"Smarter" Saving - 1st Time House Buying
Discussion
Set the scene: Been with the Mrs for 10 years, got engaged 2 years ago. Figured we wouldn't get married until we had bought a house as it seems like a bit of a waste of savings (1 day of fun vs a lifetime of security).
So, every month we both put away as much as we can afford (a reasonable amount for me as I earn a bit more). However, because of one thing or another, we end up having to "dip" into savings to pay for odd one off things such as car insurance, contents insurance etc so we don't seem to be getting anywhere fast.
We set ourselves a bit of a goal last autumn of getting into our own place by the time I'm 30 (Sept 2016) but it doesn't feel like we have made a dent at all.
I have a 1k balance on a credit card, a remaining 3k on a fixed term loan from the car and spend £50-60pm on 0% interest.
I have a mental conflict which is telling me to concentrate on paying off the credit card and loan 1st, then put the money I would have been paying on these into savings. But then I don't know which would mean more in the savings more quickly (hope that makes sense).
My dad has always told me that my money is better off in my account rather than the banks so paying stuff off bit by bit seems a bit backwards.
Savings is stored in a low rate interest savings account, I don't have an ISA or anything like that as there are occasions that I may need access to my savings for bits and pieces.
I think we need a better plan of attack, just not sure what way to attack from!
Any help / advice / opinion / motivation +ve or -ve appreciated!
So, every month we both put away as much as we can afford (a reasonable amount for me as I earn a bit more). However, because of one thing or another, we end up having to "dip" into savings to pay for odd one off things such as car insurance, contents insurance etc so we don't seem to be getting anywhere fast.
We set ourselves a bit of a goal last autumn of getting into our own place by the time I'm 30 (Sept 2016) but it doesn't feel like we have made a dent at all.
I have a 1k balance on a credit card, a remaining 3k on a fixed term loan from the car and spend £50-60pm on 0% interest.
I have a mental conflict which is telling me to concentrate on paying off the credit card and loan 1st, then put the money I would have been paying on these into savings. But then I don't know which would mean more in the savings more quickly (hope that makes sense).
My dad has always told me that my money is better off in my account rather than the banks so paying stuff off bit by bit seems a bit backwards.
Savings is stored in a low rate interest savings account, I don't have an ISA or anything like that as there are occasions that I may need access to my savings for bits and pieces.
I think we need a better plan of attack, just not sure what way to attack from!
Any help / advice / opinion / motivation +ve or -ve appreciated!
Cheers all.. been reading up over on money savings website this eve.
Job wise, I'm earning more than I would expect in my sector and for my age and experience.. wider experiences and skills are coming but a way off for a while.
I'd just like to give myself the best (or a better) start if that makes sense.
When I say we "dip" into savings, its only on 1 off occasions and is always "paid back" as soon as possible.. almost like borrowing from myself instead of putting anything else on credit.
Agreed with paying off credit 1st, plan to clear everything on payday.
(There is a really good example of why here -http://www.moneysavingexpert.com/savings/pay-off-debts).
I guess its the lifestyle we struggle with.
I'm a stickler for keeping things cheap, but we both have hobbies / interests that will have to take a backseat for the time being - geting the balance between a comfortable lifestyle and saving enough seems to be the hard bit.
We generally dont spend much, although with my dads 70th just gone and a big family xmas it just seems to have stopped us dead - its time to get back on track.
Job wise, I'm earning more than I would expect in my sector and for my age and experience.. wider experiences and skills are coming but a way off for a while.
I'd just like to give myself the best (or a better) start if that makes sense.
When I say we "dip" into savings, its only on 1 off occasions and is always "paid back" as soon as possible.. almost like borrowing from myself instead of putting anything else on credit.
Agreed with paying off credit 1st, plan to clear everything on payday.
(There is a really good example of why here -http://www.moneysavingexpert.com/savings/pay-off-debts).
I guess its the lifestyle we struggle with.
I'm a stickler for keeping things cheap, but we both have hobbies / interests that will have to take a backseat for the time being - geting the balance between a comfortable lifestyle and saving enough seems to be the hard bit.
We generally dont spend much, although with my dads 70th just gone and a big family xmas it just seems to have stopped us dead - its time to get back on track.
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