Thursday, December 21, 2006

Car cost...£1500 and counting

Yup.... That's the damage.
I don't know what I've done being not very mechanical, but its gonna cost £1500 to fix, plus the cost of the hire car. Still if they are virtually rebuilding the engine at least I should get another couple of years out of it.
At the end of the day, £1500 is cheaper than spending 5 or 6 grand on a new car.
Not a great start to the project...HOWEVER....

I have a couple of Aces up my sleeve.

Firstly I get paid 4 weekly, but most of my bills are monthly. This means I get 13 pay days but effectively 12 cost months so one of my pay days is free...if you get my drift.
Secondly I am in the company's SAYE (Save As You Earn) scheme. They have 3 and 5 year schemes. I have been doing this for quite a while and have the maximum ( £50 per month) in 5 5-year schemes running at the same time. i find this a fantastic way to save as it comes out my pay packet with the tax so I don't realise I'm missing it. Sure, its £250 a month which seems a lot, but each year I get about £5000 worth of shares to keep or sell...I always sell cos I need the money. but £250 per month for 13 months is £3250 saved each year and a profit of about £2000. So its definitely worth it in my opinion.
Unfortunately this years shares are already allocated as I owe the parents £5000 but fingers crossed, next year it will be mine...All Mine !!!

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