Savings Log of a 26yr old on low pay

linz

Excellent news about your payrise Now what you could do is save the extra pound an hour or if you want little treats now and again you could always save half of it. I'm planning to save the rise i'm due next month (what you've never had you don't miss etc) but a compromise could be to save half if you think all of it might be too drastic.

edinburgher

The hourly rate is £7.28 so that's a bit better than the £6.25 I was on.

15%? payrise? Well done mate - you'll be coining it in

MoneyWaster2007

I dont think I will earn much extra because when i get paid from the agency that i am currently employed by, they claim my tax back against my expenses, so in other words I dont pay any tax. Apparently this is legal as I have spoken to ACAS about it.

So when I convert from a temp to a permanent member of staff i will then start paying tax on my earnings. Thusly the extra quid per hour will probably be eaten up by tax.

Been thinking about getting a car as i am sick of relying on people to take me to and from work. However i soon thought again about this idea as i dont earn nearly enough to pay for petrol, insurance, any possible breakdowns...

...had to buy a new jacket this weekend and it cost me 70 bloody quid, but it was something i needed and my overtime paid for it. Then i gave my sister 20 quid for free as she was really skint, so all that overtime i did last week is all but gone

malik999

£7.28 is still too low. How many interviews have you had in the past 2 or 3 weeks. Did they give you feedback as to why you were unsuccessful?

jojo90_2

good luck... you've made me feel like a bit of a nob spending my way through life... I'll take on board some inspiration .

linz

How you getting on Moneywaster??

linz

Wow, very impressive Savings Dave, you are a real inspiration. Fantastic what you've achieved.

MoneyWaster2007

Hey savings Dave that is well impressive! Not sure if I will get that far though...

...I bought myself a car the other day. It cost me £450, has 12 months mot, 66k on the clock and seems to be in good condition. It's only an 'N' reg VW Polo, but is ideal for the commute to work and means I no longer have to rely on people for lifts. The engine is only a 1.4L aswell, meaning it should only cost between £10 - 15 per week which isn't too bad.

So, now that I have a car I wont be able to save as much.

Tomorrow I will get paid my final wage from the agency plus 10 days accrued holiday so hopefully I will have a small amount left out of that to save.

Got car tax to pay at the end of this month which will be £70 for 6 months.

Working Saturday on a cash job so should get around about £60 for that

Primrose

Hope your car gives you a lot of pleasure and makes your life easier. One warning though - cars certainly have the habit of gobbling up cash, often at unexpected and inconvenient times, so you may want to consider setting up a separate car savings fund in which you put away every month a budgeted amount for car tax, insurance, MOT, servicing and unexpected repairs. Divide your total outlay by 12 and allocate that amount every month. It make give you some peace of mind to know that there'll be some money put away when the regular big bills start coming in. I've been doing this for my car every since I've been driving and I can't tell you how often having that money tucked away has made life easier. Having a car break down on you is bad enough but at least if you know there's some money in the bank to get it sorted out, it's a big stress reliever.

snowqueen555

Keep posting, nice read!