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.First time wannabe renter
Options
Comments
-
My money went on car repairs, then I had a crash (my tyre came off as I was driving) as to which my insurance wouldn!!!8217;t pay out because of the age of my car so I had to pay the person who it went into. I!!!8217;m going through an !!!8220;investigation!!!8221; of sorts with the company who put my tyres on.
I am looking into savings accounts, but again, I!!!8217;m confused as to what one I should go with (I put half of what!!!8217;s left of wages, this month £400 in my online savings account) but because it!!!8217;s easy access (and I obviously have no self control, or car things go wrong) it!!!8217;s no more than £50 left in there at the end of the month. Which then goes on petrol for the car.
The amount of times I!!!8217;ve sat down and written everything out is ridiculous, I just can!!!8217;t get the hang of a budget purely because of my car!
I appreciate the advice given too me!0 -
missymerlot wrote: »My money went on car repairs, then I had a crash (my tyre came off as I was driving) as to which my insurance wouldn't pay out because of the age of my car
But surely they knew what car you were driving as you have to enter these details when you take out a policy? Sounds like there is part of the story missing here.0 -
Missed the end of a sentence there, and can't get in to edit - sorry!
I live with my partner, so our 750rent and other costs are split.
Click the edit button along the bottom of your post.
OP do you really need all 4 of Netflix, nowtv, Spotify and Apple Music, you could get rid of 2 and be in a better position. Could even reduce your phone bill.0 -
They knew what car I was driving, hence the reason they wouldn!!!8217;t pay out.0
-
I have a friend who rents alone ( we are (northwest) I'd say she earns a smaller amount than you. She manages. However she's years of saving behind her and she doesn't drive a car. She's very careful with money, but manages to come out for socialising and go to rugby etc.
You need to give yourself a few months to get some saving behind you. Budget as though you are paying all your bills in your rental and save them. The rent you pay your mum can be your 'rent' add a little more to savings if your flat rental would be more. Do that for 6 months and see how much you have left each month. You'll have a nice amount saved for emergencies such as your car
I moved out at 20 for reasons I didn't get on with mum well at that time however I was on a low wage and got into debt easily so be really careful!0 -
Could you get somewhere near where you work so you don't have to have a car?0
-
missymerlot wrote: »They knew what car I was driving, hence the reason they wouldn!!!8217;t pay out.
That doesn't make any sense. If you pay for insurance for a car they are agreeing to pay out if you have an accident in that car.
What would have happened if you had crashed and damaged multiple cars and multiple injuries which went into the hundreds of thousands of pounds of costs.
If the age of your car was a problem then they would have refused to give you insurance they wouldn't take your money then refuse to pay out, this would get them in big trouble.
Even if they decided the car was a write off and was worth nothing they would have still paid out for the damage to the other car.
You really need to go back and understand exactly what happened and why in regards to the insurance.0 -
Agreed with Takman, even if they paid nothing for your car, they are still liable for 3rd party claims.
You need to be clear about what happened0 -
Hi missymerlot
I was in a similar situation to yourself, similar salary, similar age and needed to get out of the family home too.
If it really is deteriorating your mental health then I'd recommend first things first, pay off whatever you owe your mum and save for a car or emergency savings for if anything else goes wrong with it, plus you'll need money for your essentials fridge/freezer, bed, sofa, cooker etc probably 2-3k to get new but you can probably get it all for 1k if you shop second hand on FB market place ebay etc. Then there's your deposit if you live up north for a one bed it will probably be around 600-800. You would be able to cope financially as long as you save before hand for all the up front costs as some people borrow just for the essentials and then are already in debt before they move out.
Alternatively have you ever thought about buying instead of renting? You could stay at home for a little while longer, open one of those savings accounts that you can't touch for 12 months, save as much as you can and the day before you get paid, any money left over from the previous month just throw into the savings. It could take a good couple of years but maybe there's some changes you can make yourself at home to improve your mental health in the meantime. If you have your own room you could spend more time in there away from the mess/hoarding. Exercise can help massively too and it gets you out of the house away from things that are getting you down and spending more time with friends when you're not working. It's an option to look at, as renting by yourself will leave you with not much left on payday to do what you actually want to do and that might affect your mental health even more.
I've been in your shoes I moved out at 17 moved back home moved out again at 19 thinking I could rent on my own I ended up having no money left on payday to go out with friends or do my driving lessons I had no money to put away and save it made me depressed and I felt isolated. In the end I moved back home and saved for a deposit instead it's something to consider if you're serious about wanting to leave home for good as you can get trapped paying someone elses mortgage and no money at the end of it to put aside to save for your own.
Also start a spending diary so you can see where every penny goes and go through your monthly direct debits and ask yourself if you can live without it while you save, if you can then cancel them.
Hope you figure things out and good luck
Mortgage left: £105,427.32
Savings: £5,000/£4,850
OP Total 2019: £1,900
OP Total 2020: £2,400
OP Target 2021: £2,400/£0
Emergency fund: £1,000/£1,550
Christmas pot: £360/£300
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards