Savings Log of a 26yr old on low pay

bendix

Now and again I see a post that - temporarily at least - eases my concerns about the financial savvy of the ordinary Brit. This is one. Good on you, OP.

I'm afraid you're the exception which proves the rule, but it's good to see nonetheless and 95% of MSE could learn a thing or two from you.

rockitup

Hi OP

Great work and well done Sir.

2 more examples for you, I was on the verge of going bankrupt in 1996/7 but knuckled down, worked more hours andgradually gor rid of debt and am now doing quite good after taking up investing.

The other one was a lodger of mine who was living basically the same as you mentioned and in 8 years he amassed just over £60,000 and is still renting a room until he has a 50% deposit for his own house. Maybe he had a better hourly rate but you will get there

Congrats:T

l33na

welldone to you for clearing your debts. And for topping up the ISA regularly.
The savings will help in the future towards a mortgage.
Check if your ISA is the best for you as many banks are offering good rates to get you to move your ISAs to them. though you have to keep an eye on them as the rates do drop.(so you pick your ISA and move again)


Good luck. Look forward to seeing your Savings grow.

MoneyWaster2007

Wow! Thankyou all for your replys. There are too many to thank you all individually but I am really chuffed and appreciate each one.

Buying clothes from charity shops sounds like a great idea - thanks!

The ISA I have is paying me 2.23% AER paid monthly. I chose this one as it is an easy access ISA which would allow me to draw on the balance should my circumstances change. I also like that the interest is paid monthly as this means I get paid compound interest.

As far as a new job is concerned, I check the jobcentre plus website daily as I find this to be the best job site and has jobs which are local to me as I have no transport.

The story about the guy that saved 60k in 8 years is very inspiring and gives me hope, thanks for that.

I'm so glad that I addressed my debt situation when I did, as I now feel a sense that there is light at the end of the tunnel.

Went to my mum and dads for tea after work and so got a free dinner, minus the washing up - bonus! Also, my mum made me an extra tea to take home so I have my tea sorted for tomorrow night aswell - wow what a mother!!

Got £29.03 left out of my wage to last me until Friday and have all my packed lunch stuff bought for the week and in the fridge. So my only outgoings from now until payday will be some petrol money for my lift to work (£4.00) and some petrol money for my lift to football training on Thursday night (2.00). Might need some more tobacco aswell but that will only be around £5.00.

So...should be looking to save £15 this week. Not much but it's something. Went to Sheffield this weekend just gone aswell so it's been a pretty expensive week. Will hopefully be able to save more next week. Plus I am working all day Saturday if I am not playing football, so that will be an extra £60.00.

StevieJ

MoneyWaster2007 wrote: »

Went to my mum and dads for tea after work and so got a free dinner, minus the washing up - bonus! Also, my mum made me an extra tea to take home so I have my tea sorted for tomorrow night aswell - wow what a mother!!

You didn't get your washing sorted while you were there, I am disappointed at you

MoneyWaster2007

can't take my washing basket on the bus, would be a bit embarrassing

xrjtg

MoneyWaster2007 wrote: »

The ISA I have is paying me 2.23% AER paid monthly. I chose this one as it is an easy access ISA which would allow me to draw on the balance should my circumstances change. I also like that the interest is paid monthly as this means I get paid compound interest.

The important bit there is AER—Annual Equivalent Rate, which is the rate on the account assuming interest were paid and compounded once a year. Monthly or annual interest paid on a lump sum sitting in the same account for a year should be the same if the accounts have the same AER. The interest does compound monthly if paid monthly, but you'll find that the gross rate is lower to compensate for this.

In general terms, well done for turning it around.

cashbackproblems

Well done with the savings, people dont realise alot of people like urself who dont get a good education/jobs or big parent handouts for deposits have a tough life but you are making the most of it and not relying on the social to get you through. If you have any ambition to get your own place the priority has to be on getting some better training and jobs, make sure u have a good cv and looking beyond the jobcentre as these are mostly manual labour/cleaning kind of work. Also you are lucky u dont live down south as uv have no chance of getting on the property ladder.

juicyjude

Think your username is wrong now dont you? How about changing it to Moneysaver? Think you get the drift on this thread that you are an inspiration and we all congratulate you on your attitude. You will definately get there with that sort of spirit, good luck!

MoneyWaster2007

cashbackproblems wrote: »

Well done with the savings, people dont realise alot of people like urself who dont get a good education

I had the opportunity for a good education but didnt take it. I got 9 b's and 2 c's GCSE, but then started A - Levels and dropped out after one year after discovering women and alcohol. That was a daft stage of my life and was when I racked up my debt.

But I have come out of it the other side...yes I am paying the price for not taking my education seriously enough when I was younger, but I did have the opportunity to do so.

Thanks for the other stuff you said though, I appreciate it. It's been a struggle, but as you say, my income is the key here and to increase that will require a job change somehow.

Thanks to juicy jude aswell, don't think there is any way to change my username though? ....