Moving out and hope I can afford it all

ViolaLass

Budgeting isn't "I'll save some money and that can cover emergencies, presents, holidays etc"

because what if you go on holiday and THEN your car dies? You need to have a fixed figure allowed for birthdays, another for holidays and another for emergencies so that that last pot doesn't get dipped into.

loey93

deannatrois -

Thank you for your comments. The car insurance will reduce to approx £65.00 a month in July. I have shopped around quite a bit today.

I don't think I can wait to move out. I moved out when I was very young (18) and moved back home a year ago due to a relationship breakdown but have found it very hard being back at home as I miss my independence etc.

As for food, I do slimming world and I buy everything fresh but it is just costing me an absolute fortune. I literally go food shopping every day! I am hoping when I move out I can properly plan my meals because at the minute I am half living at home and half at boyfriends.

loey93

Violalass - But then I'll have to set up like 50 saving accounts. I just have one saving account ?

Cakeguts

loey93 wrote: »

cakeguts - Yes the landlord accepts dogs, I have triple checked this before putting the application in.

As for losing my job thats highly unlikely and if everyone thought the way you do then everyone will be living a very miserable life. Like I said I have savings and I'm planning on building those savings each month so I don't understand your comments and I think there quite harsh and unnecessary. I asked people for advise not to be spoke to like I'm a child!

As for the car PCP - yes I completely agree its very expensive, but unfortunately I am tied into it. I would love to give it back but I can't do that.

Again, I'm tied into my phone contract until September this year. I will then be getting a sim only contract and keeping my phone. So this will reduce by at least half.

I work with people who have got ill. They can't work. The only thing between you and getting ill is luck.

What you don't realise is that most people who own their homes think like I do otherwise they would be living a life of total stress with lots of money worries in case something goes wrong and they can't pay the mortgage or pay for a new boiler. A new boiler can cost around £1000.

The only person I know who bought a car on finance was someone who couldn't stop spending. I don't know anyone over the age of 50 who has bought a car on finance they all have cheap second hand ones and they all earned or earn (some took early retirement) much more than you do. Some of them earned more than you ever will and they still drove round in an old second hand car. This is because they didn't spend money on things that they didn't need to. They saved it in case something went wrong. If you have an owned house and a family you have to have savings in case you get ill or lose your job.

The time when you learn to do serious saving is while you don't have to pay a mortgage or have somewhere for your family to live. It is when you learn to save and learn to go without things you don't need. You do not "need" a new car. You "wanted" a new car. This just an example of the difference between "need" and "want." At the moment your spending shows that you don't understand the difference and this is not good if you want a stress free life without a lot of money worries.

shortcrust

Oh of course you can afford to share a place with your boyfriend! I’m not sure why it’s generating so much discussion.

lildoonbuggy

Interesting thread. I think it's probably generating a lot of discussion because it's not often people ask for feedback before making a big financial decision like the OP is, however it is very refreshing to see an SOA at such positive point in their life.

OP, if you look at the posting history of commentators you will see that most of them really have the best intentions. They usually help give advice to people deep in debt or with other complex financial issues. Although you are obviously not thrilled at some of the comments you are receiving, I would take it with positive intent as it really is easy for finances to spiral out of control. If you keep what they say in the back of your mind, it will return you great dividends over your lifetime - regardless how unpleasant it feels right now!

ViolaLass

loey93 wrote: »

Violalass - But then I'll have to set up like 50 saving accounts. I just have one saving account ?

They don't have to be literal pots but let's say you fancy going on a holiday, how do you know how much you're 'allowed' to spend?

For example, I have a spreadsheet that tells me how much is in each 'pot', even though all the money is in the same account, so if we want to go on holiday, we know how much is in that pot. If later this year the car dies, we know there's enough in that pot to cover a 'new' one and so on.

Lauralou79

OP you seem to be getting a little harsh comments in places, do take notice from people that do have some life experience.

However you are still a young adult and we all learn from our own experiences and mistakes in some cases which may be why some responses are quite blunt!
To me you sound like you want to try and make this work and are thinking carefully. You will probably soon realise you can't live the lifestyle you have been while at your mums ( I think you already know this)
It's all about balance, you may find the first few months you need to save more to get some more savings behind you for emergencies. ( this way you don't get stuck in the credit trap a lot of us fell into!) but once you've adjusted to your bills, then there should be money for fun too, no point in living if we can't enjoy it and at least you are thinking of saving! A lot of older people I know still don't save.

Do feel your food bill is very high!
There are 2 of us and we spend around £40 a week. I eat fresh/healthy mostly too. Aldi/Lidl are good.

Good luck!!

loey93

Thanks everyone, I am taking each and every comment on board.

I will do a realistic SOA tomorrow when I have some time as I need to thing long and hard about it.

Just a few things to clear up.. I know my car finance is excessive and in hindsight I would of never got it, I would love to be able to hand it back and get a cheaper car. (if anyone has any advise on how to get rid of a pcp will be very much appreciated). Car insurance will reduce in July. Yes I spend way too much on going out, buying !!!8220;stuff!!!8221; and just generally wasting money.. I am wanting to change this and I know I can!!!8217;t go on like this when I move out (which will be in June so need to get to grips pretty sharpish!) also food, it!!!8217;s ridiculous the amount I spend at the moment, I will start to go to Aldi and meal plan!

Savings - again I will look at this in my soa tomorrow

Thanks everyone

suki1964

double check pet insurance, Ive never known pet insurance that cheap. If it is that cheap, re read the policy to check what it actually covers

food bill is wayyyy to high, esp if you are eating fresh food. Get over to the oldstyle forum and read a few threads on there and join in a few. Many of us would spend less then that on a family of four for a month.

It is easy to cut the bill without depriving yourself, you don't have to live on dust

Cakeguts was offering good advice believe it or not. There are stats that say most of us are just two wage slips away from living on the streets ( or something like that) and Ive been there myself

Please please try to think of a savings pot which will give you 3 months breathing space. Even now Im mortgage free and only work part time, I keep 3 months outgoings as savings. It doesn't get touched, no matter who's birthday or whatever holiday comes up. If something happens, illness or family member getting ill, or I lose my job, Ive something to fall back on to give me breathing space. Its not a huge amount, but it allows me to sleep at night

Good luck for the future