Valuing Time & Health Over Savings

Another musing I’ve had over the month is the thin line between cutting back on expenses without it being a detriment to your overall wellbeing. For example, is it worth saving on a £1.50 bus journey which would be a 45-minute walk when that £1.50 won’t have a large impact on the huge deposit goal.

It’s about looking at the bigger picture because this is a long challenge so small amounts of spending will keep me motivated and still enjoying life.

Monthly Results

Affiliate marketing – £284.95

Between the two affiliate marketing sites, they generated a total of £284.95 which is consistent performance month to month. I’m not too worried about there being no growth because it being static shows that it’s staying consistent and wasn’t a fluke month.

Site 1 – Sleep site

The first site reviews sleep products so think of mattresses, pillows, duvets etc. This site continues to be on the slide with the revenue falling by almost half. For the next couple of months, it’ll be all hands on deck trying to revive the site and bring it back to the previous months level.

Revenue: £50.83

Site 2 – Outdoor site

The second site is based around outdoor camping and caravan product and I’m currently still adding new content to the site to increase the visitor numbers.

Revenue: £234.12

This site looks to be the clear winner between the two with another month on month increase.

Investment Balance – £1603.20 (+£309.53)

The main goal I have is to ensure I’m consistently adding a minimum of £250 to the investment account. Including the cumulative returns, this increased by £309.53 in total.

Total House Deposit Balance: £1603.20 (+£309.53)

Closing

Overall I’m happy with the month. It’s clear that I may need to sell the sites to ensure I stay on pace with the £1,666 required to save each month. With this in mind, from now on I will not be investing any more money into building the websites and use this remaining money for the stock market.

Over the coming months, I plan to be more aggressive with my investments and increase the monthly inputs instead of keeping the money in my savings accounts.


0 Comments

Leave a Reply

Avatar placeholder

Your email address will not be published. Required fields are marked *