Hello! Welcome to month 6 of the 40k house deposit challenge where I’m aiming to save a full deposit for a London home within 24 months. After last months report, we’re starting to build some momentum and documenting the journey has increased my focus.
If you haven’t caught up with the previous instalments, then see them below:
Why am I publishing this journey?
If you’re a new reader it might be a little confusing why I’m doing this. This is simply a way of staying on track towards my target. Accountability is important so doing this in public is my motivation to stay on track. Also, I’d like to provide some actionable advice to people in the same position as me who like me are dubious as to whether it’s possible.
Living with housemates vs living alone
I’ve spent most of the month working out my next renting situation. I need to move out of my current flat but here comes the normal dilemma of where to live next.
First thing is the cost. Higher quality housing is more expensive but of course cheaper housing means, I can save more money. However, from experience cheaper housing can often cause more headaches especially depending on the quality of your landlord.
It’s incredibly tempting to strike out alone and rent but this would probably triple the time needed to save the deposit. Living alone seems like a huge dream now. Even though it can be great living with people, the peace that living alone brings is a big goal of mine. So, this will be put on ice.
After viewing 10+ different house shares, I’m still yet to find somewhere suitable however I still have a couple of months so can afford to be somewhat picky right now. I have decided to continue sharing but slightly upgrade but have set a firm cap of £100 more than my current rent.
With the current situation in the UK we’re spending more and more time at home so makes sense to invest a little more in it. Whereas pre-2019 a young professional was only really using their living space for sleeping so I could accept a slightly lower quality of housing.
Affiliate marketing commission total- £375.80
Between the two affiliate marketing sites, they generated a total of £375.80 which highlights a promising increase from £284.95 in May. There seems to be a pattern of one site decreasing and the other increasing each month, but I’m not too worried as long as the combined totals keep growing.
Site 1 – Sleep site
The first site reviews sleep products so think of mattresses, pillows, duvets etc. Although this site seemed to be on the slide, June saw a strong uplift in commissions generated. The site tends to do better in summer so this makes sense and could signal the best time to sell the site when it’s on an upward trajectory.
Site 2 – Outdoor site
The second site is based around outdoor camping and caravan products and all the new content that was added continues to rank well. There has been a slight fall in revenue month on month but it isn’t huge and can be attributed to selling a few high ticket items in the previous month.
Investment Balance – £7,175 (+£1,990.25)
Mays investments were never going to be replicated in June as I had a fairly strong cash reserve saved up throughout the first four months of the year.
Money invested this month was is partly fuelled by the commissions generated from the affiliate sites. As the commissions grow from the site, more can be invested into the stock market. The remainder is returns generated from my stock selections and money from 9-5 work.
Total House Deposit Balance: £7,175 (+£1,990.25)
Momentum is the word that I keep mentioning and it’s becoming clearer why as I make more progress. The two affiliate sites are beginning to show they can provide passive income even beyond this savings challenge.