My situation. Advice appreciated.

IT_nerd

I left this thread for dead, but it seems it's come back to life with a whole lot of more positive posts. Thanks everyone that's posted.

Since I initially posted I have decided not to buy for at least 1 year. Or until I feel the housing market has leveled out.

I have also decided to stay here for as long as I can stand it or until the house sells. It really is the best way.
Then, when the time comes I'm setting up a deal with a friend to go half on a rented 2 bed flat of some kind.
As it's rented I really don't mind where we rent. It will be the sake of cheapest place wins, frankly.

As for concerns about my pay, yes. It is slightly lower. But I have no formal education in IT support. I have a C in Computing AS and a PP in Electronic media. (Hardly stunning grades, eh? My finished products were all A* quality, without sounding too up myself. But the paperwork lacked so I fell short) But for tech support I have nothing.
I also only work term time, so that's only 42 weeks of the year. And that £920 is takehome. After tax, NI, and pension payments. Also a student loan I never took out :P But that's a neverending battle. Some lucky sods getting their student loan paid off double time :T
And soon I will get a pay rise and hopefully work full-full time. I'm aiming for £17K a year. Then 21K the year after that.
Although I will have to get some certs behind me to justify 21K.

And to address concerns about my social life, I have people over here quite a bit. Have a few drinks, a movie.
And I go to the cinema.
When I said I go out twice a month, I meant clubbing. I do have a social life
Don't worry.

I've actually been very tempted in the past few days to buy a new car. Clio sport 2.0l. I almost managed to justify it. But I'll hold off on that. I'll make it my 21st birthday present to myself I think.

So again, thanks for all the kind words. And I realise I can't save my dad from himself, It's just fustrating.

And to Tricia ^^.
You would normally be right, however I only went full time 6 months ago. So to ask me to pay rent while I was on £200 a month would have been something my mother would never have done. She would have probably asked when I started full time, as my father did (And I refused on the grounds stated above).
The going rates with my current friends and their parents it £300 a month.
So 3600 (The exactish figure I worked out a while ago for my compensation including interest) divided by 300 is 12. So I still have 6 more months owed to me.
Or at least that's how I feel.

Also, regarding my savings. Just set up my £13,000 in my 30 day bonus (POS account) and £2000 from my current account to transfer into my brand new icesave account.
Last year I ended up with £600 interest?! From 18 - 13K?
Psh, good luck keeping my business.

I'm going to aim for the crazy figure of £23,000 by the time I want a house.

Well, sorry for the long post. It may read a bit incoherently since it was more of a stream of thought.

bandraoi

If I were you I would wait til the house sells then do something completely different for a while. Volunteer abroad, go back packing for six months, get the Oz visa for a year, or even just move to a different city in the UK for a while.

Wherever you end up, I would take up four or five new hobbies, spend a bit more money and try to find out what you really want out of life. Try new things, try different things, meet new people and work out what you really want from life.

It will cost you some of your savings, but not all of them by any means. In the long run you'll be better off if it helps you to work out what you'd really like to spend your money on. You'll also have some great memories and learn an awful lot about yourself.

IT_nerd

I'll be honest. I already know what I want in life.
Money. It just makes me happy.
As you can see, I don't even really like spending it. I just like knowing I have it.
It's wierd, I know. But I've always been like that since I was a kid.

So all I need is my way of making more money, while doing something I enjoy. I'm sure I'll find it in time.

And backpacking around the world will be something I do, just a few years yet. I can't even drink in the US for another year..

50plusabit

I think you have to look after yourself. Your dad seems to be having a try at a relationship that he does not have to work at. I know a couple of people like your dad, who have gone to Thailand and been ripped off, as soon as the money runs out. Its your dads way of coping with your mums death probably, and he is old enough to look after himself.
You have to sit and think of what you want for your future. If your dad is away then sit in a rent free home.
You say that dad is spending £700pm in Thailand, that is a lot of money over there, she will get his money very quickly. But this is not your problem, you need to look after yourself.

IT_nerd

Thanks

Tell me about it.. I know for a fact that she has recently asked for 20,000 baht PER MONTH to be put into her savings account. Or as she said "You don't love me and you not happy with me. You should go find someone else"
That's £330 per month.
When he's teaching out there (He'll be teaching english. An online course makes you qualified over there) he'll be earning £1800 a year before tax.
I really think she doesn't know who she's marrying. She probably see's all her other thai friends with rich "farangs" (Means foreign men apparently) And thinks she wants a bit of that.
It should be a warning sign when there's a seperate word for foreign men.

I think the literal translation of farang is "punter".

bottleredhead

Tricia_^^ wrote: »

I did read the post correctly - maybe you should re-read it to understand what it means financially. The OP said that if this money had been invested
as it should have been then it would be worth £4k today.

Whilst agree that his father has behaved badly, I am sure that in this day and age a young man working & living at home with a parent would have to have paid way over £4k by the time he reached the age of 19. So therefore that particular debt would have been paid.

As for the inheritance part - if he wasnt worried about it then why ask the questions.... I too think he is a very clever young man and a credit to his mother, so for her I would fight him tooth and nail to try & hold onto the family home.

OP - But if the worst comes to the worst & juding by the way your father is behaving.... then at least you have had notice so hang in there for as long as you can. But please don't let this spoil your young life - go and have some fun!!!!!!!!!!!

I wish you well!

If only! My son is 21, works and pays £20 a week so no way has he hit 4K!

localhero

IT Nerd,

I think the way forward in your circumstances is stay put for as long as possible. Don't spend money on a sports car that will depreciate, save as much as possible.

Amass as large a deposit as possible for a property and wait patiently for a real bargain - believe me they will be coming.

Workwise, find a job you enjoy and make sure you learn everything you possibly can about it. Pay for courses - or better still get your company to.

Read up as much as you can about running a business and wait until the economy is in better shape. In the meantime your capital will be growing.

When you are ready go for it. You might also find the property useful as security when financing your business.

In the meantime have some fun (doesn't cost much) and do the right thing for your father.

Tricia_^^

bottleredhead wrote: »

If only! My son is 21, works and pays £20 a week so no way has he hit 4K!

Bottleredhead, if that is what you are asking your son to pay - then I believe you really should read some other threads on this site. Whilst we are not out to earn money from our kids, we still need to teach them to grow up!

http://forums.moneysavingexpert.com/showthread.html?t=1161089

Seb123_2

Well I'm 28 and live with my parents, except 3 years when I went to university and one year renting. My parents don't charge me anything, doesn't mean I am not grown up.

I know the value of money, which is why I have saved a fortune towards my future i.e. pension/house.

I am lucky as my parents realise how tough the economy/job market is for young people, compared to when they were young, hence they allow me to keep everything I earn.

If there is the opportunity for a young person to get a headstart, you've got to give it to them.

IT_nerd

Oh bugg*r. My Dad got an offer today.
£225K with the asking price of £265K. (EXACTLY what I predicted would happen)
I can't get hold of him because he's in thailand (HA! Serves him right)..

This means I may have to accelerate my moving out a tad..

Currents situation:
Savings as per sig. With maybe £1600 more saved by the time the house sells (3 months, I figure..)

Brings running total up to about £16,850 to move out on..Although who knows what's happening with icesave..
And there's anything my dad gives me from the sale of the house, but I've accepted he wont be giving us any money. Meh.
So what to dooo. Hmmm. This sucks hard.