I'm a guy in my mid 20s in a grad job in Sydney.
I have $108.70 in the bank but my pay day is Wednesday and I've recently cleared my $5000 overdraft account after working 9 weeks of extreme overtime, taking extra shifts so I'm pretty much on 0 with no additional liabilities.
Unfortunately my ability to take on extra shifts, work weekends and make extra money will evaporate once I rotate positions within the company in a week's time .
I'm thinking of upgrading from my 1998 toyota camry to something more high yield like a mazda mx-5 (let's say, $30,000 2-3 years old) in 8-9 months time (when I turn 25 so insurance won't be so expensive). My parents keep talking shit about my camry saying that it's not safe to keep driving it and also it looks bad and reflects poorly on me (what? who cares? who's even looking? but if i'm going to buy a new car I'm going to buy a fun one)
My annual salary is $51000 post-tax and there aren't really any signficant deductions. In the next 9 months I'll make $38.2K post-tax. If I'm looking to buy with cash I'll only have $8.2k to spend for the rest of the year, = approx $900 a month, which, factoring in rent and bills and fuel and food and a small amount of fun things is probably isn't enough to live on.
Does anyone have any quick tips on how to save more money in 9 months? Would it be worth putting it into shares? ETF?
Should I just give up on the notion of buying it outright and live a bit more relaxed and take out a loan when I'm ready to buy? My parents have just paid for six years of uni so I don't want to ask them for anything any more.
What are the pros and cons of saving up for an investment vehicle vs taking a loan out?
EDIT I should also add that after seeing crash test videos of a 98 corolla and a 2015 corolla I'm pretty set on not dying because I cheaped out - https://www.youtube.com/watch?v=_ttkVRwOtVE