Print

Please login or register.
1 Hour 1 Day 1 Week 1 Month Forever
Login with username, password and session length

[tunnie]

My monthly outgoings are over £1k

Train Ticket with parking - £460
Petrol - £120/150
Food - £100
Sky+ - £37
Phone - £35 (soon £5)

Sub Total - £782

So you are spending £218 quid on 'others'

You realy are going to get a shock with a house purchase!

Your Petrol bill seems high.....its half mine and I do 2K miles a month.

Petrol?

Costs 60 quid a tank ish, i do 330 on average. Use 2 tanks of fuel a month. Hence £120

510 odd miles a month to and from work, usually with some extra trips out at weekends.

£218 on 'others'

Can be broken down further...

I would say £40 a month on books, i read a lot on the train!

£30/40 on drinks after work

This month i will buy some motorbike boots which will be about £140, last month i got the armoured trousers which were £90

Usually i pop off to MK and go snowboarding, sometimes twice a month, thas £40 per trip.

Considering 80% of the people i was at school with still work behind the cash desk at Matalan. I don't think i am doing too badly.

I doubt many other 24 year olds are saving 45% of their pay

[cem_devecioglu]

Enjoy while you can..After your are married ..

[Field Marshal Dr. Opti]

You're doing well for a young man & good on you. Keep saving the savings because you won't want to live at home forever & you live/work in an expensive neck of the woods, i'm a southener myself despite living happily with a cheap mortgage in Linclonshire but all things are relative regarding income & location. Family is a natural progression, rewarding but costly. My family have grown up & gone & my mortgage is a quarter of my monthly income.....just realized i'm sounding like a right old fart, spend, enjoy but keep one eye on the future! 8-)

[/highlight]

When I get to your age Amigo........I might sound like a right old fart as well.

[Elite Pete]

You're doing well for a young man & good on you. Keep saving the savings because you won't want to live at home forever & you live/work in an expensive neck of the woods, i'm a southener myself despite living happily with a cheap mortgage in Linclonshire but all things are relative regarding income & location. Family is a natural progression, rewarding but costly. My family have grown up & gone & my mortgage is a quarter of my monthly income.....just realized i'm sounding like a right old fart, spend, enjoy but keep one eye on the future! 8-)

And the future is alot closer than you think. From another old fart

[Field Marshal Dr. Opti]

My monthly outgoings are over £1k

Train Ticket with parking - £460
Petrol - £120/150
Food - £100
Sky+ - £37
Phone - £35 (soon £5)

Sub Total - £782

So you are spending £218 quid on 'others'

You realy are going to get a shock with a house purchase!

Your Petrol bill seems high.....its half mine and I do 2K miles a month.

Petrol?

Costs 60 quid a tank ish, i do 330 on average. Use 2 tanks of fuel a month. Hence £120

510 odd miles a month to and from work, usually with some extra trips out at weekends.

£218 on 'others'

Can be broken down further...

I would say £40 a month on books, i read a lot on the train!

£30/40 on drinks after work

This month i will buy some motorbike boots which will be about £140, last month i got the armoured trousers which were £90

Usually i pop off to MK and go snowboarding, sometimes twice a month, thas £40 per trip.

Considering 80% of the people i was at school with still work behind the cash desk at Matalan. I don't think i am doing too badly.

I doubt many other 24 year olds are saving 45% of their pay

You're right there Tunnie.......when I was 24 I spent ALL my money on gambling....loose women...ciggies.....booze......and
 illegal substances....and not to forget fast and dangerous motorbikes. ......and then party .....party ...party....party.

You are certainly being very sensible and mature.....but if you can save 45% then..................................... :-/  

[Marks DTM Calib]

I think looking at a percentage is not the right approach.....I would sit down and work out what your monthly out goings would be with a house.....and then try to save that amount per month.

Not a dig, just trying to advise on how to prepare for a home of your own.  

[tunnie]

My monthly outgoings are over £1k

Train Ticket with parking - £460
Petrol - £120/150
Food - £100
Sky+ - £37
Phone - £35 (soon £5)

Sub Total - £782

So you are spending £218 quid on 'others'

You realy are going to get a shock with a house purchase!

Your Petrol bill seems high.....its half mine and I do 2K miles a month.

Petrol?

Costs 60 quid a tank ish, i do 330 on average. Use 2 tanks of fuel a month. Hence £120

510 odd miles a month to and from work, usually with some extra trips out at weekends.

£218 on 'others'

Can be broken down further...

I would say £40 a month on books, i read a lot on the train!

£30/40 on drinks after work

This month i will buy some motorbike boots which will be about £140, last month i got the armoured trousers which were £90

Usually i pop off to MK and go snowboarding, sometimes twice a month, thas £40 per trip.

Considering 80% of the people i was at school with still work behind the cash desk at Matalan. I don't think i am doing too badly.

I doubt many other 24 year olds are saving 45% of their pay

You're right there Tunnie.......when I was 24 I spent ALL my money on gambling....loose women...ciggies.....booze......and
 illegal substances....and not to forget fast and dangerous motorbikes. ......and then party .....party ...party....party.

You are certainly being very sensible and mature.....but if you can save 45% then..................................... :-/  

I have still done all i want to, including my 3 holidays  

Next one will be in Jan, going to hit some real snow!

[Field Marshal Dr. Opti]

I think looking at a percentage is not the right approach.....I would sit down and work out what your monthly out goings would be with a house.....and then try to save that amount per month.
Not a dig, just trying to advise on how to prepare for a home of your own.  

Yes sound advice.......When we took out our first mortgage in 1990 interest rates were 15%......but we paid 16.5% for the first year as we had a 100% mortgage......because we had no deposit.

Luckily our first house cost only £41000.....initial mortgage payments were about £500 per month................this dropped to below £200 per month as interest  rates fell.

If you have savings ...........now and in the next year or so would be a good time to buy a house in my opinion......as we have the combination of falling house prices and dropping interest rates ....so making houses more affordable IF....you can pull together a sizeable deposit.

[tunnie]

I think looking at a percentage is not the right approach.....I would sit down and work out what your monthly out goings would be with a house.....and then try to save that amount per month.
Not a dig, just trying to advise on how to prepare for a home of your own.  

Yes sound advice.......When we took out our first mortgage in 1990 interest rates were 15%......but we paid 16.5% for the first year as we had a 100% mortgage......because we had no deposit.

Luckily our first house cost only £41000.....initial mortgage payments were about £500 per month................this dropped to below £200 per month as interest  rates fell.

If you have savings ...........now and in the next year or so would be a good time to buy a house in my opinion......as we have the combination of falling house prices and dropping interest rates ....so making houses more affordable IF....you can pull together a sizeable deposit.

Idealy i would like to buy a house in need of some work, nothing major, but not at its best.

I don't want to / need to buy a home thats had all the work done and is polished up.

What would be perfect is something thats not been touched since the 60's and is need of general update work.

I could still live at home, but work on it at weekends to bring it up to scratch.

I am tempted to go down to the local estate agents this weekend and ask if they have any properties in need of work.

[STMO123]

Well Done Mark £10000 is a tidy sum and I think you've done rather well.

[cem_devecioglu]

I think looking at a percentage is not the right approach.....I would sit down and work out what your monthly out goings would be with a house.....and then try to save that amount per month.
Not a dig, just trying to advise on how to prepare for a home of your own.  

Yes sound advice.......When we took out our first mortgage in 1990 interest rates were 15%......but we paid 16.5% for the first year as we had a 100% mortgage......because we had no deposit.

Luckily our first house cost only £41000.....initial mortgage payments were about £500 per month................this dropped to below £200 per month as interest  rates fell.

If you have savings ...........now and in the next year or so would be a good time to buy a house in my opinion......as we have the combination of falling house prices and dropping interest rates ....so making houses more affordable IF....you can pull together a sizeable deposit.

Idealy i would like to buy a house in need of some work, nothing major, but not at its best.

I don't want to / need to buy a home thats had all the work done and is polished up.

What would be perfect is something thats not been touched since the 60's and is need of general update work.

I could still live at home, but work on it at weekends to bring it up to scratch.

I am tempted to go down to the local estate agents this weekend and ask if they have any properties in need of work.

yep..thats a good beginning

and will be cheaper..

[Elite Pete]

I think looking at a percentage is not the right approach.....I would sit down and work out what your monthly out goings would be with a house.....and then try to save that amount per month.
Not a dig, just trying to advise on how to prepare for a home of your own.  

Yes sound advice.......When we took out our first mortgage in 1990 interest rates were 15%......but we paid 16.5% for the first year as we had a 100% mortgage......because we had no deposit.

Luckily our first house cost only £41000.....initial mortgage payments were about £500 per month................this dropped to below £200 per month as interest  rates fell.

If you have savings ...........now and in the next year or so would be a good time to buy a house in my opinion......as we have the combination of falling house prices and dropping interest rates ....so making houses more affordable IF....you can pull together a sizeable deposit.

Idealy i would like to buy a house in need of some work, nothing major, but not at its best.

I don't want to / need to buy a home thats had all the work done and is polished up.

What would be perfect is something thats not been touched since the 60's and is need of general update work.

I could still live at home, but work on it at weekends to bring it up to scratch.

I am tempted to go down to the local estate agents this weekend and ask if they have any properties in need of work.

Get an advert in the paper asking to buy property or go to auctions, there's alot of repossesions out there at the moment

[Darth Loo-knee]

Sounds like your doing well Tunnie keep it up mate

[Radar]

Well done tunnie. All i will say is keep saving as much as you can as you will definitely need it in the years to come (house, wife, kids)etc..

[Darth Loo-knee]

Well done tunnie. All i will say is keep saving as much as you can as you will definitely need it in the years to come (house, wife, kids)etc..

 
and no matter how much you save it will all go rather quickly