Rearranging my budget. Looking for some opinions

Annie_Fanny

wdamci wrote:

To be honest it has got me excited that i could have my bike sooner than i thought.

In the quote above you have said everything.

You are on a dmp but are willing to get yet another loan to cover a very expensive item...why would you do that?

Who are you doing the dmp with?

wdamci

Sorry by dmp i mean a plan i have set out myself. Its not through another company.

I know its getting more debt but i will have to do this at some point anyway as i will need transport to work. I cant wait until way next year until i save and then buy transport. I have not had a car for over 2 years now and ive missed out on shift work overtime and good projects because of this. I want to get back on the road. The original idea was to wait until id payed off the ~£700 then pass my test, then get finance for a motorbike. This will take ~6-7 months
Now i would like to incorperate the above into one loan and then i will have transport sooner. Also instead of buying a new bike for £4000 i will get the bike second hand saving money.

What i want to know is if the new budget ive planned looks a reasonable one to go by. Am i missing anything out? Should i maybe save more? etc.

Thanks
wdamci

Annie_Fanny

wdamci wrote:

Sorry by dmp i mean a plan i have set out myself. Its not through another company.

I know its getting more debt but i will have to do this at some point anyway as i will need transport to work. I cant wait until way next year until i save and then buy transport. I have not had a car for over 2 years now and ive missed out on shift work overtime and good projects because of this. I want to get back on the road. The original idea was to wait until id payed off the ~£700 then pass my test, then get finance for a motorbike. This will take ~6-7 months
Now i would like to incorperate the above into one loan and then i will have transport sooner. Also instead of buying a new bike for £4000 i will get the bike second hand saving money.

What i want to know is if the new budget ive planned looks a reasonable one to go by. Am i missing anything out? Should i maybe save more? etc.

Thanks
wdamci

Sorry to be harsh but I wanted to drive to work too but I couldn't afford and did not even entertain the idea of getting a loan to buy a car. I cycled instead or got public transport.

I think you would be off your head to get a consolidation loan to cover your current debts, motorbike course, and motorbike. What if you don't pass your test? I didn't pass my motorcycle test and I tried 4 times!! What if you lose your job?

I think you would be best to pay off your debts first. Then save up to do the motorbike course, pass, and then and ONLY then decide on a course of action to get the bike.

You are £845 pounds in debt. If you free up the following you would have an extra £170 A MONTH to throw at your debts which will get them paid off a lot quicker! Then you can put that £170 into savings for your course which will take you 3 and a bit months. Seems reasonable to me.

Internet £40 - (reduce to £20. You may like playing games at home but you can't afford it.
Savings £80 – Want to put money by for a rainy day. (Stop this you are in debt)
Fags £60 - (QUIT!)
Work meals £10 - (Make meals at home and take them to work. Almost the first rule of moneysaving!)

I think you need to wake up and smell the coffee. Asking someone to take a loan out for you is very very dangerous.

Good luck

Annie

wdamci

Ok. Ill stick to my original plan then and throw the whole bike thing on hold just now.
Was just looking for opinions

Cheers
wdamci