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  • FIRST POST
    • Money_Or_Cars
    • By Money_Or_Cars 4th Jan 18, 12:07 PM
    • 8Posts
    • 0Thanks
    Money_Or_Cars
    How much should I be saving?
    • #1
    • 4th Jan 18, 12:07 PM
    How much should I be saving? 4th Jan 18 at 12:07 PM
    I'm new to this and learning how to use the site, so please take it easy.....

    I am trying to get the right balance between saving and enjoying myself. I love cars and have always had an outgoing for cars ever since I started working and earning.

    I currently have a really nice car, but I have been tempted to go for a brand new one on PCP. I totally understand what PCP entails in terms of how much it will cost and not actually owning the car at the end.

    I am able to save 500 per month, even if I go for the PCP deal - so I am not worried about what I can afford. What worries me is how much could this affect me when I want to apply for a mortgage? I am 23 and currently living at home and trying to save enough for a deposit for a house/mortgage.

    Any advice/info would be much appreciated, thanks.
Page 2
    • KeepOnKnitting
    • By KeepOnKnitting 6th Jan 18, 9:24 AM
    • 155 Posts
    • 223 Thanks
    KeepOnKnitting
    370 per month is 4,440 per year. Do you really want to spend 13.5k over 3 years to rent a toy? Don't forget that even a 1k fiesta can do 70 on the motorway with ease.
    • moneyuser
    • By moneyuser 6th Jan 18, 2:11 PM
    • 1,054 Posts
    • 465 Thanks
    moneyuser
    What is your house deposit target and how much is in there now? How long is it going to take to reach that target with 500 compared to a higher amount? Is that time frame acceptable?

    Where is the 1k surplus currently going?, I'm assuming insurance, fuel (plus food you already mentioned) but there should still be plenty left over after those. Have you done a proper budget?
    • justme111
    • By justme111 6th Jan 18, 7:38 PM
    • 2,999 Posts
    • 2,899 Thanks
    justme111
    What do your parents say about it? Because as they give you a free roof their opinion is the one that matters, not ours. If I was your parent I would start to charge you board in response to your frivolous spending . If they are happy than you do what you want to , people learn by doing stuff and seeung comsequences after all.
    Just wanted to comment that your penchant for shiny cars is far from unique. Almost every 23 yo male with lots of spare money would be the same.
    • veryintrigued
    • By veryintrigued 6th Jan 18, 8:36 PM
    • 2,398 Posts
    • 1,824 Thanks
    veryintrigued
    What do your parents say about it? Because as they give you a free roof their opinion is the one that matters, not ours. If I was your parent I would start to charge you board in response to your frivolous spending . If they are happy than you do what you want to , people learn by doing stuff and seeung comsequences after all.
    Just wanted to comment that your penchant for shiny cars is far from unique. Almost every 23 yo male with lots of spare money would be the same.
    Originally posted by justme111
    Live with parents until year X whilst 'owning' lots of 'nice cars' or save enabling you to live independently.

    Have I fallen for a troll that's part of the 'can't afford property generation'?
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