What do you do with your money?

Clov!s said:
I get £320 a week after tax and at the moment im saving £200 a week for my car, £30 a week to parents and the rest for myself.

In a few weeks ill have £200 a week spare money once i got my car so thinking of getting a new custom pc.
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Maths fail there surely. Have you not considered that you won't have the £200 a week to spend since you will have new outgoings such as insurance, petrol, tax, repairs and such. It won't be £200 a week you spend on the car but you won't have as much laying around as you imagine.
 
My salary of £13,500 wasn't that bad when I was earning that amount back in year 2000. I went clubbing twice a week and I still managed to save money.

Nowadays, I earn £13,000 and I'm having to live by the month, scraping the bottom of the barrel. Haven't been clubbing since 2009 because of this.
 
Best advice I could give anyone just starting out earning is:-

1) Get into a pension now (get professional advice). Plenty of options out there.

2) Save a regular amount by standing order to an account you can't easily withdraw from, even if it is only bit each month, it soon adds up! Plus, you can buy things outright when you need as you would have saved rather than borrowing and paying interest. (I would save in addition to an ISA)

3) Earmark a little cash to blow on whatever you like each month - everyone needs a bit of fun but don't go overboard! If you don't spend it, add to your savings :D

Now is the best time to get into good financial habits, wish I'd been given this advice 16 years ago when I first started working. If I'd managed to save £250 a month from when I started to now I'd have £50k in the bank and in all honesty I wouldn't have missed it each month as I tended to blow it on cr@p and cars.
 
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I spend it on thingy shaped turnips....... then invite my overly religious parents over for a luncheon whilst trying to secure my inheritence

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Tyron said:
How old are you boxman2000?
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32, started working as a trainee auditor straight out of school and earned £6,300 net per year at the time.

I currently put aside a few ££ for my daughter and by the time she's 17 that should pay for a car or towards Uni or whatever she wants to do with it.

We also put some money aside for a holiday every couple of years, saving small amounts for a few things and we don’t miss it at all, if we don’t spend it on what we’d set it aside then at least we have some extra savings.

I was the world’s worst for saving, spent easily six figures on cars and pointless rubbish and really regret it – would have ½ the mortgage I have now if I’d just been a little bit more sensible!
 
I dump around 25% of my wage into savings (not proper savings, it's so I can buy the things I want when I want). The rest goes on bills, food, fuel, toys etc. I plan to save more once my OH has finished uni and I'm no longer paying the lion's share of the house expenses!
 
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