Saving to go travelling

mcalli2008

Hello, I want to save to go travelling by November this year. My financial details are as follows:

Earnings
£1700 each month after tax

Debts
£4000 left to pay on a loan for my car
£2400 credit card bill

Every month, I pay out around £820 - £370 for the car, £250 on credit card bills, and £200 on rent to my parents.. The rest is mine to do what I want with and I usually spend every penny somehow ...

I would really like to save about £8000 by November but I'm not sure if it's going to be possible? I can sell the car for around £6000 i think and I don't really need it so I'm happy to do this..

Any suggestions?

Thanks!

Robert_Sterling_3

"I usually spend every penny somehow ..."

It looks as if you not only spend every penny but you have over spent £6,200.

Have a nice trip

mcalli2008

Robert_Sterling wrote: »

"I usually spend every penny somehow ..."

It looks as if you not only spend every penny but you have over spent £6,200.

Have a nice trip

Yeah cheers for the advice, you were very helpful

thrupence

mcalli2008 wrote: »

Hello, I want to save to go travelling by November this year. My financial details are as follows:

Earnings
£1700 each month after tax

Debts
£4000 left to pay on a loan for my car
£2400 credit card bill

Every month, I pay out around £820 - £370 for the car, £250 on credit card bills, and £200 on rent to my parents.. The rest is mine to do what I want with and I usually spend every penny somehow ...

I would really like to save about £8000 by November but I'm not sure if it's going to be possible? I can sell the car for around £6000 i think and I don't really need it so I'm happy to do this..

Any suggestions?

Thanks!

Sell the car, pay off the loan and credit card. Cut up the credit card. You certainly don't need it and it's using you more than you're using it.

You're clearly a bit of a spendthrift, precious money dripping through your fingers, so to counteract this you need to become a miser and love being so. You need to learn to love saving pennies, for it to work.

Packed lunches for work and no nights out in restaurants and wine bars would be a good start.

There are much cheaper ways of enjoying yourself....:cool:

In your position and living at home you shouldn't have any problem saving £8000 by November.

Just don't spend money on stuff you don't need!!

Reaper

I suggest you repost this over on the Budgeting and Bank Accounts forum where there are many others planning similar money saving exercises.

If you haven't already then a good starting point is to make a detailed list of all your current spending to see where savings can be made. More info over on that board or in the articles on the main site such as this one.

u8h21

i was in a similiar situation not to long ago.

firstly i would read the credit card advice on this page, unfortunately credit cards take time to pay off. i spilt mine across interest free one and paid set up direct debits so it paid off the balance by the end of the free term, so just paid it monthly and saved the excess.

If you can do with out the car then get rid because the money you are saving from not running it can go towards getting rid of debts or saving to meet the total. The car loan i dotn no much about sorry, i hope this is of some help.:beer:

mcalli2008

thrupence wrote: »

Packed lunches for work and no nights out in restaurants and wine bars would be a good start.

I think this is where my problems lie, I probably spend £5 or £6 a day on lunch, and go out most weekends and spend a fortune..

Another expensive interest I have is going to gigs and festivals.. I live in Jersey so getting across to the UK for Glastonbury for example can cost me over £350 (plus spending money!)

Cheers for your advice!

abfabuk

thrupence wrote: »

Sell the car, pay off the loan and credit card. Cut up the credit card. You certainly don't need it and it's using you more than you're using it.

Definitely stop using the credit card and pay it off as fast as possible, but don't cancel the account.

If you are planning to travel in the near future then having a credit card with a good credit limit is very useful for demonstrating to foreign Immigration officers that you can support yourself whilst in their country, and for emergencies whilst abroad.

thrupence

mcalli2008 wrote: »

I think this is where my problems lie, I probably spend £5 or £6 a day on lunch, and go out most weekends and spend a fortune..

Another expensive interest I have is going to gigs and festivals.. I live in Jersey so getting across to the UK for Glastonbury for example can cost me over £350 (plus spending money!)

Cheers for your advice!

Overpriced lunches and sandwiches at work are the easiest to cut down. For the rest you need to ask yourself which will give you greater pleasure, routine weekends out or your trip in November....