Savings Log of a 26yr old on low pay

MoneyWaster2007

Hi all!

I've decided to keep a log of my savings for motivation and hopefully some help from you guys.

As the title says, I am a 26 year old, working in a factory and earning barely above the minimum wage (£6.25 per hour) - and its not easy to save.

I live on my own in a bed sit which is not ideal but is all I can afford at the moment.

I don't have a target of how much I save each week, I just try to do my best.

I was in debt to the tune of £14,000, but have fully repaid all of that, got my own place and now have £752.09, but it hasn't been easy.

I take a packed lunch to work, always look for offers when food shopping, go out 1 night per week and try to buy clothes as rarely as possible.

As I am paid weekly, I transfer money into my ISA each Friday after work when my new wage is nicely placed in my current account.

Well, that's about it...I will upate each time I transfer some more money into the ISA/ make a great saving in some way or another.

Thanks for reading

kaspar

sounds like you are doing well!

keep it up.

juicyjude

Just two words to you...............................................WELL DONE!!!!!!!!!!!!!!!!!!!!!!!!!!!!! You sound very sensible and got a very good attitude to saving. You will be given a lot of useful advice on here its a good site. You are in a good place by the sounds of things and from now on I am sure things will get better for you as you save rather than pay off debt. Keep us posted moneywaster2007 or is it now moneysaver2007.

Driving_Soon

Well Done on clearing your debt and also well done for starting saving!!! I'll look forward to seeing how your progress goes!!

MoneyWaster2007

thankyou

My initial aim is to get 3 months wages worth of savings built up as a safety net, because that's what the experts say should cover you should you lose your job, enabling time to find new employment.

After that...I don't know. I hope one day to get a mortgage, but not sure if that is realistic.

I'm also always on the lookout for a better paid job, but the job market isn't too good right now.

juicyjude

Well a mortgage is more realistic if you have savings than if you have debt. Just keep going, youre on the right track, as said before WELL DONE

**curlywurly**

Wow, well done. What an inspiration you are! My grandad always used to say from small acorns, large oak trees grow. Good luck.

life_nit

The very best of luck to you sir, as for coming to a stage of obtaining a mortgage.

My 2cent would be to focus on the short term things for now. you have everything in place, and a great debt-free foundation upon which to start.

malik999

MoneyWaster2007 wrote: »

thankyou

I'm also always on the lookout for a better paid job, but the job market isn't too good right now.

The above is the key/answer. You sound sensible/intelligent enough.
Move your focus/log from your savings to your income.

linz

You could check out your local charity shops for clothes rather than buying new. They have lots of designer/top brand stuff in there these days.

Well done on what you have achieved so far.

joyfull

Hi OP,

I'm 54 yrs old & have saved all my life. I've never earned anything more than £12.000 pa and spent most of my adult life on much less than that (spending the lst 17 yrs being my Mum's carer). I'm now not in great physical shape so I'm SOOOO glad I saved as I can eke out my small income with what I've saved.

I don't want to portray myself as any kind of victim because of this. I love my life and enjoy very simple pleasures. This site has been invaluable to me to share & pick up money saving tips. Very best of luck to you. It feels good not to owe anyone anything - there a is a peace of mind that comes with it as I'm sure you're experiencing. Well done!