Savings Log of a 26yr old on low pay

ampersand

I know I am not the op,muffin - just another 'by chance came across your Thread' supporter. But your post is brilliant and I wanted to do more than press the Thanks button.

You'll get there, too - esp. with A Good Woman alongside.....:-)

MoneyWaster2007

muffin74 wrote: »

Hi MoneySAVER

One thing I want to remind you is that you have time on your side and time+compound interest = wealth! All the skills you have built up in the past few years will help you make the most of every penny you earn and make you RICH. It would not surprise me if you were a millionaire by the age of 40! I am not exaggerating, to pay off all your debts, live within your means on a modest salary and to build up savings is a FANTASTIC achievement. Imagine where you will be in 15 years if you keep doing that!

I cannot tell you what an inspiration your thread has been for me. I am ten years older than you and I am still not debt free. I spent lots during my 20s and did not start paying it off until I was 30. I have worked really hard and I should be debt free within six months. After that, I want to start saving. You have done so well on a tight budget, I am so inspired.

You mentioned being single and that you were hoping to meet a nice girl. Have you thought of going to your local gym or sports centre? The council run ones are quite affordable and if you do keep fit classes you would meet lots of nice girls. Much healthier than the pub too! Be careful when it comes to the dating game though as it can be quite expensive! You could always try online dating, lots of people have met serious partners/ spouses that way.

If I were in your shoes, I would stick to concentrating on building up savings and maybe look into getting a part time job and not worry too much about being single. I was single for long periods in my 20s and I am engaged now so no worries. You have loads of time.

Another idea, If your job is technical, could you earn extra money by doing jobs for people at home/ DIY type stuff? Just a thought.

Anyway, well done and good luck!

Thanks muffin, great post :cool:

I hope you are right in saying that I will be a millionaire by the age of 40! Who knows what the future holds...

Good luck with paying off your debts, it's a great feeling when you finally get that weight off your shoulders

I may joing a gym in the new year so long as it doesn't cost much for the membership.

I have thought about getting a part time job in a bar on evenings/weekends, but still mulling that one over as I feel very tired after my days work...

Cash-Strapped.T32 - thanks for reminding me it's my first anniversary of being debt free (yesterday). I hadn't realised - woo hoo!!:beer:

Got work tomorrow on my cousins house 8.30 - 12.30, then haircut, then Leeds game with my Dad. Will also drop off Mum and Dads Christmas card when I go round

Nice early night for me tonight, very tired zzzzzz

MoneyWaster2007

Hi! Hope you all had a nice Christmas!

As you may have noticed from my signature I now have £479.38 in my ISA and £101.00 in my Car Fund. :j

So...things are going in the right direction again. But I am very skint until next payday as it is a 5 week month between pay cheques.

Anyway, this is just a short update as I am watching Corrie, so chow for now

MoneyWaster2007

Quick question.

I just got a new mobile phone on contract. It's £32.50 per month over 24 months.

The reason I dedided to switch from PAYG is because I need to be able to ring people at any time rather than text.

So the question is: have I made the right choice?

I know it's too late to go back on it now and I'm worried about the length of the contract...what happens if I lose my job...

fedster

Hello MoneyWaster its been a privilege reading this :T

I am 23 and in a similar postion to yourself, i am on 6 quid per hour but i have been fortunate that i have managed to make money through other means, which has helped alot. Working in warehouses and factories is hard especially through agencies, so well done in getting permnant. I also have been given a permnant postion at the warehouse where i work so hard work pays of.

As for your mobile contract,i pay £15 for unlimited texts and 500 minutes plus unlimited mobile internet use, i think you need shop round bit more!!

MoneyWaster2007

Well done on getting the permanent position!

£15/month seems like a very good deal, but is it a 'sim only' contract?

My sister has an almost identical deal to you, but she just has a cheap phone.

The deal I got was for a Blackberry Curve 3G, which have only been out 6 weeks...so I think that is the reason it is more expensive.

My cousin has a Blackberry Curve and her contract is £35 per month.

fedster

What i got from Orange for £15 per month is the LG GT505 with sim included, the low price was because i was classed as a loyal customer lol

MoneyWaster2007

Ah right so when I get near the end of my contract I might tell Vodafone I am considering switching to another network unless they drop the monthly fee as I am a valued customer and see what they say. Thanks

The main thing I am bothered about is the length of the contract - 2 bloody whole years! And I'm tied into it. However, at least I got all my debt paid off and am constantly saving money (albeit at a slow pace).

So hopefully touch wood it wont be a problem.

MoneyWaster2007

I get 500 minutes, unlimited texts and 500GB internet. I've spoken to 2 other people with the same phone as me and one is paying £30 and the other £35, so mine is inbetween at £32.50. It must be an average price if other people are paying rougly the same.

Your deal on the HTC was good! I didnt have to pay for the handset it was free.

I guess it all boils down to the type of phone, it's value, the deal offered etc.

But if you walk into a phone shop on the highstreet I reckon you wont get a much better deal than I got.

Looking at the internet I see there are some better deals, offering cashback etc. but with this being my first contract in years, I preferred to go and speak to someone as it was getting set up so as to be clear on everything. Hence doing a deal in a shop.

I am a bit gutted that I am paying £32.50 over 24 months, but I need to be able to make calls at any time living on my own. And if I were to do that on PAYG I would be looking at spending £20/30 per month, so at least in getting a contract I am paying roughly the same price but get a state of the art handset aswell...

...can you tell I am trying to convince myself I have done the right thing?? Born worrier me

MatyMoo

I have looked at upgrading my phone recently and it seems that 24 month contracts are the norm if you want a SMART phone or Blackberry.

I try to do my research on the High Street, go home and check if I can get a better deal online and then go back to the High Street if it still looks like a good deal.

Stop worrying, what is done is done