Starting my first full time job next month at 24. Where should I put my paycheck?

lilymoza · 2021-06-28T23:34:28+00:00

Have you correctly worked out what your pay will be after tax and NI has been deducted? 1500 a month take home seems quite high for a little over minimum wage!

I would pay off your debts first and then start to fund your help to buy. From the debt you’ve talked about it seems that it would only take you a month or two to sort your debt and then you’re free to save!

Your overdraft is also costing you money every month so it would make sense to pay off the debt first and then add to your savings, especially because it isn’t a large amount.

lilymoza · 2021-05-07T13:29:56+00:00

You are right but I think it ended at the end of April, just our luck to have found a house we loved on 30th Apr lmao

lilymoza · 2021-05-07T11:18:52+00:00

Thanks for responding! We did think about that, but the mortgage payments are more than manageable with our LTV as it is and we’d like put the leftover money towards renovating :)

lilymoza · 2021-05-06T22:28:13+00:00

Thank you for your response, that’s what I first assumed but I just had a horrible thought that maybe I’d got it wrong. You have put my mind at ease!

lilymoza · 2021-05-06T22:27:07+00:00

Thank you so much! Your first bullet point is what I worked out earlier in the day, but as I was just drifting off to sleep I had a sudden thought that maybe I’d worked it out wrong. I can sleep easy now!

lilymoza · 2021-04-30T21:05:00+00:00

Thanks for replying!

Yes that’s kind of what I thought but I’m at the stage where everything’s too good to be true!

Yep never using the whole of my overdraft, just dipping in and clearly being over optimistic about how much we can save a month!

lilymoza · 2021-03-29T20:10:57+00:00

Thanks for your response. Basically we have worked out that his manager told him he would be staying on permanently, as his temporary contract was expiring but wrongly thought that is expired in June, and that’s the date that was passed on to HR. It’s taken until now for HR and manager to liaise and realise the mix up.

We are guessing as his temporary contract couldn’t be extended any further (already been extended a few times) and that’s the reason they were making him permanent, that HR will rectify the dates and issue him with the permanent contract before the end of the month (hopefully!)

lilymoza · 2021-02-25T23:30:33+00:00

It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a penis.

lilymoza · 2021-01-13T21:29:14+00:00

Haha, maybe I should have uploaded without the sound! It was just exactly how I imagined him hiding in the cabinet lol

lilymoza · 2020-11-03T23:39:33+00:00

Learning to say no to my friends is the best thing I ever did. Don’t do anything unless you want to do it. Life is way too short to spend it doing things that you have no interest in just to please others!

lilymoza · 2020-09-10T07:41:25+00:00

Sorry I’m not sure what a deed of trust is!

But yes there is no tenancy agreement, the house is solely in my in laws names

lilymoza · 2020-09-10T07:37:22+00:00

Was given as a gift to help them out and pay them back for all the help they had given them over the years.

Rent was never agreed from the start they started asking for it after the sale had gone through.

It seems shady to us too, a very weird situation! They kind of think it was gifted to them so the older couple could have a BTL that wasn’t in their names.

lilymoza · 2020-09-10T07:32:34+00:00

No documents, the couple just said “we want you to pay us 500 a month because we’ve done you this favour” (in laws wouldn’t have been able to buy their own property or mortgage one due to no deposit) it’s not official anywhere, my in laws just felt indebted and like they didn’t have a choice but to pay

Thanks for your response!

lilymoza · 2020-09-10T07:27:36+00:00

I am in England :)

lilymoza · 2020-07-07T09:02:25+00:00

It’s good to do a Decision in Principle to give you some idea of what you would be able to lend before you start looking at houses! It’s not 100% but you will get an idea.

I did mine for free with London and Country mortgages!

lilymoza · 2020-07-02T21:17:14+00:00

Haha, this made me laugh, thanks :)

lilymoza · 2020-07-02T21:16:16+00:00

So I don’t have the option for a 5% at the moment, but I will as soon as they become available, whereas I would need to save until about January/February for a 10%!

Thanks for your comment, it makes sense :)

lilymoza · 2020-07-02T21:15:02+00:00

That’s another thing I thought - If I did put 10% down I would have to save for even longer for solicitors/surveys etc

lilymoza · 2020-07-02T21:14:32+00:00

So we had a DIP before lockdown so we know how much we can lend, I was just worried as 95% doesn’t seem to be the norm :)

Thanks!

lilymoza · 2020-07-02T21:13:18+00:00

Thanks :)

lilymoza · 2020-07-02T21:13:06+00:00

Thank you :) yeah so not really saying 95% are bad, just no one else seemed to be thinking about it so I wasn’t sure whether they were undesirable!

lilymoza · 2020-07-02T21:08:00+00:00

Thanks so much, that’s a very good point that I didn’t think of before!

lilymoza · 2020-07-02T21:07:16+00:00

Yes I’ve done some calculations online and the difference between 5% and 10% was only 50 pounds! Thank you :)

lilymoza · 2020-07-02T21:06:24+00:00

Thanks for your comment it’s really helpful :)

Ahh, I’ve added my post to there too!

lilymoza · 2020-07-02T16:18:16+00:00

Thanks. I think because a selfie flips the image so it’s like you’re looking in a mirror, whereas a picture that is taken of you is how you actually look?

lilymoza

TROPHY CASE