how can a young couple on minimal full time wage afford immediately 2 cars they need for work

if a couple have an immediate need for 2 cars for work, is it a problem to take out part of a loan for 30000 or 40000 despite not owning a house yet. Will it hamper their ability to own a house.

a couple are trying to buy 2 second hand cars, buy a home and have children on minimal wages.

They are turning 30 years old but they are both working full time on only minimal wages. they differ financially.Tom is a saver and is working and studying to improve his income in the next years, mary is a spender which isnt ideal but they are seeing how to work things out.
Their preferences are different re decisions for cars, homes and how to spend or save money.
its best when couples are compatable in major areas, though some struggle for decades with many joys but different financial priorities and focus on strengths and compromises .

 

I’d be grateful If you could please give advice for a newly married couple of how they could reach asap, their immediate financial goals of needing immediately 2 cars for work, wanting a home and wanting to have children

They are turning 30 years old but they are both working full time on only minimal wages. Financially.Tom is a saver but mary is a spender. I read the other thread on this... Many couples find this a problem regularly but make it work by focusing on strengths and looking for solutions or compromises. Time will tell how they will make this work or explain things to the other hoping for some compromises or shifts.

Tom wants to live frugally, save, get financial advice and have enough money and a strong financial future. Hes happy with cheap entertain ment, second hand cars, baby goods and furniture He is both working full time on minimal wages and studying and seeing how to advance into higher paid jobs in his area of a degree he has.

RE CARS TOM WOULD WANT TO use some cash and some low interest loan over 10 years to buy 2 second hand corollas, whether a couple of years old or even older as his family and friends have had good experiences with them.. Mary feels embarrassed of older cars and she wants new or a couple of years old corollas. Despite minimal wages shes been used to leasing new cars which has higher insurance, and is like renting a home all your life with always making payments and never having anything of resale value and over a 60 year driving span it costs a few hundred thousand more than the way Tom has been used to of buying corollas or camrys that are a few years old..

RE HOME Tom has some of a deposit, which he doesn’t want disappearing on other items, Tom wants to purchase the home they are currently renting which has 2 separately rented sections, which means they live in one area, and the rent of the second area would cover their entire mortgage which means its like free housing and a free financial investment and once its paid its giving them income for their old age and to help future children.

Mary wants to buy a home nearbye where the mortgage would come entirely out of their pocket and it wouldn’t give them income in their old age. mary doesn’t want to budget or seek financial advice or plan. She wants a fancier life, and expensive outings are very important to her, - eating out, restaurants, gifts, bowling, weekends away, etc. Mary wants only new furniture new toys and baby needs and toys .

 

I'd suggest that Tom trades in Mary for a model with more life experience & requires less upkeep and he'll meet his goals.

 

Tom and Mary should split up now before it is too late and kids come along. They obviously are in lust only and have no shared goals.

 

I'd suggest that Mary trades Tom in for a high earner so she can go off and have the lifestyle she desires.

 

They shouldnt have gotten married, or at the least should keep thier finances separate.

At least half the couples I know are a Tom an Mary.
Typically Tom earns reasonable money but is sensibly frugal, where as Mary earns minimum wage and has zero concept of money or interest in improving her lot.
The fights/breakups are usually inevitable.

The Mary's tend to lack any ambition in life other than to keep up with thier equally vane friends.

At least two spenders can compliment each other.

 

Tom & Mary will never achieve their goals because they don't want to work at it.

 

Why two threads on this?

Sounds like a book assignment to me.

 

I have no idea what i just read

 

perhaps i can have comments on a specific question
re 2 cars, is there another way to do things .its as a pity to borrow on lowish interest ov er 10 years 30000 or 40000 for cars when they dont own a home.? and i dont know how much this will hamper their ability to buy a home.
a home makes the b iggest difference in life but the cars are an immediate need and might slow down their ability to buy a home.
Some couples float along not really being aware always of all aspects of their decisions. and they get there in the end, Though those who who manage to buy homes do so because of the focus of at least one person sometimes despite the other..
re compatability they have some compatability but not financially. and they are trying to work things out. I have watched couples married for decades who ongoingly struggle with areas of incompatability such as finances and its not ideal. it is better when both are savers, but it doesnt always happen that way. Its best if theres compatability in several major areas but doesnt always happen in all of them.
its probable that most things will end up going marys way. unless they manage to c find their own compromises. Time will tell.

 

Anything over 3 years on a car loan is crazy !

Comparable only to a home loan of 60+ years

A relationship is always compromise, but in every aspect "someone need's to take control and the responsibility" over the other, yes with consent, (it applies to everything, from groceries, financials, even the bedroom).

The expensive "flash" lifestyle will be replaced by kids (for a few years) should Mary have them

Tom would be well advised to obtain a DNA test of any children

My 2 cents, have 1-2 kids ASAP, seperate within the next year, and get every second weekend off (from kids to have your own life ).......

Open seperate bank accounts ASAP.
Tom could then teach Mary the difference of lifestyle V's a balance of lifestyle and saving (by going on a flash holiday, alone !).

Mary sounds lucky to have made it to 30 ish without having kids

Tom should buy some Reebok's

*I hope Mary isn't "a friend", you know, that you are asking for......

*Edit: I lived in a relationship not dissimilar to this, sex (or lack there of) is easily held over a partner to manipulate them, the person can be duped/coerced into actions over time that they never would have done previoisly ! Yes I find the act of to be an emotion connection, but if there isn't much much more that that to tbe relationship it won't last, worse is either party thinking having kids will save a relationship, as the kids become the focus and the (so called) adults drift further apart !

 

Are Tom & Mary real people, or are you working on an answer to an assignment?

 

Tom may be able to make this work if he has a strong personality and can show leadership by growing a set and taking charge of the general direction of things. Some young women need a man to guide them. If she really loves him then she may be convinced with a reality check

 

Duplicate thread but:

They shouldnt have gotten married, or at the least should keep thier finances separate.

At least half the couples I know are a Tom an Mary.
Typically Tom earns reasonable money but is sensibly frugal, where as Mary earns minimum wage and has zero concept of money or interest in improving her lot.
The fights/breakups are usually inevitable.

The Mary's tend to lack any ambition in life other than to keep up with thier equally vain friends.

At least two spenders can compliment each other.

 

30-40k on a car? Buy an old Toyota for 5k and it will still outlive its owner.

Finances are a pretty important part of a relationship and to accept such vast differences in attitudes between them suggests a lack of maturity in the first place... right up there with the 'it doesnt matter because we love each other' approach to problem solving.

 

stoffo you really said some useful stuff in your last paragraph
re the person can be duped/coerced into actions over time that they never would have done previoisly and other helpful points. They have enjoyment and compatability just not financially. recently someone told me 6 areas that are important to have compatability in. it should be taught to every child so people have an easier run hopefully in marraige.

! love the answers both real and hilarious i just got the reeboks joke in other words RUN FAST.
30 or so forTWO corollas probably a couple of years old. i just dont see them on their current wages paying them off in 5 years. it might change but it could take 10 years and a bit of interest to pay them but the car need for their work is immediate.

skater. Tom and mary are very real people. i ask genuine questions of genuine situations that i am close to . I have experienced and watched people who are financially compatible, as well as those who are not. I"m grateful for the responses

i think mary does have some ambition as she thinks about how she can earn even with children and shes worked very very hard supporting herself all these years. she has alot thats to be admired.

 

The most simple answer is yes, spending/borrowing for cars will impact on buying a home.

Any money earned can only be spent once.

If it gets spent on cars/kids/shoes/makeup etc etc etc, it cannot be saved for a house deposit or used to pay a mortgage.

Earning more gives more options with what to spend/save.

Spending more = less saving for long term goals (house).

Relationships are not always easy, even for couples who are largely compatible. I think financial compatibility is extremely important. Buyer beware.

 

Why would a second hand car need to be so new. One that is ten years old if bought well should be fine.

 

cousinit re what you wrote re taking control, , i think its a very sensitive situation where one has to be careful how they patiently gently persist with listening but also communicating their views because noone likes being told what to do and change might be gradual if at all and they want to keep this relationship despite this huge area of difference and despite Tom probably ending up compromising in all areas more than Mary. some people are very rigid re more expensive options for car, house, new items for children, entertainment,

 

i agree. Toms family and friends have several 05-08 corollas or camrys that never caused them trouble. But she would be embarrassed of older cars. a few years old is already a new thing for her as shes leased new cars till now despite being on a minimal wage.
. Shes used to and she values new fancy things and not saving,. thats the problem.

if Tom doesnt buy her a few year old corolla she will lease a new one and keep leasing cars which ends up costing far more over time.
2 older 08 or so corolas are ideal and more affordable. and thats what Tom would ideally want and can much more easily afford.
Tom would even prefer to buy a few years old one for her and an older one for himself, but she says shes embarrassed if he drives an older car. They need cars for work asap.. I dont know if they will talk about why she is how she is, her background etc, if theres any flexibility there. From what i've seen from others, some people learn fast how to save when they dont have much, but others never change and leave the other one in debt or often stressed and often both end up losing everything and struggling . i've seen people from deprived backgrounds be compulsive about having everythign they think others have and end up with nothing. I dont know her background or why she is fussier but i know people who are fussier who never change so their spouses have no choice but to try to work around them or compromise as much as they can get the other one to concede.