Sooo I am currently completing a 3 year apprenticeship on a normal apprenticeship wage, like majority of the people I have plans for the future, travelling etc, but at the minute my main focus is passing my driving test and getting a car whilst being financially stable, I do not want to save the amount i need for a car and insurance and just throw away the money and not have anything to live off of, soo the main question is how much do you think i should save each month without struggling at the end of it??
And for the record as its my first car its only going to be basic nothing fancy of course,
Thank you for your help! xxx
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- Thread Starter
- 20-10-2015 15:48
- 20-10-2015 16:25
Do you have to have a car? If you don't have much disposable income, it is a massive expense. To buy a half decent car (i.e. one that will give you a bit to service) you are looking at £2k - £5k. Then you have up to £1k insurance per year + tax plus at least one service. Lastly you have your fuel and it mounts up really quickly. We budget about £100 a month for our car and that includes my wife driving 4 miles to and from work 3 days a week and local pottering about at the weekend plus perhaps one or two 50 mile trips to our parents.
The savings you make by not having a car more than make up for the odd train / taxi fare. Seriously - do reconsider or at least question very carefully if you must have a car.
If you absolutely must have a car then decide how much you can save and then set up a standing order to a savings account that gets paid out of your account each and every month. However, it will take a year of saving £100 a month to get just over £1k.
- 20-10-2015 16:32
Your apprenticeship wage will barely cover the motoring costs and other expenses that come with it.
When I was on an apprenticeship I barely had any money to live on, had to pay rent, expenses and public transport costs which that alone came up to £1500 a year.
If you do end up going for a car you need an absolute of £150 a month of saving, my insurance for the first year came up at £2500 living in london which is around £208 a month!
Think about it carefully
- 22-10-2015 08:33
When I did an apprenticeship, I got a second job. I did Friday and Saturday night shifts working as bar staff in a night club, I'd work Sundays too if it was a Bank Holiday. It gave me an extra £300-ish a month. I saved money because I wasn't going out all of the time and I used the money from my bar job as spending money and saved the money I got from my apprenticeship
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