Savings Log of a 26yr old on low pay

innovate

It's all in this thread: https://forums.moneysavingexpert.com/discussion/4690969

MoneyWaster2007

Hi, I went to Halifax re the the free £100, but id need to transfer std orders/ dd's from other providers to qualify, and with me only holding an account with Halifax, I decided it would be too much faffing about.

On the saving for a mortgage front, does anyone think it would be a better idea to spend some money on a car (for example)? Seeing as though it would take me the best part of 10 years to save up for a mortgage. Or is this just a defeatist attitude?

ampersand

Hi there mw -

Tell me I'm wrong, or do I sense a bit of 'what's the use?' fed-up-ness creeping in? A touch of summertime blues?....

You probably just need a breather from looking down what seems to be an unrelentingly long, grinding road.

Plenty of others will be here to say 'C'mon mw - you're doing so well. Don't stop now. Look at what you've achieved' and it's all true.

I'd join in[have done plenty of times before now:-)], but I don't think that's necessary. You'll NEVER go back as you were. What I'd say now is 'Remember that car ownership wasn't great for you before'.....

Have you looked at a cheap break somewhere? Do you not want to go anywhere on your own? What annual leave have you outstanding?
It feels more like time for a modest break - plenty of mse bargains about.

I've just baked a couple of cakes, a batch of pikelets, 2 beautiful loaves of bread, some lovely h-g rhubarb and ginger jam...let's pretend you're sitting outside as The One brings out a nice selection for you plus drink of your choice... Good, you're smiling.

Hang on in there mw - others in your fan club will be along to give you a boost soon.

Take heart.

rickysaving

i have just read all the pages and can say that what you have achieved is amazing. well done on the no smoking at all and moving into a better place.... i see your unsure what you would like to happen... but continue with how your going... you will soon have that deposit for a home for yourself! your never to old to get on the ladder and being early 30's... and having 8k in savings so far... well done on that... if only i could do what your doing!

currently paying off my last debt- credit card and big mistake it was but thats life and you learn from mistakes... and now i have 1500 well did have its now 1150 as i went into this during the month and again for a night out... i cant seem to get around not going into it yet which makes me think maybe im putting to much of my wage into savings to be going into it all the time.

MoneyWaster2007

Thanks ampersand, I think you're right in saying I should continue as I am. And also right about a touch of the summer blues! Got week after this booked off (first holiday this year) and just using it to relax

Rickysaving - firstly, congratulations on reading this entire thread, that's a huge achievement in itself! And secondly, thanks for the encouragement. How much are you banking each pay cheque, in %age terms (of your wage)? Perhaps you're saving too much, hence dipping into the pot. 10% of your net income is a good base to build from in terms of saving

100saving

i think its to do with withdrawal symptoms. i think we all get them sometimes? i know every 2/3 months i just get itching feeling and what to wast a little money on myself. i think its because we try and save as much as we can its a switch in the head that just needs to be satisfied now and then hens the holiday would be a good idea.

rickysaving

mw - at the moment im pushing for around 40% of my salary a month but think i will drop it to 30% still got a debt i need to pay but there's no interest being incurred on it so i feel saving (currently 2% interest) really do need to get out there and start looking for better accounts and paying abit of on that is more beneficial.

you still searching for a new job still? not long now till we all need to dig our wooly warmers out again feels like this year has gone fast.

mike88

MoneyWaster2007 wrote: »

Seeing as though it would take me the best part of 10 years to save up for a mortgage. Or is this just a defeatist attitude?

Might the government's help to buy scheme make property purchase affordable depending of course on where you live. In some areas flats/apartments can be relatively cheap.

MoneyWaster2007

rickysaving wrote: »

mw - at the moment im pushing for around 40% of my salary a month but think i will drop it to 30%

<< that's an impressive %age to save each month! I find 15% is a push.

Not sure about the help to buy scheme as heard bad things about it?? Not sure tbh..

AlwaysLearnin

MoneyWaster2007 wrote: »

On the saving for a mortgage front, does anyone think it would be a better idea to spend some money on a car (for example)? Seeing as though it would take me the best part of 10 years to save up for a mortgage.

Cars are a great way to lose money and you've worked so hard to get to this point it would be a real slip. Everyone has a rough patch at some point, esp when the goals seem so far off, but stick with it and focus on the end game, and the sense of pride and fulfilment you'll have when (not if) you get there.

Chin up.