Tips for being less crap with money?

[95JO]

Jon39 said:

Well done 95JO, I guess your parents taught you well to use your money wisely.

I spot some warning signs though, that you might be slipping just a little from the old fashioned (but proven) rule, that the only debt should be a mortgage (borrowing against a hopefully increasing asset and home). Do you think you might have been caught by the modern marketing world of 'pay us monthly, throw away, then replace with the latest'. Motor industry PCP schemes have been wonderful for selling many more cars, and also higher value cars. Mercedes UK have doubled their sales as a result of PCP. The out of reach balloon payment was a masterstroke in encouraging earlier car replacement.

You must really be the centre of attention with an iPhone 11. What happens when the iPhone 12, 13 and 14 arrive? Does that mean someone else becomes top dog? I have to scrape by in life with just an Aston Martin and a Nokia 8310. Am told however, that the tiny old Nokia now has good security and anonymity, as long as I continue to top up using a disguise and cash.

They did, to a degree. They taught me to live within my means and put money into a pension - Although my Dad now asks for financial advice, he thinks I'm a FX trader or into crypto currencies or something because I had a S&S LISA which performed well

Definitely not, if you're referring to my car/phone comments - As mentioned, I got this phone on contract as it was cheaper than buying outright/SIM only and was cheaper than my outgoing iPhone 8. But yeah, you could argue I too should have a Nokia 8310, but I do require a relatively modern phone as part of my job, not to mention the camera quality negates the need for a professional camera for my novice use! When the 12/13/14 arrive, I'll get one when my current contract expires, assuming I'm paying no more than I am now! But, for a minimal cost of 1% of my net income, I don't really care

In terms of the car, I'm using HP, not PCP, I've witnessed to many friends/family/colleagues fall into that trap. They're all stuck with the same manufacturer and rolling over their negative equity into a newer, more expensive cars just to avoid paying for the excess mileage, damage and negative equity. They couldn't bear the thought of downgrading, or an older car out of warranty, or one without an iPad on the dash

But yeah, I only took out £5k HP on a £23k car, so not bad... I could pay the remainder now, maybe I should...

Edited by 95JO on Friday 20th December 11:39

[Benbay001]

[redacted]

[Jon39]

Benbay001 said:

Jon39 said:

Oh dear Mr. Ben. My illusion has been shattered.

I was gaining the impression that you must be a champion of thrift, and a foremost advocate about how to save for a first home deposit.
' I've had it 1 year 3 months .....I expect it will do another 2 years ... '
You must be just a mere beginner, judging by your motoring thrift.

I bought a Mercedes coupe when it was 3 years old. Am sure you know, that is the perfect age of car which thrifties buy, because they are then half the new price, but some can still be found in 'as new' condition. Have used it now for 17 years, and certainly expect it to do far more than just another 2 years.

Anyway, you must not be too scrooge like at this festive time. Your wife has been very kind helping with your grade 2 (whatever that is), so perhaps a special treat for both of you would be perfect at Christmas. Maybe limit it to a fiver.

Grade 2 is a length of hair cut - I thought everyone knew that?

Thanks for your concern, I'm in Spain this Christmas, so don't worry about me

Perhaps I ought to use smiley faces to help you.
Keep in mind that gullible has been removed from the dictionary now !

Enjoy your holiday in Spain Ben.
If you use any of those Spanish toll roads, you could try using J. Clarkson's joke.
"What do you mean pay. I'm British. We have already paid for your new roads".

( In case you don't get that, Ben - Britain has been a net contributor to the EU, and the EU sent money to Spain for new roads. )

[CX53]

It is no doubt hard to save for a mortgage especially if you insist on living in an expensive area. If I stayed where I grew up on the south coast the same house I’m in now would have cost another £120,000. I moved to the midlands and commute 40 mins to Milton Keynes for work, and it provides a nice balance of good wages and reasonable cost of living.

I would strongly consider moving if I was looking to buy a property in Weybridge!! I’m walking distance to a train station which has regular services to London which take 1hr. I’d rather do that and have a nice detached home to relax in in the evenings than live in a horrible studio flat.

[Shnozz]

CX53 said:

It is no doubt hard to save for a mortgage especially if you insist on living in an expensive area. If I stayed where I grew up on the south coast the same house I’m in now would have cost another £120,000. I moved to the midlands and commute 40 mins to Milton Keynes for work, and it provides a nice balance of good wages and reasonable cost of living.

I would strongly consider moving if I was looking to buy a property in Weybridge!! I’m walking distance to a train station which has regular services to London which take 1hr. I’d rather do that and have a nice detached home to relax in in the evenings than live in a horrible studio flat.

"Insist" is the operative word IMHO.

I would have loved to afford to buy in Mayfair but my budget didn't extend to that. Similarly, I didn't ideally want a 1 bed apartment as my first place, or a
second hand washing machine or sofas, etc etc.

Mentality has changed and expectations now seem higher than ever.