21 with 6k, what shall I do with it?

iainmay

BrookesAndrew wrote: »

Yeah I know that you need a lot of money to buy a house!

My goal is to get to £10000 and then see where I am then. Traveling does sound really good but I just don't want to come home from traveling for a year and have nothing to show for it and have to start saving all over again when I am say 24-25!

Then save up 20k spend 10 and leave the rest as a return fund. Finding a job quickly will mean you wont eat into it and still have a decent lump towards a house deposit.

I wish I had done that in my 20's, I am now 42 and planning to do just this next year.

[Deleted User]

You don't have to travel for a year you know.. a few months can give you a pretty good experience. Go interrailing or something while we're still in the EU.

BrookesAndrew

Thank you for all the comments. My plan is just to try and keep saving until I get to £10,000. £6000 still doesn't seem like a lot to me but I feel £10,000 is quite a good amount of money for someone of my age.

I see the point about a car, I did have a VW Polo on finance which I got last year and earlier on this year I traded it in and got my self a VW Golf on finance which is costing me £312 a month. Now I look back it I do wish I kept my Polo because it was only £173 a month and a lot cheaper which meant I was able to save more every month. I do get a lot of use out of my car and I do really like it but I have learn't my lesson!

Travelling does seem like a good idea and definitely something I am going to consider but as I said my main goal is to get to £10,000. I am able to save quite a lot of money every month and able to do overtime so would love to try and have £10,000 by Christmas!

As I said thanks for all the suggestions!

xylophone

As I said thanks for all the suggestions!

Why have you not joined the company pension scheme?

BrookesAndrew

xylophone wrote: »

Why have you not joined the company pension scheme?

I haven't really looked into it. It is something I am going to look into today though and start contributing.

tara747

EdGasket wrote: »

I never travelled much and don't regret it. Seems overated to me. You nearly always end up getting ill; it costs a fortune; and pesky foreigners keep trying to scam you out of your holiday money. No thanks.

How sad that this is your view of travelling.

BrookesAndrew wrote: »

Yeah I see everyone's point about travelling and seeing the world and having nice experiences. I suppose its what you are into. I do have a brand new car which I have got on finance so I suppose that is my enjoyment at the moment. I do a lot of things in my car.

It's all about priorities. Me, I have plenty of savings (see my sig) but I still travel quite a lot. Paying £312 a month for a new car on finance is a LOT of money. Can you get rid (if you want to) and get a cheaper car?


And definitely join that pension scheme

BrookesAndrew

tara747 wrote: »

How sad that this is your view of travelling.






It's all about priorities. Me, I have plenty of savings (see my sig) but I still travel quite a lot. Paying £312 a month for a new car on finance is a LOT of money. Can you get rid (if you want to) and get a cheaper car?


And definitely join that pension scheme

WOW, very impressed by your savings! That is certainly a lot of money and well done for saving that. That is something I would love to have one day

Yeah I know its a lot of money to be paying but I do use my car a lot and its a very nice car, VW Golf 1.4 Turbo My car is my biggest expense, I pay £20 a month to Giff Gaff for my phone and also pay £366 rent to my Mum. I usually have about £1000 every month to put away at the moment.

Yeah I will definitely look into the pension!

tara747

BrookesAndrew wrote: »

WOW, very impressed by your savings! That is certainly a lot of money and well done for saving that. That is something I would love to have one day

Yeah I know its a lot of money to be paying but I do use my car a lot and its a very nice car, VW Golf 1.4 Turbo My car is my biggest expense, I pay £20 a month to Giff Gaff for my phone and also pay £366 rent to my Mum. I usually have about £1000 every month to put away at the moment.

Yeah I will definitely look into the pension!

Cars don't impress me, nor do I see them as 'defining' the person who drives them :rotfl:


I just see them as depreciating money pits - not status symbols.


BUT if it is worth £312 a month (plus tax, insurance, depreciation, maintenance etc) to you, then fair enough. We each make our own choices.


With regard to spending choices, have you tried the Demotivator on this site? It's a great tool.


http://www.moneysavingexpert.com/shopping/demotivator/


According to this, you spend £3,744 a year on car payments. Assuming a £25,000 salary, this works out at 11.6 weeks a year just to pay your car loan. On an £18,000 salary, it's 16.1 weeks a year. :eek:


Have you thought of paying off your car loan with your savings? What's the interest rate on the loan (and what's the interest rate on your savings)?

atush

EdGasket wrote: »

I never travelled much and don't regret it. Seems overated to me. You nearly always end up getting ill; it costs a fortune; and pesky foreigners keep trying to scam you out of your holiday money. No thanks.

How can something be over rated if you havent done it?

Most of my family has never left the usa (even for a holiday). I am now living in my 5th country and have visited countless others.

atush

BrookesAndrew wrote: »

I haven't joined the company pension. I haven't really thought about joining it but I guess I should look into it now while I am young.

Yeah I see everyone's point about travelling and seeing the world and having nice experiences. I suppose its what you are into. I do have a brand new car which I have got on finance so I suppose that is my enjoyment at the moment. I do a lot of things in my car.

Well no travelling until you join the company pension.

How much will they put in each month? Do you realise you have been throwing this money away each month?

Join it today, call HR and start the ball rolling.