Time to save but I don't know where the start?!

somethingcorporate

How much was the car loan for?

You earn <£10k a year and spent a lot of money on the car no doubt. If you could clear the finance and buy a cheaper car you'll help your saving no end. £160 a month over 4 years is £6k you're going to be missing out on.

atush

I agree that you should save by standing order, at least half of what you plan to save each month, and the rest in an easy access acct. give yourself a cash allowance and that is what you can spend per month.

but my BEST advice is to get a better job with more hours and not a 0 hour contract. They are out there, so go compete with those emigrating here to get one. Keep working where you are until you get one.

With 2 weeks off per month you have the time to look. You have some computer skills (you are here after all lol). Go to the local job center if you need help with a CV etc and see if they have any free training.

savingmummy

Alleygator wrote: »

Thank you for your advice! It's all a bit daunting at the moment haha.
Very managed to reel me in with 10% off and buy now pay nothing for 12 months!

This is what they do - I`m currently becoming debtfree AGAIN after being sucked in AGAIN!!


My best advice is once you`ve paid it off CLOSE YOUR ACCOUNT!
I had one catalogue in 2006 and then caught the bug and had another and another then by the time I realised it was not fun anymore I had 9 accounts become debtfree in 2010.
THEN they sucked me in AGAIN last year, and here I am today `almost` debtfree.


I totally agree if you want something save for it.
If you`ve not got the money, then you can`t have it

Alleygator

atush wrote: »

I agree that you should save by standing order, at least half of what you plan to save each month, and the rest in an easy access acct. give yourself a cash allowance and that is what you can spend per month.

but my BEST advice is to get a better job with more hours and not a 0 hour contract. They are out there, so go compete with those emigrating here to get one. Keep working where you are until you get one.

With 2 weeks off per month you have the time to look. You have some computer skills (you are here after all lol). Go to the local job center if you need help with a CV etc and see if they have any free training.

I'm constantly applying for new jobs all the time, I don't like not working as I've had a job (either voluntary or paid) since I was 14. I think the problem I have is that I love my job a lot, I look after one client permanently and I've been accepted into his family with open arms and think of them as my second family. Unfortunately due to circumstances I just can't get any more hours with them.
I think I will start transferring my savings into another account like that and give the card to my mum to look after so I won't be tempted to touch it! Thank you for your help

Alleygator

somethingcorporate wrote: »

How much was the car loan for?

You earn <£10k a year and spent a lot of money on the car no doubt. If you could clear the finance and buy a cheaper car you'll help your saving no end. £160 a month over 4 years is £6k you're going to be missing out on.

My car is my biggest expense, it's a 14 plate and I didn't pay any deposit for it that's why the monthly payments are quite high. It's kind of like a lease hire (can't remember the exact name for it) so at the end of the 4 years I can pay some extra money and keep it or I can trade it in and get money off another lease hire. I liked the idea because if any goes wrong with it I can call them up and they'll fix it free or charge and obviously with my own car I'd have to grok out for it myself

Alleygator

savingmummy wrote: »

This is what they do - I`m currently becoming debtfree AGAIN after being sucked in AGAIN!!


My best advice is once you`ve paid it off CLOSE YOUR ACCOUNT!
I had one catalogue in 2006 and then caught the bug and had another and another then by the time I realised it was not fun anymore I had 9 accounts become debtfree in 2010.
THEN they sucked me in AGAIN last year, and here I am today `almost` debtfree.


I totally agree if you want something save for it.
If you`ve not got the money, then you can`t have it

I can't wait to get it paid off so I can politely tell them where to go haha. It just seems so easy and problem free when you first buy but then you have to actually pay it off... Good on you! Good luck with everything and thank you for your advice!

pjread

Thing with Very is they can be ok but 1/ interest is high if you ever have to pay it and 2/ a lot of items seem to be overpriced (so the 0% credit might be handy, but the price is perhaps 20% higher to start with so is a false economy...)

Sounds obvious but basically I'd suggest you check you can't buy the same item elsewhere cheaper before using them.

Personally I have no issues with carrying debt at 0% but I'd just say play it sensibly (e.g. keep the cash aside to clear the debt, so it's earning you a little interest and is there if you need to pay off the credit)

BTW £40 phone bill sounds a bit high, £960 over 2 years, don't know your usage but I'd guess you got a fairly decent handset. just suggest "running the numbers" next March on going for a sim only and buying a handset outright if you need/want a new one. usually works out cheaper.