Attitude to money?

Poor_Leno

I needed two new tyres this week and the guy over the counter looked at me like I was asking the million dollar question when I asked for a price list (and if there were any deals on 2/4 tyres). He gasped, saying "most people just ask for economy or branded".

Interestingly, Michelin @ £75 per tyre, budget at £39 per tyre and then there was this tyre called Hankook that I've vaguely heard of (better than budget I thought, if not premium) that were £50 each or two for £75. Did the job for me. Then I wondered to myself how many people paid £78 for a pair of economy tyres that day - and who will most likely be back for another pair sooner than later It's funny how mechanical type "shops" have this kind of fear factor where you meant to feel ashamed to ask for a price!

jtmerralls

Full credit to you!
If you can achieve the £12k then good luck to you. You are planning ahead for any eventuality.
Having bought your property just this year, do consider other options.
Do consider overpaying on your mortgage....what rate are you currently paying?
I have a little in savings and save each month to cover my annual Home Insurance and Car Insurance however I do have assets that I can draw on in case of need.
I was in a Customer contact role within a Bank for a number of years. I think it can take at least a year for finances to settle down after buying a property.
Do suggest having 2 Current Accounts.
Aim to pay all household bills monthly. Tot this amount up and round up to the nearest hundred (or so) Transfer this amount into your 'house/bills' account on payday each month ensuring all necessary bills are covered. You then know what realistically you have left to spend/save.
Lastly, when making a purchase, I always consider if it is 'nice to have or 'need' to have.
Hope this helps 😊

eskbanker

Poor_Leno wrote: »

Interestingly, Michelin @ £75 per tyre, budget at £39 per tyre and then there was this tyre called Hankook that I've vaguely heard of (better than budget I thought, if not premium) that were £50 each or two for £75. Did the job for me. Then I wondered to myself how many people paid £78 for a pair of economy tyres that day - and who will most likely be back for another pair sooner than later

Perhaps an element of confirmation bias at play here - you've seemingly decided that because you've heard of Hankook they must be better quality than brands you haven't heard of, and that the single unit price differential automatically signifies that you'll benefit from longer life. The fact that you've driven away pleased with yourself could indeed indicate that you secured a good deal, but the cynic might observe that that's exactly how they'd want you to feel....

badger09

Eco_Miser wrote: »

I've been retired now for 10 years, and really, truly, getting-all-my-pensions retired for 4, and still don't even spend anywhere near my income, never mind breaking into savings.
However, I am allowing myself more frequent and more expensive 'treats', and I've never had a problem spending a grand or so with very good reason. The skill if finding that reason

Double scoop with flake & sprinkles on weekdays?:D

Because you're worth it:T

grnglide

..... but no monkey's blood?

Novice_investor101

I'm all but estranged from my family & have been since I was 18, so have spent all my adult life providing for myself.

I managed to buy a house 6 years ago at 31 & I'm glad I had the foresight to not overstretch myself! Now I can comfortably afford the mortgage & living expenses & my job pays 12 months sick pay & is pretty secure. I overpay the mortgage & currently am ahead by a year's worth of payments - this means I could take a payment holiday & not be in arrears if I ever need to.

I started investing, rather than saving, 2.5 years ago & managed to squirrel £15k into funds via an ISA & LISA. Not a lot by some people's standards but as a single person on a below average wage, it's not bad. I was so focused on cutting costs & maximising every last penny it almost took over my life! The aim was to build a decent amount in cash & funds so I could get through a couple of years without work. I also have an emergency fund in Premium bonds & I pay into each of these monthly by direct debit. That 2 years was the best thing I've ever done, as now I don't waste money like used to, I'll think about what I'm buying & have also now learnt that sometimes you need to spend money on good quality that lasts years rather than cheap.

This year, I've backed off a bit. I still pay the regular monthly DD's in so they tick over but have chosen to buy myself a whole new load of outdoors gear this summer as well as go on more hiking trips. Camping & hiking is my passion & really benefits my mental health. I was restricting myself by not buying decent gear (you need it in the mountains!) due to price.
So, I've spent possibly upwards of £2k (I did hit the sales, too) this summer on new tents, high end goretex jackets, top spec lightweight backpacking equipment etc etc. Now I've got it, it'll last for years, & I'll be using it for years.

Autumn is nearly here & I've got the gear I'd always wanted/needed so I have shifted my focus back onto adding my left over disposable income to my "pots" & watching my money grow again - the more I have, the more secure I feel.

I have a savings acc now just dedicated to holidays & hiking but I can spend a week or two in Scotland walking a trail & I'll still bring home change from £300, so the big outlay is done & I'm glad I finally spent the money on it!

mark5

I would have gone for the Michelin tyres, yes the initial cost is a bit higher but really good tyres and i seem to get a lot more miles out of them.

KeepOnKnitting

I think my feelings about money have changed massively. I was very irresponsible in my early 20s, figuring that I had a job and could afford the repayments, so it didn't matter if I borrowed money.

A combination of really silly decisions left me high and dry by about 27 when I lost my good income. I battled through until I went bankrupt at 31.

Now I am very cautious. I am still on a relatively low income, and a zero hours contract. I get very anxious if I do not have work booked in advance. I have savings for the first time in my life, and they do help, but I think my approach to money will never be as relaxed as when I was younger.

I don't know how I am going to feel when I buy a house. At present I have credit cards, but always pay them in full every month. I don't have any interest-bearing debt. A mortgage is going to feel quite scary and oppressive, at least for a while. I think I am likely to be one of those people who goes hell-for-leather to pay off the mortgage.