hi all
i would like advice on where i should save my money and how much i should be saving a month
i get paid weekly 500e net
100e weekly on car loan (€4500 left to pay)
no other loans
say 150 on food, petrol and social life(dont drink or smoke)
500e a month goes to saving account
but at the end of the month i still seem to only have saved the 500e which i would like to change to about 800 a month.
any ideas how i can budget and plan a good method to savings
You should clear the loan before worrying about saving. Your loan could be charging up to twice the rate of interest that you stand to earn on deposit so the "returns" from clearing it are more attractive than saving.100e weekly on car loan (€4500 left to pay)
...
500e a month goes to saving account
but at the end of the month i still seem to only have saved the 500e which i would like to change to about 800 a month.
It makes no sense to me to have this debt when you can clear it with existing savings. Clear it with half your savings lump sum (check in case there are any penalties for clearing it early) and then start building the remaining €4.5K back up.right so really ye all think i should pay off the car loan, its currently at 4500 and savings i have 9000e, so should i just clear the loan now and start to save then.
What are you saving towards?Im only working nearly two years, so i dont think i doing to bad- just want to start off on the right track this year?
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