Money, Spending and Anxiety

[Jack4440]

So, I'm not sure if this is my health aniety/OCD preventing me from living and enjoying my life, would appreciate others opinions.

I live my life debt free and previously had a car on finance with other debt and wanted to turn it all around. So, I did and saved for a year and now only have my mortgage, in all honesty, debt free isn't all it's made out to be; I feel bored and now feel like I'm affraid to spend anything on big purchases that matter to me ... like a car.

So, here I am , broken over a choice whether or not to buy a new car because of the "what if something happens in my life and i cant afford it or lose my job or become ill"? I have setup a few finance agreements over the few months and then panic and cancel them as always see the worst case scenario. This OCD or thinking ill become ill and wont be able to keep up the payments is driving me crazy and not sure if it's rational or not?

So, I did think about saving cash and just buying a car, but the car I really want is a fair bit of cash, and as a passionate crazy petrol head, no other car will satisfy me and it has to be this one ... ive spent months deciding and test driving others :).

I want to share the detail as I think it might help others decide if it's crazy or not.

I have £1,550 disposable left over after all bills and expenses every month, I usually bank 1k and blow the rest on gargabe. This car is a new order and wouldnt arrive until September, but costs £425 a month with £500 down. Financing £31,200 (down from RRP of £39,200 due to new car incentive and haggling) over 36 months and a balloon of £18k at the end of the 3 years (or I could walk away at the end). Ones at a year or two old are still priced at around 29k so would rather accept the large discount on a new one.

Due to my thinking, I have banked 8 months in cash savings which include the car payment should i go for it .. so have some kind of safety net should it go wrong. BUT i still feel like I'm fearing the purchase and all these intrusive thoughts rushing in ... part of me thinks, i really want it because it brings me joy and the other half thinks that im making a mistake and what if something happens? but then i fear ill never get my dream car. so confused, I appreciate there are worse problems to have lol but this thinking style is getting me down.


For the petrol heads interested, its a Nissan Nismo 370Z.

Thanks.:hugs:

[nomorepanic]

Hi

This is just a courtesy reply to let you know that your post was moved from its original place to a sub-forum that is more relevant to your issue.

This is nothing personal - it just enables us to keep posts about the same problems in the relevant forums so other members with any experience with the issues can find them more easily.

Please also read this post:

http://www.nomorepanic.co.uk/showthread.php?t=213239

[ankietyjoe]

Right now you don't have the car.


If you get ill and can't afford the car, you won't have the car.


So ultimately, it makes no difference to you if you buy the car or not.


Also, you don't HAVE to spend that much money on a car. You're worrying over a luxury, not a necessity.

[Jack4440]

Right now you don't have the car.


If you get ill and can't afford the car, you won't have the car.


So ultimately, it makes no difference to you if you buy the car or not.


Also, you don't HAVE to spend that much money on a car. You're worrying over a luxury, not a necessity.

Thanks for the reply. Yes it is a luxury but life without luxury can be pretty boring. I done it for a long time to get out of debt. I lost a friend and realised that life can be taken at anytime so figured I'd find a balance and enjoy as well as save.
For me, life without a car is dull, they're my passion, I get its not everyone's passion though.

Just worried I get it and then worry. Giving it more thought.

[Honeynut]

I’m exactly the same with debt. A few weeks ago I debated getting a new phone on credit but then I started panicking about maybe not being able to pay it off in the future. Being in any kind of debt stresses me out and it means I don’t get a lot of the things I want but I’d rather go without than spend every month in a tizz about paying it off. It’s ultimately your decision on how you think you’ll be able to manage with money and with your mental health too. We can’t predict the future, obviously, but if the likelihood of you becoming ill or losing your job is slim because you’re healthy and your job is going well right now then I can’t see it happening in the near future either. Just plan ahead.

[Iwant2bhealthy]

Hi Jack, I would go for it. You mentioned that the same car, used for about 1-2 years costs about 29K, so in case of trouble you'd still be able to pay off the loan just by selling the car.

I would not advise you to spend all your savings though, as we all need some kind of financial cushion. For most people it is enough to calculate the cost of monthly living and multiply it by 6. That's the minimum financial cushion you need, and everything above that is just more psychological comfort.

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[Bigboyuk]

Hi Jack, I would go for it. You mentioned that the same car, used for about 1-2 years costs about 29K, so in case of trouble you'd still be able to pay off the loan just by selling the car.

I would not advise you to spend all your savings though, as we all need some kind of financial cushion. For most people it is enough to calculate the cost of monthly living and multiply it by 6. That's the minimum financial cushion you need, and everything above that is just more psychological comfort.

Sent from my SM-G800H using Tapatalk I maybe wrong on this but if you have a car on finance it's not your car till the last payment is made and like a mortgage if payments aren't met the car can be taken off you just like a house can be I also think you cant sell the car as it's on finance again till the last payment is paid. So be careful on this. Yes everyone needs their own transport beats waiting for a bus or train any day of the week ;) to Jack why not get a second hand (same make/model) car much cheaper in the long run. TBH with you no ones job is safe now a days what with brexit in the pipeline and companies going bust every week think long and hard about it before making a decision ATB

[Iwant2bhealthy]

I maybe wrong on this but if you have a car on finance it's not your car till the last payment is made and like a mortgage if payments aren't met the car can be taken off you just like a house can be I also think you cant sell the car as it's on finance again till the last payment is paid. So be careful on this. Yes everyone needs their own transport beats waiting for a bus or train any day of the week ;) to Jack why not get a second hand (same make/model) car much cheaper in the long run. TBH with you no ones job is safe now a days what with brexit in the pipeline and companies going bust every week think long and hard about it before making a decision ATBBigboy, you might be right, I'm speaking from my own experience, and I don't really know the laws and rules in the UK.
In The Netherlands you are the owner of the car from day 1, so you can do as you please with your property. Even sell it if it allows you to pay off the loan.

[MyNameIsTerry]

Bigboy, you might be right, I'm speaking from my own experience, and I don't really know the laws and rules in the UK.
In The Netherlands you are the owner of the car from day 1, so you can do as you please with your property. Even sell it if it allows you to pay off the loan.

You can do that here if it's a loan but not a car finance deal as you are renting it until it's paid off. It's illegal to sell it during finance.

I guess your laws just leave the debt owed with the person signing the agreement. Actually I like that because some over here sell them on and the new owner has to fight to get their money back, which may never happen, but the car finance company can repossess it from anybody. It's why it's important to check any car for finance before buying. Tougher on the finance people in your country though when it comes to those who refuse to pay but won't sell the car but good for them when someone will sell as they seem less likely to lose out on debt from write offs unless someone is affected by circumstances preventing it but I guess that's the usual haggle with courts.

[BikerMatt]

The thing is you make the monthly payments over 36months then have the balloon payment of 18grand at the end, by the end of the three years the used value of the car might be less than 18grand. Yes you can just give the car back but it's kind of an expensive lease hire. If you're self employed why not get one on a business lease hire agreement? I've looked and you can get one for anywhere from £294 to £500 per month depending on yearly mileage and period of lease agreement. If you run it through your business it's all deductable.

[Jack4440]

Hi there,
I'm 30 years old. When I was 24, I was in debt up to my eye balls. More going out than I did coming in. Depression and anxiety about money all of the time and making minimum wage. I got angry at others who suggested spending on luxuries because I couldn't. I decided that I was going to take control of my life and only I could change it. I could either sit depressed and angry at the world, or I could make a plan to turn my life around. I cut all spending for the next few years, studied to become a software developer to better my income and paid down all of my debt (£23k) from cars credit cards and loans. I now have zero debt and make more than my family combined. What I'm saying is that, I've been there and you need to make a plan to get straight, it's not impossible, and it's not easy, but it is worth it. There is always a choice :).

[Iwant2bhealthy]

Hi there,
I'm 30 years old. When I was 24, I was in debt up to my eye balls. More going out than I did coming in. Depression and anxiety about money all of the time and making minimum wage. I got angry at others who suggested spending on luxuries because I couldn't. I decided that I was going to take control of my life and only I could change it. I could either sit depressed and angry at the world, or I could make a plan to turn my life around. I cut all spending for the next few years, studied to become a software developer to better my income and paid down all of my debt (£23k) from cars credit cards and loans. I now have zero debt and make more than my family combined. What I'm saying is that, I've been there and you need to make a plan to get straight, it's not impossible, and it's not easy, but it is worth it. There is always a choice :).What he said. :-)

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---------- Post added at 10:21 ---------- Previous post was at 10:20 ----------

Did you make a decision about the car?

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[Bigboyuk]

LOL, no wonder we're stressed about having only £14 in the bank then for the next two weeks. Without my working, we only get £300 to spare each month on my husbands wage which mostly goes on leisure spends to keep us happy and not a lot of it, either. He does backbreaking work and he comes hone stressed all the time. We have no savings and every month we are back at zero again for money. I hate this anxiety driven way of living. I am so done with it. We have no savings to our name and I'm sure if I worked and I don't know, LIVED a fulfilling life by meeting my basic needs both my husband and I would be happier. We live in the cheapest house in our town, we don't have central heating, we have no personal car anymore and our bills are at almost Bare minimum. I'm getting excited about cancelling my phone contract that is £15 pm to get one for £5 pm when the times comes. Sorry to rant on the thread like this, I am just so sick of how fear strips you of everything. Everything! :mad: Wow living minamilistic to me (wished I could) sounds quite good, knowing you aren't making energy companies super rich etc, so how do you heat your home coal fire/log burner ;) Yes I cant imagine why some people want a £50 a month
phone contract gee no one requires that amount, yes I have seen the £5 a month ones so worth looking at PlusNet do them from £5 a month ;) And think of it like this there are many people homeless in the uk so you are doing just fine :) we need more like you :yesyes: ATB

[Jack4440]

Thanks.

I don't have any degree or qualifications and suffer from the same mental block. I just try to ignore it though. I actually written a blog about my challenged getting into IT with no experience and it wasn't easy. If you can go into an interview and demonstrate what you have learned and the right attitude then the rest is easy. I started as a junior developer making £23,000 which was double my salary at the time.

[Jack4440]

Hi Raindrops,

I searched fory blog, however; only my music one remains about how I became a classical pianist. My own with career challenges must have been an on old Google account which I no longer have access to.

The details I have though and I can summarise.
I suffered from anxiety as a kid and through life, found it difficult to interact and get along with people. My parents weren't exactly well off and struggled financially. My brother was into alcohol and drugs and I had to share a room with him witnessing it all through my childhood. My dad was quite violent too and hated my brother more than us as he wasn't fully his. I'd struggle at school and have pankc attacks daily. Life moved on and we moved house to a new school too. Parents still financially broken and anxiety worse than ever at new school. I secure a new job at a call centre at Sky and make 9k a year as an apprentice answering phones as part of sky's modern apprenticeship scheme. During that time, I met a friend, he was amazing on computers and I was interested as it was 'cool'. His sister dates a guy called Jason who was an IT contractor and this guy appeared to have it all: cool car, big house and lots of money. He looked so happy and his life seemed perfect. I wanted to be like him, remembering how poor my parents were. It was then I decided I can do something about my situation and wanted to become a developer, just like him. I approached my manager at sky but they weren't for helping and HR said "there's no chance without a degree or qualifications". That stuck with me and I thought I wasn't good enough. Long story short, I studied in my own time at home and library reading about Oracle SQL and C#/Java. I taken it upon myself to find the IT manager of Sky and sent him an email saying I wanted to meet with him as I wanted to get my foot into IT. luckily, he agreed to get me a coffee. I spent about two hours telling him everything and how I had studied. He wanted me to apply for a job that was coming up, he seemed very impressed. I went for the interview and thought I screwed it up that I wasn't good enough. A day later, I was offered a trainee developer job and my salary tripled in a single file day. I was on track to building my career and making my life meaningful and not struggling financially. I relished the opportunity and quickly became a senior software developer within a few years and now working for an investment bank earning more than I dreamed of. Still no degree or qualification. All hard work and getting the right contacts. I still bump Into the chap from Sky HR who said I'd never amount to anything without a degree. I can't help but smirk. I'm now on my way to management and one day will be an IT manager. :).

Set small goals, dont listen to the haters and never doubt (even though I did every single day). I would rather live my life giving it a go rather than never trying and regretting it.

Part way through my journey to IT and development I changed career paths as I was so fascinated with medical facts and health that I chosen to study to become a Dr. That railroaded things a little but eventually came back to IT. Trying to get into medical school without amazing grades, wow! so it wasn't plain sailing and had doubts all the way through but now happy with my choice.

Happy to give advice and guidance.