Savings Log of a 26yr old on low pay

snowqueen555

does rent include utility bills?

Primrose

£40 or £50 a week for a night out seems a lot to me, but I guess it doesn't take long for a few rounds of beer to mount up. I suspect that having a car will soon help you to swallow up that amount of money - you're always having to put your hand in your pocket for something unexpected so I'd recommend setting up a separate Car savings fund to cover your tax, insurance, MOT and repairs so you've always got some money to fall back on.

cashbackproblems

Primrose wrote: »

£40 or £50 a week for a night out seems a lot to me, but I guess it doesn't take long for a few rounds of beer to mount up. I suspect that having a car will soon help you to swallow up that amount of money - you're always having to put your hand in your pocket for something unexpected so I'd recommend setting up a separate Car savings fund to cover your tax, insurance, MOT and repairs so you've always got some money to fall back on.

Have you ever been on a night out?? You pay 5-20 for club entry, then minimum 25 on drinks, maybe 15-25 taxi, 5 for a kebab, usually i try keeping it under 100

jimjames

For car cost I'd agree that a fund to cover them would be a good idea.

In addition to the items you have as fixed I'd also add car tax (£10-£15 pm), MOT and servicing. Scrimping on servicing will lead to other costs and things like tyres need changing either for your own safety or to meet the MOT.

Primrose

cashbackproblems - No, I don't go for these types of nights out which I which I'm probably out of touch. But then if I'm going to have a couple of drinks, I'd rather have them at home with friends in a quieter and more relaxed atmosphere. And I've reached the ripe old age where I realise that spending that kind of money on a night out is doing a great job at lining the pockets and paying the mortgages of others, rather than doing anything for my own financial well-being. Ye Gods! £5 - £25 for Club Entry??? And that's before you've bought a single drink?? Many hard up families only have £25 a week for their entire grocery bill.

rockitup

cashbackproblems wrote: »

Have you ever been on a night out?? You pay 5-20 for club entry, then minimum 25 on drinks, maybe 15-25 taxi, 5 for a kebab, usually i try keeping it under 100

And don't forget a couple of quid for the Imodium tablets to take after eating the greasy kebab....:rotfl:

MoneyWaster2007

Primrose - yes, my rent includes all bills, so I don't have any worries on that front

In terms of setting up a seperate savings account for a car fund, I think it is simpler to just have 1 savings account - my ISA, which I can draw on each time something crops up with the car.

I agree that £40/50 for a night out is a lot of money to be wasting, but as I am a single 26 year old lad, I need to try to find myself a nice girl and my only chance to meet new girls is by going on a night out. There are no nice girls where I work, I think they have a policy against employing young attractive ladies

Primrose

Moneywaster - maybe you should start a new thread on here asking "how to meet nice young ladies without having to go clubbing and spend a small fortune to meet them".

paulw98

OP- I think you have a fantasic attitude to saving and wish you all the best.

Some people have offered ways to help you save a few pounds more such as cutting back on nights out etc, but i dont think the ammount you spend is unreasonable and you have to have some pleasures in life.

Good luck

paulw98

Primrose wrote: »

Moneywaster - maybe you should start a new thread on here asking "how to meet nice young ladies without having to go clubbing and spend a small fortune to meet them".

I try not to think how many thousands have gone that way over the years, dont regret it though