I'm turning 40 in December and I've not made the best decisions financially up until now. In my 20's and 30's I drunk most of my money away and in my mid 30's I came out of a 14 year relationship and moved into my own rented property. I've been living there for 5 years now and just realised I've paid over 60k in that time in rent for a one bedroom flat. In 2 months I will of paid of a 4 year 8k loan for a car but my initial thoughts was to get another loan for a new car or maybe lease a car. I need a car for work and to pick my 11 year old son up so public transport is not an option. I am an engineer earning 35k a year and I do have spare money left each month which I do try to save but with Christmas, clothes, car expenses I'm normally just breaking even. I would really love to buy my own house so that I could call it my own and decorate to my own taste etc plus I do need at least a 2 bed due to having my son stay on a weekend.

So I'm at a tricky point in my life now when I don't know what to Do? My car isn't going to last much longer and it needs major work but I'd really like to save for a deposit for an house with the money that I would of been paying on my loan. I was even thinking about taking a loan out and using half for a deposit for an house but I think that's advised against?

Is there any point trying to save for a deposit at my age? Are there any other options I could think about? Is renting a bad thing? Any advice would be appreciated.

Edit to include my monthly outgoings:

Rent £520.00 Council Tax £65.00 Car insurance £47.00 Gas & Electric £46.00 TV License £12.12 Water £13.00 Petrol £120.00 Broadband £32.00 Mobile £26.00 BARCLAYS £10.50 Kids Class £12.50 PlayStation £5.99 Gym £19.00 Loan £225.00 Visa £50.00 Save £400.00

The following is paid as a child maintenance agreement:

Mobile £13.00 Kids Class £12.50 Broadband £25.00 Gas & Electric £81.00 Water £32.00 TV £12.00 Spare £45.00

Outgoing Total £1,824.61

Money in £2,183.00

Money left £358.39

Note: The money left is what I use for food shopping throughout the month & anything else that I may need but there's only me & my son so I spend maybe £70 a week on food shopping. If I go over this it comes out of the £400 that is supposed to be there for saving & any other major expenses such as car tax, Christmas, birthdays, car repairs etc so some months the £400 is not available to save.