Advise please :)

NGlady

Quite possibly not the right place to post. BUT I have been reading these threads for a long time now and its made me appreciate how important looking after the finances early in life are (im early 20's) I do have a very small amount of debt, which I want to transfer to a 0% credit card but I have to wait until iv been working more than three weeks I would guess!

I would like to ask Below is my list of expenditure, I am earning (approximatly havnt had first payslip yet so might be slightly wrong either side) £1000 per month.

Things I have to pay out are:

1. £130 board
2. £80 buses to work
3. £50 eating at work
4. £150 debt repayments (basic). I owe around £800. but its confusing. I put £700 worth of debt onto my halifax card for my parents to help them out, back in sept 08!! And we've been payin the minimum payment since, and theres a few things i've added on through being out of work :S so on my halifax card theres £1200 and virgin theres £250. I am also earning commision so its my intention to throw my commision of around 400 per month onto my debt as and when.

So this leaves me £590 - Out of this, I am not a big clubber etc, but I do enjoy (who doesnt tho!) a good shop I always argue I dont spent £60 a weekend on a hangover so I deserve my nice clothes instead... what would you say "save" to and what would you put in your "treat" fund. I am wanting to save up for a car and insurance, not in any major rush though and also £500 inc spending money for a hol in nov

Sorry all this in comparison to a lot of the threads on here seems daft in comparison I just want to learn early


Any help?

Thanks

savingwannabe

£150 spending. Save the rest? Also you could take sandwiches to work and that will mean you can spend or save more?

I am not very good but this is what i have been trying to do and i have saved much more than usual since i joined MSE. So welcome and good luck.

:j

NGlady

WOW £150 spending money, now THAT is a challange I think I might try Yep that was my intention, have £2.50 each day for work and whatever isn't spent goes into a pot for anytimes I go over on my spends, or I see something I want/need extra or something.

I currently - not like I have more than a few quid at the moment, damn starting new jobs!! - just keep my savings in a seperate current account if im saving approx £300 per month but want easy access to it without a long term investment and minimum risk any ideas where I could put this money?

josephine82

If I were you, I would go through that £590 left over and allocate it towards the things that you need, every month

i.e
clothes £50
holiday fund £75
presents/haircuts/toiletries etc £15
extra debt repayments £200
savings £100

leaving you £150 a month spends.

Its just an example but I find it makes it much easier to split things up, give yourself a budget, and learn to stick to it. I really wish I had set up a budget years ago- you will get into the habit of paying off your debts, saving, and then you will have a nice little budget to play with when you finally move out, get a car etc and have to pay all the extra stuff that goes with it.

re; bank accounts- most banks should have an easy access saver account that allows you flexibility of saving with no penalties.

good luck!

Idiophreak

If I'm reading this right, you have around £1450 of debt and around £600/month to spare.

So, just paying minimums (£150/month) in three months the debt should be down to £1000odd - so it seems *definitely* doable in three months, still leaving you £250/month to spend. So that will be (say) June, July and August sorted. So in September you can save the £500 for your holiday, plus have your £250 to spend still..And from October onwards you'll have £750/month to fritter away as you see fit...And all of that's ignoring your commission..

Be aggressive, get the debt knocked on the head ASAP and you'll be much happier spending your own money come Christmas.

savingwannabe

Hello i dont know much. Maybe Idiophreak's advice was good and Josephine's, Pay off debts first, and then enjoy your hols?

Goodluck poppet.