Do Youngsters Spend too much ?
Comments
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Ryan_W wrote:It's the fact that saving money is hard for some in todays 'look at me / Instagram culture'...
My fiance and I earn well over £100k a year combined, however, saving £3k a month is hard work, especially when we need IRO £85k to get on the ladder.
That means we HAVE to save £3k a month for 2.5 years, but the properties we're currently looking at will have increased around £50k+ in that time, so we're back to square one.
Not having wealthy parents and needing (wanting) to buy in London is an absolute killer.
The inflation of property is swallowing up even the best of savers!
Meanwhile you live in arguably one of the most expensive parts of london pissing money away on rent, and spending a ton on bike shit. I'd say the thread title is apt really?
Overly simplistic of course, but give or take, that wouldn't be an unfair summary I think? Where did £85k come from btw?Blog on my first and now second season of proper riding/racing - www.firstseasonracing.com0 -
Hmm when I buy somewhere it won't be under occupied. It'll have 3 bedrooms ideally, one for myself and the other half, one for my bikes and one for all her horse rubbish. Alternatively two bedrooms and a shed for her horse rubbish.0
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okgo wrote:Ryan_W wrote:It's the fact that saving money is hard for some in todays 'look at me / Instagram culture'...
My fiance and I earn well over £100k a year combined, however, saving £3k a month is hard work, especially when we need IRO £85k to get on the ladder.
That means we HAVE to save £3k a month for 2.5 years, but the properties we're currently looking at will have increased around £50k+ in that time, so we're back to square one.
Not having wealthy parents and needing (wanting) to buy in London is an absolute killer.
The inflation of property is swallowing up even the best of savers!
Meanwhile you live in arguably one of the most expensive parts of london pissing money away on rent, and spending a ton on bike shoot. I'd say the thread title is apt really?
Overly simplistic of course, but give or take, that wouldn't be an unfair summary I think? Where did £85k come from btw?
I know what you mean mate, but it's the fact that we would be spending the same money on rent if we were to live anywhere in SW.
The Mrs needs to be close to Heathrow for work, and I need to be a commutable distance from the city.
£85k came from looking at £600k properties and needing a 10% deposit, stamp duty and legal fees.
I may have spent £20k odd on bikes over the past year, however, even with that money in the bank, we'd still not even be halfway to our required deposit.
We have a £5k deposit in the flat, can sell the car for £10k, sell a couple of bikes, £5k, but until we have the other £40k odd in the bank, there's no point.
Combined with a £20k wedding in Maui, ain't gunna happen anytime soon!0 -
Look in Feltham and buy sooner. If you can't afford what you want, you have to compromise on size, location or price. Your choice.0
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Reading, or around that area? 30 mins to Heathrow (by car) and fast trains in to Paddington, with CrossRail coming soon. I suppose it depends on what you mean by "commutable distance from the city". Your £600K would buy a decent 4 bed detached house, or you could get smaller for less money of course.Ryan_W wrote:The Mrs needs to be close to Heathrow for work, and I need to be a commutable distance from the city.0 -
That's £60K you've covered right there. Ok, so you'd still need to spend on a wedding, but even accounting for that you'd be over halfway...Ryan_W wrote:I may have spent £20k odd on bikes over the past year, however, even with that money in the bank, we'd still not even be halfway to our required deposit.
We have a £5k deposit in the flat, can sell the car for £10k, sell a couple of bikes, £5k, but until we have the other £40k odd in the bank, there's no point.
Combined with a £20k wedding in Maui, ain't gunna happen anytime soon!0 -
Ryan_W wrote:okgo wrote:Ryan_W wrote:It's the fact that saving money is hard for some in todays 'look at me / Instagram culture'...
My fiance and I earn well over £100k a year combined, however, saving £3k a month is hard work, especially when we need IRO £85k to get on the ladder.
That means we HAVE to save £3k a month for 2.5 years, but the properties we're currently looking at will have increased around £50k+ in that time, so we're back to square one.
Not having wealthy parents and needing (wanting) to buy in London is an absolute killer.
The inflation of property is swallowing up even the best of savers!
Meanwhile you live in arguably one of the most expensive parts of london pissing money away on rent, and spending a ton on bike shoot. I'd say the thread title is apt really?
Overly simplistic of course, but give or take, that wouldn't be an unfair summary I think? Where did £85k come from btw?
I know what you mean mate, but it's the fact that we would be spending the same money on rent if we were to live anywhere in SW.
The Mrs needs to be close to Heathrow for work, and I need to be a commutable distance from the city.
£85k came from looking at £600k properties and needing a 10% deposit, stamp duty and legal fees.
I may have spent £20k odd on bikes over the past year, however, even with that money in the bank, we'd still not even be halfway to our required deposit.
We have a £5k deposit in the flat, can sell the car for £10k, sell a couple of bikes, £5k, but until we have the other £40k odd in the bank, there's no point.
Combined with a £20k wedding in Maui, ain't gunna happen anytime soon!
Hahahahaha0 -
lol my thoughts exactly Dinyull!Blog on my first and now second season of proper riding/racing - www.firstseasonracing.com0
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I think we have an answer to the thread title. That rarely happens.0
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Appreciate what you're saying, but the predicament we have is that we plan to move to Melbourne in the next few (5) years, and would love to get on the ladder before we go.
My company pays for my travel, so I need to be able to cycle into work so I can bank the money.
If I didn't want to live in SW, I'd move back up to Cambridge and commute into Kings Cross (40 min train).0 -
You could half your rent looking less than 15 minutes cycle away.Blog on my first and now second season of proper riding/racing - www.firstseasonracing.com0
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Ryan_W wrote:Appreciate what you're saying, but the predicament we have is that we plan to move to Melbourne in the next few (5) years, and would love to get on the ladder before we go.
My company pays for my travel, so I need to be able to cycle into work so I can bank the money.
If I didn't want to live in SW, I'd move back up to Cambridge and commute into Kings Cross (40 min train).
You complained about it being difficult to save £3k a month, while spending £20k on bikes and £20k on a wedding. These might be connected.0 -
Ryan_W wrote:Appreciate what you're saying, but the predicament we have is that we plan to move to Melbourne in the next few (5) years, and would love to get on the ladder before we go.
My company pays for my travel, so I need to be able to cycle into work so I can bank the money.
If I didn't want to live in SW, I'd move back up to Cambridge and commute into Kings Cross (40 min train).
This just seems like unwillingness to compromise. You mention you'd be paying the same to live anywhere in SW, that's just not true. Kingston for example would be within fair distance of Heathrow and commutable from the City as well as being over half as much to rent (£1.5k a month right there). Having one bike instead of three would also be kinder to the wallet (£10k there). Not to mention your £600k requirement for a place to buy, again you could half that if you compromised, and if you were indeed desperate to get on the ladder.
And a £20k wedding in Maui....
Blog on first season road racing http://www.twhatley.com/0 -
It's very difficult to save £3k a month......if your spunking it all on bikes and a wedding haha.
I'd say the yoof of today, but your 29, aren't you?
From my maths you could easily be over half way there...and if your spending that much on bikes, I'd hate to think what your social life and clothes cost you.
But blast that there london housing market hahaha.0 -
okgo wrote:You could half your rent looking less than 15 minutes cycle away.
I'd rather not live in a dive area, I won't compromise happiness for buying a house, life is s**t enough at times, without making it worse being somewhere you don't want to be.
I'd rather rent and just save what we can (£3k a month is still a fair amount) than move to an area not to my fancy.
We also have a beautiful 2 bed, 2 bath, garden flat which costs us £2k a month in the heart of Fulham. Try and find that in todays market in a similar area, you can't...0 -
Dinyull wrote:It's very difficult to save £3k a month......if your spunking it all on bikes and a wedding haha.
I'd say the yoof of today, but your 29, aren't you?
From my maths you could easily be over half way there...and if your spending that much on bikes, I'd hate to think what your social life and clothes cost you.
But blast that there london housing market hahaha.
Clothes cost twice as much when you need as much fabric as Ryan :twisted:Blog on my first and now second season of proper riding/racing - www.firstseasonracing.com0 -
Haha, witch hunt in full force.
I'm not saying the saving part is an issue, it the sheer amount on money required to get a deposit together, the time it takes, and the inflation of property in London.
I could go and buy a poxy flat for £300k in a commutable area, but it wouldn't big big enough, have a garden for my dog, or be worth the hassle IMO. We're better off staying put.
Maybe I'm aiming my sights too high, but I guess I'm just not willing to 'downgrade' my life just to buy a 50sq/m box in New Malden...
Bring on 100% mortgages and the crash of property prices once Brexit is fully implemented.0 -
Dinyull wrote:It's very difficult to save £3k a month......if your spunking it all on bikes and a wedding haha.
I'd say the yoof of today, but your 29, aren't you?
From my maths you could easily be over half way there...and if your spending that much on bikes, I'd hate to think what your social life and clothes cost you.
But blast that there london housing market hahaha.
I wish, 32, don't really drink and hardly ever go out. Work / life balance is s**t and cycling is my only hobbie.
As for the wedding in Maui, it's over half the price of a wedding over here and I'm paying for my mum for her 60th, so costing a little extra.0 -
Ryan_W wrote:
I may have spent £20k odd on bikes over the past year, however, even with that money in the bank, we'd still not even be halfway to our required deposit.
Combined with a £20k wedding in Maui, ain't gunna happen anytime soon!
I've been riding 30+ years - never spent 20k on bikes in all that time and that includes custom built steel that was good enough to ride in the tour. How you spend that much in one year is beyond me ?
Even if you're an elite cyclist you don't need to spend that much. And there's no way I'd fork out 20k for a wedding - its just excessive.
And there's no way that a wedding in the UK has to cost 40k. You're living a life you can't afford. Crazy.
Now if you had that 40K - you'd be in a lot better position for your house. And a 1 grand bike rides 99% as well as a 10 grand bike.0 -
How about this........
Take a look at photos of the rooms inside an average home from the 1940's and 1950's and compare it to today.
Or better yet, the list of monthly bills from the 1940's versus today. Not financed bills, but just monthly bills.
Then (for the US), written by check monthly and mailed in:
-telephone
-city water/sewer/trash
-electric
-natural gas
-perhaps a fitness or golf club
NOW:
-cell phone
-home internet
-home television
-home phone (maybe 30% of people)
-electric
-natural gas
-gym
-home security system
-Netflix/Hulu/Amazon
-lawn maintenance service0 -
You couldn't make this stuff up! Absolutely unreal. I obviously live on a very different planet to Ryan and that ex badminton player in the other thread.0
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Ryan_W wrote:Haha, witch hunt in full force.
I'm not saying the saving part is an issue, it the sheer amount on money required to get a deposit together, the time it takes, and the inflation of property in London.
I could go and buy a poxy flat for £300k in a commutable area, but it wouldn't big big enough, have a garden for my dog, or be worth the hassle IMO. We're better off staying put.
Maybe I'm aiming my sights too high, but I guess I'm just not willing to 'downgrade' my life just to buy a 50sq/m box in New Malden...
Bring on 100% mortgages and the crash of property prices once Brexit is fully implemented.
You set your own priorities - it just seems a bit much that you think you are "saving hard".
If you had bought that poxy flat a year ago, it probably would have cost £30k less, and you would have paid about £12k less on mortgage than rent.0 -
Ryan_W wrote:It's the fact that saving money is hard for some in todays 'look at me / Instagram culture'...
My fiance and I earn well over £100k a year combined, however, saving £3k a month is hard work, especially when we need IRO £85k to get on the ladder.
That means we HAVE to save £3k a month for 2.5 years, but the properties we're currently looking at will have increased around £50k+ in that time, so we're back to square one.
Not having wealthy parents and needing (wanting) to buy in London is an absolute killer.
The inflation of property is swallowing up even the best of savers!
even the best of savers! where does that leave you?
A wedding doesn't cost any more than the ~£50 registration fee, what you are paying for is a party, a big party.
I have no sympathy for you, and in my eyes you have lost all right to complain about 'the house pricing the youth of today face'/'housing inflation'. You are choosing not to buy a house, plain and simple. I think you need to understand that.0 -
Dinyull wrote:We got married last year for (much) less than half of £20k. Albeit outside of London, but a big/grand country house and a lot closer than Maui.
Like you said though:Ryan_W wrote:It's the fact that saving money is hard for some in todays 'look at me / Instagram culture'...
Too many friends over here, the wedding would be too big, and too expensive. Three of my best friends are getting married this year, the cheapest has been £35k and that honestly was'n't that extravagant.
Getting married abroad is the cheaper option, however, I won't be cutting corners and saying 'I do' on a beach in Benidorm. I'm doing this once, so it's important it's as perfect as can be.
Feel free to look at my Instagram, I have nothing on there apart from pics from my LEJOG charity bike ride and a few holiday snaps.
To add, we only recently decided to stay in the UK, hence why our saving hasn't been the best. Now we are battening down the hatches and making sacrifices, and of course I'd sell the majority of my expensive possessions, but as previously stated, there's no point until we have the money in the bank and ready to buy.0 -
joey54321 wrote:Ryan_W wrote:It's the fact that saving money is hard for some in todays 'look at me / Instagram culture'...
My fiance and I earn well over £100k a year combined, however, saving £3k a month is hard work, especially when we need IRO £85k to get on the ladder.
That means we HAVE to save £3k a month for 2.5 years, but the properties we're currently looking at will have increased around £50k+ in that time, so we're back to square one.
Not having wealthy parents and needing (wanting) to buy in London is an absolute killer.
The inflation of property is swallowing up even the best of savers!
even the best of savers! where does that leave you?
A wedding doesn't cost any more than the ~£50 registration fee, what you are paying for is a party, a big party.
I have no sympathy for you, and in my eyes you have lost all right to complain about 'the house pricing the youth of today face'/'housing inflation'. You are choosing not to buy a house, plain and simple. I think you need to understand that.
I guess you're right, I am choosing not to buy a s**t box just for the sake of owning a house.
Luckily I'm in a position to sit it out, continue to save and hopefully buy a property I love in the next couple of years.
For all of you that had handouts, be thankful, we're not all that lucky.0 -
Buying a shitbox at the right time was the best decision I've ever made!
£600k isn't going to buy you something you love btw. Unless you love 1 beds.Blog on my first and now second season of proper riding/racing - www.firstseasonracing.com0 -
Ryan_W wrote:joey54321 wrote:You are choosing not to buy a house, plain and simple. I think you need to understand that.
I guess you're right, I am choosing not to buy a s**t box just for the sake of owning a house.
Luckily I'm in a position to sit it out, continue to save and hopefully buy a property I love in the next couple of years.
For all of you that had handouts, be thankful, we're not all that lucky.
You are choosing not to save money for the house you want, as well.0
