Budget advice

theoretica

ganderson1804 wrote: »

I couldn't tell you how much this is over a year without pulling it all out but this is what we had planned to do - transfer any cash that's left at the end of the month and stick it in savings.

The car is only 2 years old so I'm hoping it won't give out any time in the immediate future.

Don't just hope there is money left at the end of the month- there probably won't be. Plan and prioritise savings at the start of the month.

Good that your car is young, but that means you can have a fairly long term plan to replace it, not that you should ignore it until it becomes elderly.

purpleheir

You can find lots of REALLY good budget apps on the App Store or Play Store. I suggest Monefy app for arranging your budget and expenses. You can easily look at it and be reminded if you regularly use your smart phone.

lambda

Hi,

I'm sorry to say this, but I think it needs to be said. £507 a month is a completely insane amount of money to spend on a car. Over 4 years that is £24,336. Really!?

You have to get rid of the car. You can't afford it. Sell it, or if it's HP you can usually just hand them back and cancel the contract. Go out and buy a cheap £500 banger, then put the £500 a way each month you were paying before into a savings account. After 6 months, you'll have £3000. Sell the £500 banger, buy a £3 grand car. No car payments, no deposits, no HP.

The second thing is that you absolutely need to budget. You need to tell your money where to go instead of trying to figure out where it went.

Good luck!

warby68

Is husband's smoking in the budget somewhere?