The "Save 12k in 2017" Thread!

slowlyfading

Spreadsheet updated

darkidoe

CrabbitDutchie wrote: »

Hi,

number 46 checking in and reporting £1090 for July.

Had an unxpected car repair (in hindsight totally should have been expected) with the windscreen wiper motor which had been temperamental for a few months finally giving up the ghost. It's my boyfriend's car, but as I drive it much more than he does at the moment I paid for it. Bought the replacement part and did it myself. What the internet reckons should have been a 45 minute job took me 2 days due to various seized parts and 2 extra trip to the shops for a bearing puller and machine screws (had to drill through the old ones). At almost £150 all in I'm not sure I saved much by doing it myself, but the sense of satisfaction was worth it!

I haven't got a car but would love to own one for some freedom of travel but still struggling with justifying it. The cost of maintenance of a car is such a drag on savings that's after the estimated 3-4k hit straight off the bat for the cost of a second hand car, insurance and fuel for the year. Even used cars can be costly due to fuel costs. I wonder how much do people spend on driving each year?? I would imagine at least £500-£1000 for insurance, £1000++ for petrol?

Westie983

Payday came early this month, as today falls on a weekend...

So I have paid all of the my Virgin Regular Savers, (picked up the newest issue this week)
First Direct, Santander and Ford are due out on Monday, (but same figure each month)

I have also moved money around to all the right places ready for some bills due out on the 25th and the rest on the 1st (split, as I get payments throughout the month, and want bills paid as soon as possible, so I know what I have to spend on me)

HSBC regular saver matured this month, and I'm going to reopen another one next month, skipping an August maturity and I have two Virgins maturing next August so, this way its staggered one every month, and sometimes two... (**if Virgin continue with these issues I'm sure I will pass August 2018 maturity date.)

This works for me, as the next maturing Regular Saver (First Direct) will go toward paying the remainder of my holiday deposit, for my Christmas break and clear my Halifax Clarity card ready for when I go, (I have also opened a Starling, and Monzo card this month, so be good to see how they compare, so I will top up (with apple pay for the incentives) with some of maturing funds)

So this month I am declaring......

£3725

Westie983

RichyRich

Late declaration for July.

Balance a.a. 31 July: £20,594.31
Beginning balance: £12,976.79
Saved year to end July: £7,614.32

Still to save: £4,385.48

I fear that this is not going to be achieved, primarily due to my strategy of using windfalls (like my SLC refund) towards the mortgage as opposed to my savings, but also now as it transpires that we need to instruct a solicitor in respect of something and I now need to lodge £1,200 with him, which will be coming out of my savings. The good thing is that, because I've been saving, I have the money!

I still propose to keep track of where I get to, but I'd be extremely surprised if it's £12k.

Wanna_Bee_Free

darkidoe wrote: »

I haven't got a car but would love to own one for some freedom of travel but still struggling with justifying it. The cost of maintenance of a car is such a drag on savings that's after the estimated 3-4k hit straight off the bat for the cost of a second hand car, insurance and fuel for the year. Even used cars can be costly due to fuel costs. I wonder how much do people spend on driving each year?? I would imagine at least £500-£1000 for insurance, £1000++ for petrol?

I had a cheap car and lots of no claims bonus and still spent c£100 a month keeping it going without expensive repairs and petrol. By the time you paid tax, mot, car insurance, servicing, which I skimped on at this stage, and finally a car paking permit as I live in London. Then there is screen wash, breakdown cover, furry dice, cleaning products, tyres etc. But driving that car put a smile on my face. When it went to the big white repair garage in the sky I decided enough was enough.

Wentthedaywell?

darkidoe wrote: »

I haven't got a car but would love to own one for some freedom of travel but still struggling with justifying it. The cost of maintenance of a car is such a drag on savings that's after the estimated 3-4k hit straight off the bat for the cost of a second hand car, insurance and fuel for the year. Even used cars can be costly due to fuel costs. I wonder how much do people spend on driving each year?? I would imagine at least £500-£1000 for insurance, £1000++ for petrol?

I have a small hatchback and I budget £600 a year for insurance, road tax, breakdown cover, servicing and MOT. I spend £40 pm on petrol, but get a chunk back off expenses. That doesn't allow for depreciation or a replacement sinking fund, or any one-off expenses though.

I'm do low mileage - my 10 year old car that I've had from new has only done 27,000 miles! I buy a car from new and keep it 10-12 years and it's garaged every night so it tends to last OK.

Suffolk_lass

darkidoe wrote: »

I haven't got a car but would love to own one for some freedom of travel but still struggling with justifying it. The cost of maintenance of a car is such a drag on savings that's after the estimated 3-4k hit straight off the bat for the cost of a second hand car, insurance and fuel for the year. Even used cars can be costly due to fuel costs. I wonder how much do people spend on driving each year?? I would imagine at least £500-£1000 for insurance, £1000++ for petrol?

I thought it might help if I describe my Son's car experience as it is his first.

My Son (25) has a second hand Honda Jazz - a basic 1.1L engine - his first car. It cost £7000 (give or take) to buy at four years old (we bought it with him, from the main dealer, and added £500 to have rear parking sensors installed - I would highly recommend these, especially for a new owner). His insurance (age 23, and 24) has been between £800 and £900 both years. Starting from 0% NCD we were disappointed that it was still over £800 the second year.

The car needs an annual service, and this year, some bigger parts, due to age and mileage. Probably £300 this year, compared to £170 last year (including MOT). He commutes 10m each way to work and runs around, occasionally running friends to airports or being designated driver, with them contributing to his petrol costs. He has had two new tyres in two years - £160 (His Christmas present!). He spends about £80 on petrol in an average month.

At the moment, he puts a regular £100 per month away, so that he always has some money to pay (not all though). He has had two small (unrepaired) dinks, one where his girlfriend's Mother's handbrake failed and her car rolled into his, and one a hidden bollard that he touched.

I expect him to keep it another three years, all being well, and its resale to be about £2-2500 at that point (so £1000 a year depreciation). Come September I am going to try and persuade him to save some more so he can pay a good proportion in cash for his next car.

excelwizard

Payday today so I'm checking in with August's totals:

Total was £7078.94 , August savings - £1153.98

New total: £8232.92 :j

slowlyfading

Spreadsheet updated

darkidoe

Suffolk_lass wrote: »

I thought it might help if I describe my Son's car experience as it is his first.

My Son (25) has a second hand Honda Jazz - a basic 1.1L engine - his first car. It cost £7000 (give or take) to buy at four years old (we bought it with him, from the main dealer, and added £500 to have rear parking sensors installed - I would highly recommend these, especially for a new owner). His insurance (age 23, and 24) has been between £800 and £900 both years. Starting from 0% NCD we were disappointed that it was still over £800 the second year.

The car needs an annual service, and this year, some bigger parts, due to age and mileage. Probably £300 this year, compared to £170 last year (including MOT). He commutes 10m each way to work and runs around, occasionally running friends to airports or being designated driver, with them contributing to his petrol costs. He has had two new tyres in two years - £160 (His Christmas present!). He spends about £80 on petrol in an average month.

At the moment, he puts a regular £100 per month away, so that he always has some money to pay (not all though). He has had two small (unrepaired) dinks, one where his girlfriend's Mother's handbrake failed and her car rolled into his, and one a hidden bollard that he touched.

I expect him to keep it another three years, all being well, and its resale to be about £2-2500 at that point (so £1000 a year depreciation). Come September I am going to try and persuade him to save some more so he can pay a good proportion in cash for his next car.

Thanks for all the car owning experience stories. As you can see from being part of this thread, I am somewhat of a decent saver but to sacrifice perhaps potentially half a years of savings to own a car is not a such a great idea to me given my aim of financial independence. Fair enough if it is required for work, but I think I will always try to live near where I work, or use public transport; and I hate the idea of traffic. And the stories of road trips and weekend driving trips are such a tempt as well. Perhaps I am not such a good spender. I always thought that delaying car ownership for as long as I can in my life would be such a great idea, an even now i am entertaining the idea that if I can get away with never owning a car, all the better for the environment. I don't think I know many households which never owned at least a car before though.

It is something that I would consider once I feel that financially, it is less of an impact on my savings in the grand scheme of things.