We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Rent out or save then buy outright?
Options
Comments
-
always_sunny wrote: »It doesn't... I am puzzled. If net, £24.5k/12=£2041, so basically you'd live off overtime? If gross, must be hell of a overtime!
If you're on a secured income that is eligible for a mortgage, interest rates are so low that makes more sense. You'd be mortgage free in your early 40's.
You can always extinguish the mortgage quicker if you have the spare dough.
You mention gambling and owe £11k, I hope these two are not related and if they are best first of all to get into a saving discipline!
I get about £900 a month overtime after tax so about £2500 a month, I have no outgoings other than the debt ill be clearing that will be cleared within 6 months tho.
I think I maybe thinking to far ahead, best to clear my debt first then get into good saving habits. even if I allowed myself £1000 spending money a month I'd still be able to save £1500. I feel like living at home means the worlds my oyster and I should fully utilise the time im leaving here rent/board free
0 -
If you can save £2k a month, then I would put £1800 a month into a savings account, and just keep saving for a few years. This will leave your options open for whatever you want to do with your life.
22 is too young to decide these things, so if your parents are happy to have you at home, and you are happy living there, then stay.
The other £200 left over you should save separately and go on holiday or something!
I sympathise with your working hours. I used to work 10pm - 6am nightshift Monday to Friday, then often worked 6pm - 6am nights at the weekend too, so anti-social hours and no time to go out! But it did mean I could easily save for a house deposit!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Work yourself into an early grave more like! :PFarcasting wrote: »my normal week is 37.5 hours I work 68 hours a week usually0 -
Light Bulb Moment ?
You earn about £2,500 home each month and have debts of £11,000 at 22 OMG
Time to stop wasting your hard earned money and clear your debts.
Don,t even think about buying a place of your own until you have cleared all your debts and saved a good deposit+ money for other costs.
Only you can do this0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards