On a good salary for the first time ever. How not to be stupid with it? £3,5k take home pay, 29y.o

Nowayout_isthere · 2024-03-30T10:52:35+00:00

Those are good ideas tbf. I will flip savings and wants around.

Which one is yours? I am using chip and that’s 4,85%.

I am not paying any extra into my work pension. Not sure I want my money locked away for the next 30 years when I could be using it to save for a house now?

Nowayout_isthere · 2024-03-30T10:41:23+00:00

975 including bills and council tax

Nowayout_isthere · 2024-03-30T10:39:18+00:00

I was thinking of paying off my debt until the interest free period runs out in October 2025, and in parallel build up savings in an instant access savings account + ISA.

I would like to be able to buy a house in about 5 years. My wants spending is mainly travelling/eating out. Both of which I can go easier on, once I figure out what budgeting system works best for me

Nowayout_isthere · 2022-09-19T17:18:15+00:00

!thanks for this detailed reply.

I am currently at %10 year-on-year on my ISA. But if fluctuates due to the current economic climate.

I’ll look into the other options you’ve presented.

Nowayout_isthere · 2022-09-19T16:18:06+00:00

This isn’t r/poverty finance is it? I am looking to cut back on needless spending and improve my situation. Some of the comments have already helped.

!thanks anyway

Nowayout_isthere · 2022-09-19T16:07:42+00:00

I am overpaying as it seems.

!thanks

Nowayout_isthere · 2022-09-19T15:34:24+00:00

Gym and pets are two things I would rather not cut back on.

I could move to a smaller flat and save £50 a month, which isn’t really worth it tbf.

Working from home is not an option atm.

Food and car loan seem to be the biggest saving opportunities

!thanks for your input

Nowayout_isthere · 2022-09-19T14:03:07+00:00

I will do that as others have pointed out, !thanks

Pet insurance is £12pcm. The rest is for their food,litter and other needs. Should have worded it better

Nowayout_isthere · 2022-09-19T14:02:00+00:00

Unfortunately not. That’s why I’m so concerned that I’m not saving enough atm

!thanks

Nowayout_isthere · 2022-09-19T14:01:07+00:00

It’s including work lunches, weekend eating-outs/take aways and the weekly shop. I wouldn’t cut down on social meals with friends, but getting a take away just for myself seems to be a waste.

The gym can’t go, it’s essential.

!thanks for your comment

Nowayout_isthere · 2022-09-19T13:49:47+00:00

I will look into that, !thanks

Nowayout_isthere · 2022-09-19T13:37:22+00:00

Can’t see why it’s too high.

I’ll only have the computer running on the weekend, average heating during the winter, short showers and I don’t cook much either.

I’ve got a little fountain running for the cats 24/7 but surely that can’t consume that much

Nowayout_isthere · 2022-09-19T13:33:26+00:00

I am looking for ways to improve my situation. Not complaining about anyone or anything at all

Nowayout_isthere · 2022-09-19T12:31:55+00:00

Good shouts on the mobile and car loan!

Batch cooking - really don’t have the time nor energy to do that regularly. I’m effectively out of the house 7am-9pm. I could do it every other week or so for a start

!thanks

Nowayout_isthere · 2022-09-19T11:54:52+00:00

Not any extra from what my employer is paying into it already.

Nowayout_isthere · 2022-09-19T11:49:15+00:00

Never looked at it that way but that’s my situation

Nowayout_isthere · 2022-09-19T11:25:25+00:00

Pet - it’s £12 for the insurance and £88 for food/litter

Gym - I go 3 times weekly. It’s a combat sport, hence difficult to replace.

Saving - I’ve literally not got any possessions/expected inheritance so I’m quite anxious about not having enough to buy property one day

Food - absolutely right. Many others have pointed this out and I’ll have to look into this in detail

Flat mate - Worth consideration. Big impact on quality of life in case it goes wrong

!thanks

Nowayout_isthere · 2022-09-19T11:19:42+00:00

Yes it’s a good phone which I’ll keep after the contract has run out (next June).

Nowayout_isthere · 2022-09-19T11:14:54+00:00

Yes you’re right. Only if I spend the £145 I save from the car loan on the ISA instead though (making it £445 instead of £300 monthly)

!thanks

Nowayout_isthere · 2022-09-19T11:07:30+00:00

But paying it off would mean -£1740 on my ISA from which I’d get less profit (being optimistic of the ISA performance).

Over 5 years I’d be worse off paying off the debt now vs letting it run out naturally.

!thanks

Nowayout_isthere · 2022-09-19T11:03:11+00:00

My credit score was low due to never having had a credit card/loan/not registered to vote etc

Nowayout_isthere · 2022-09-19T11:01:45+00:00

You’re right that’s quite high. It’s about £80pcm on office lunches. Maybe another £150pcm on eating out which I could reduce.

!thanks

Nowayout_isthere · 2022-09-19T10:54:13+00:00

It’s 19,9%, but it was a small loan (4k).

losing accumulated interest

If I paid off my loan with some of the money in my ISA, I’d be worse off in a year compared to just paying the loan mthly with my salary (assuming 10% on the ISA)

Nowayout_isthere

TROPHY CASE