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What would you do in my situation?

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Comments

  • Blah99
    Blah99 Posts: 486 Forumite
    mike88 wrote: »
    The right time to buy is when house prices are rising by faster than the amount you can save.

    I disagree there. If you wait until that point, you're too late. Everyone forgets that trying to catch the bottom of the market when buying a house omits one vital component - actually being able to find a house you want to buy. Remember, there's every chance of a purchase falling through.
    Mmmm, credit crunch. Tasty.
  • hyposmurf
    hyposmurf Posts: 575 Forumite
    Ï was in your situation back in 2003,so I saved like mad,didnt go out for months,really cut my spending back and upped my salary.Also cleared my debts and spent alot opf time on here.It paid off in the end I got a shared ownership property in 2005,had a deposit and spare cash to furnish the whole flat.Things have changed since,its alot harder to get a mortgage and a similar rate to back then, your looking at 40% deposit rather than the 10% back then.Just save diligently and become more frugal,up your income to if you can.
    By the way I was 30 when I moved out so at 22 I wouldnt get too stressed over it all.Alot of my friends didnt move out until their 30s either.
  • JimLad
    JimLad Posts: 950 Forumite
    Part of the Furniture 500 Posts Combo Breaker Mortgage-free Glee!
    hyposmurf wrote: »
    Just save diligently and become more frugal,up your income to if you can.

    That is what i am trying to do in 2009, then reasses in 2010. Unless ofcourse someone offers me a house for a rediculous price.

    Any advice on how i could up my income? I currently earn 18k and in my terms of employment i cant apply for any higher roles in the organisation for 3 years.
    Mortgage Free 22/03/17
    MissWillow is my OH!
  • hyposmurf
    hyposmurf Posts: 575 Forumite
    If you cant change your employment yet then try other ways such as cashback sites,collecting reward points from shops,second job,selling things you dont need.This site full of ideas.I wish Id started at your age.
  • dazcouz
    dazcouz Posts: 2,531 Forumite
    Part of the Furniture Combo Breaker
    JimLad wrote: »
    Hey Folks,

    Its the new year so i thought it was time for an overview of my finances and to see if i could do better.

    I am currently 22 and single living with my parents. They charge me £150 a month board and lodgings, but that is all inclusive of food, bills etc. I have a student loan of around 12k but no other debts

    At the moment i earn around 18k a year which works out as around 1200 in my pocket after tax. From this i can usually save around 700 a month after fuel to get to work, going out etc etc.

    So far i have around 6200 in savings, 3600 in an ISA at 4% and the rest in a internet saver at 3.18%. They are both with abbey, where i also hold my current account.

    I want to move out but i feel that renting is a bit of a waste of money so i am saving for a deposit on a small house / flat.

    I was wondering if anyone had any advice, or can tell me what they would do in my situation?

    Thanks for your help

    Jimlad

    Goodness me. We are almost identical. I'm 22, have accounts with Abbey, live at home and have roughly the same amount saved up!
    Competion Wins 2008 - £1700 - 2009 £5300
    2010- £680
  • JimLad
    JimLad Posts: 950 Forumite
    Part of the Furniture 500 Posts Combo Breaker Mortgage-free Glee!
    hyposmurf wrote: »
    If you cant change your employment yet then try other ways such as cashback sites,collecting reward points from shops,second job,selling things you dont need.This site full of ideas.I wish Id started at your age.

    Has anyone tried review sites such as dooyou or compareby to suppliment their income? Dooyoo pays 50p per 150 word review so i cant imagine it would take too long to rack up a few quid?
    Mortgage Free 22/03/17
    MissWillow is my OH!
  • highguyuk
    highguyuk Posts: 2,763 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    JimLad wrote: »
    Has anyone tried review sites such as dooyou or compareby to suppliment their income? Dooyoo pays 50p per 150 word review so i cant imagine it would take too long to rack up a few quid?

    There is money available if you want it. From cashback sites, to review sites etc.

    At the end of the day, it just depends if you want to put the time into getting it. It's not going to be "income" as such as part of a mortgage application, but obviously will boost your deposit.

    Must admit when my income hit £16-17k upwards, my inclination towards doing extra and wheeling and dealing did go downhill.
  • JimLad
    JimLad Posts: 950 Forumite
    Part of the Furniture 500 Posts Combo Breaker Mortgage-free Glee!
    highguyuk wrote: »
    Must admit when my income hit £16-17k upwards, my inclination towards doing extra and wheeling and dealing did go downhill.

    I will be starting a new job later in the year and taking a 1k paycut to around 18k for about 3 years with only minor annual increases. But i think it is a good move in my career as the new place has a lot more potential.
    Mortgage Free 22/03/17
    MissWillow is my OH!
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