£32,000 salary - How can I save?

pfpf

KiKi wrote: »

I don't live frugally at all, but after my mortgage, I spend (inc water, gas, elec, council tax, gym, mobile, landline, internet, food and charity donations) less than £370 a month.

Cheers
KiKi

could i ask how? i have taken out our mortgage and this is what we have left.

23.81 LIFE INSURANCE
11.64 HOUSE INSURANCE
69.00 GAS & ELECTRICITY
44.10 WATER (10 payments)
131.00 COUNCIL TAX (10 payments)
10.50 LIFE INSURANCE
24.40 TELEPHONE & INTERNET
17.37 BOILER INSURANCE

£331.82 TOTAL.

this doesnt, unlike yourself inc. gym, food, mobile or "charitable donations".

for our small car we have the usual annual costs and petrol.

thank you.

edit: actually, you dont mention any insurances, if i take the 4 out i have listed that takes the monthly down to £268.50. we could probably cover the food bill for £100 so thats the same as your £370.00 but with no gym, mobile etc....plus theres still the house insurance and car costs.

hostman

I just laughed my self off my chair reading your post.

Dude - Welcome to the real world.

Who, at 22, wants to be forking out £400 a month on a car? Buy a cheaper one, or none at all. If I lived in London I wouldn't want a car, oyster card for the win.

How about this for an extreme idea: Reduce your spending?

Why do you want to buy anyway? You're young, earn good money but want to commit yourself to lots of debt, seems like madness to me. Go into a flat / house share with others, will be cheaper and you'll have the independence you crave at a fraction of the cost.

Just save some money, shag a load of blonde's, brunettes etc and then when you're ready to "settle down" you'll have a chunk of cash in the bank and be a sublime catch for any woman in her 30's wanting to start a family.

hostman

Torby wrote: »

£32k and you're only 22?.....pigs back springs to mind...and no student loan either....any vacancies where you work...can't wait to hear what you do for a "very good" non graduate living at 22...

I was on the same wage at 22, I'm now 23 - No Uni for me.

Oh and I bought a house last year - Guess how? Saving and reducing my spending.

ukcarper

When you see the salaries for graduates it does make you wonder what’s the point of going to university.

Castleman

ukcarper wrote: »

When you see the salaries for graduates it does make you wonder what’s the point of going to university.

It's a lot of fun! :beer:

Definitely the best 4 years of my life!

ukcarper

I'm from a generation that never really had the chance to go to university. But I would agree that it is probably a lot of fun which I suppose is a good enough reason as any to put yourself in dept.

TotallyBroke

You are looking at buying a property in London.
My suggestion to you is to look at how much the council tax, water rates etc will cost you for that property now.
Add all the house bills together even if just approximates, so Mortgage payment £1000, Life Ins £10, Buildings & contents ins £20, council tax £120, water £35, Service charges £100, Tv Licence £12, Gas & Electric £90. = £1387 say £1300 per month.
You pay £300 to your parents so put the other £1000 straight into a savings account.
Now look at the other niceties that you will need for your life in a new home. Telephone line £15, Sky £20, Food £100, car insurance £150, car servicing £50, petrol £100 = £435 so round to say £400 and put that into savings each month.
This leaves you with what is left for mobile phones, going out etc. £2000-1300-400= £300.

Start practising on living on that £300 now because if you cannot do it now with the security of your family you will not be able to do it on your own in a property.
Just think as well, that in 10months at saving £1400 per month you can buy a fantastic new car. 3months will have paid for a good holiday.
It's a real test but one I wish I had done and I am sure so many others here wished they had done had they had known then what they do now.

Strapped

Level103 wrote: »

Hi guys,

I'm currently living at home in London, 22, paying only £300 rent, and spending about £700 on everything else (phone bills, going out, food and travel to work).

I take home £32,000 - which means £2,000 take home.

I can save probably around £1,000 a month, but I want to buy a car which will set me back with finance £400 a month (with insurance).

So that is taken down to £600 a month.

Any tips on saving for a deposit for a home?

I need to stay in Greater London, and probably looking at £175-£200,000 for a one bedroom flat.

Anyone been in my situation before?

This would basically mean no holidays for the whole saving duration also and not taking into account christmas etc.

Any tips?

You can get a 1 bed flat in Crawley (OK technically outside greater London but very commutable) for under the stamp duty threshold £125k. The downside is you'd be living in Crawley of course.

ILW

Strapped wrote: »

You can get a 1 bed flat in Crawley (OK technically outside greater London but very commutable) for under the stamp duty threshold £125k. The downside is you'd be living in Crawley of course.

There are plenty of 1 bedders in the not so fashionable parts of London (inside M25) for £125k or less.

Gwhiz

goater78 wrote: »

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!

Maybe it's your friends who are lying and inflating their incomes