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£32,000 salary - How can I save?
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Well, I earn £24,000 and pay £475 rent a month and manage to save. And yes I do have a social life and holidays! If you are really serious about wanting to save then write down everything you spend and see where you can cut back. I'm sure there must be things you fritter your money away on (like we all do) and do you really need a car. I used to live in Greater London and always managed okay with public transport and the odd cab.0
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I am impressed that at the age of 22 you are even thinking about starting to save your money ( I know I didn't save half as much as I could/should have done at that age!).
Obviously you don't want to live a life of penury and still want to have a good time so have a think about how you can still save somemoney - maybe one night out less a week/fortnight?
Maybe take your own lunch into work once or twice a week instead of buying lunch every day?
How often do you eat out/take away? This can add up to a lot every month! If you are a takeaway fiend then maybe try to cook your own meal from scratch a couple of times a week. The more you do this the better and more confident you will get at cooking and a man who can cook is rather irresistible!
Maybe don't buy a coffee on the way to work every day and save the cash instead.
I am suggesting ways to cut down rather than cut out lots of your expenditure - hope this helps! Have a look at the old style board for more moneysaving tips.0 -
chewmylegoff wrote: »clearly you don't know any professionals then. either that or they're lying to you about their income to make you feel better.
Ummm, I am and nearly all my friends are professionals and my figures above remain true.
Engineers, teachers, psychologists, civil servants, economists, journalists, musicians, lobbyists, accountants, architects, physicists...0 -
Ummm, I am and nearly all my friends are professionals and my figures above remain true.
Engineers, teachers, psychologists, civil servants, economists, journalists, musicians, lobbyists, accountants, architects, physicists...
I would be very suprised to find an accountant working in London, 5 years after graduating from a top ten university on less than £28K a year. My sister only graduated 2 years ago and has been working in Manchester as an accountant for 18 months and is on significantly more than that, i'll accept that teachers, civil servants, journalists etc.. will be on less. However I think either your accountant, physicist, psychologist, engineer friends are either misleading you about their income or then they aren't very good at their jobs!This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
I certainly don't disagree. And as I said in my post - if he wants to spend it, it's up to him.
But he is spending £700 a month on those things - and asking for tips on how to save more for a deposit. The tip is: don't spend £700! Or don't get a car!
I don't think that advice is harsh, just reasonable.
KiKi
Yeah thats true! It is good advice, i wasn't trying to criticise you! i'm awful at saving money, I try and be good and spend less but then something always comes up which is more appealing than being sensible! Everything fun costs money these days!This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Is a car necessary to attract a bird these days? I'd have thought a well-feathered nest is better, so I'd save the money for a deposit.
Depends on the car and house i suppose. I've got a nice house but its difficult to get them back when they see i'm driving a Daewoo)
This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
I would be very suprised to find an accountant working in London, 5 years after graduating from a top ten university on less than £28K a year. My sister only graduated 2 years ago and has been working in Manchester as an accountant for 18 months and is on significantly more than that, i'll accept that teachers, civil servants, journalists etc.. will be on less. However I think either your accountant, physicist, psychologist, engineer friends are either misleading you about their income or then they aren't very good at their jobs!
Im dreaming of a £32k salary and thats 6 years after graduating and with an MSc (chemist on £23k), my H has only just broached the £32k limit and he has a PhD and 10 years of experience (physics)... were just outside of London, none of my close friends are on that and most of them graduated 8 years ago
To the OP I think you need to do a SOA (statement of affairs) to see where you are spending the money and see what you can cut down to save for a deposit, agree about the car though.. £400 a month is a heck of a lot for something that depreciates quicker than food cools down - look for a cheaper car or use public transport0 -
clairet707 wrote: »Im dreaming of a £32k salary and thats 6 years after graduating and with an MSc (chemist on £23k), my H has only just broached the £32k limit and he has a PhD and 10 years of experience (physics)... were just outside of London, none of my close friends are on that and most of them graduated 8 years ago
To the OP I think you need to do a SOA (statement of affairs) to see where you are spending the money and see what you can cut down to save for a deposit, agree about the car though.. £400 a month is a heck of a lot for something that depreciates quicker than food cools down - look for a cheaper car or use public transport
Thats fair enough. I must admit i have very little idea how much physicists gets but I am suprised to find out it is so little. I'm suprised that none of your close friends are on that though as i have found that most of my uni friends (i graduated 8 years ago as well) are on significantly more than me (well apart from the teachers and civil servants). I suppose it all depends on what industry you get into after graduation!This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Ummm, I am and nearly all my friends are professionals and my figures above remain true.
Engineers, teachers, psychologists, civil servants, economists, journalists, musicians, lobbyists, accountants, architects, physicists...
any accountant who has 3-5 years experience and isn't being paid more than £40k in a job in central london is not very good at their job (or has decided to take low pay for another reason). even out in the home counties you wouldn't expect to be much below £40k on qualification.
thought teachers in central london started on more than £25k now...
not really a great expert on the other professions, but: (i) being in the civil service doesn't make you a professional, although it is possible to be a professional working in the civil service; and (ii) is a lobbyist a professional, is it really? no, it isn't.
most people in marketing and communications and all that sort of nonsense are on well over £30k after a couple of years in london. our admin staff at work earn within the range you mention - people with professional qualifications don't go out and get them to earn £28k after 5 years.0 -
However I think either your accountant, physicist, psychologist, engineer friends are either misleading you about their income or then they aren't very good at their jobs!
I can certainly verify that engineers aren't particularly well paid in the UK, even in London, despite how wonderful we are!
According to the Institute of Civil Engineers, the average salary for civil engineering graduates with up to 5 years experience was 25k in 2007 and 26k in 2008 and the average salary for a 25-29 year old engineer 28k.
A pre-fully qualified psychologist (i.e. someone likely to be under 28 as it's a long road) is likely to earn 25k and as for the other professions - not eveyone works for the big well known companies in their field.0
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