Savings Log of a 26yr old on low pay

linz

Are there any cheap/free courses at colleges near you, vocational evening classes, that sort of thing? What job do you do at the moment?

MoneyWaster2007

I work as a solderer in an electronics factory, but the factory has a high turnover of staff and I am one of the more experienced ones there, having been trained to test many different products, however with no extra pay - not for the want of trying to get it!

In terms of a college course, I have considered that, but there is always the doubt that it may be a waste of time because there is no guarantee of a job at the end of it. Although I guess it would put me in a stronger position when applying for jobs...

linz

Any chance of a promotion if not a pay rise, if you were to ask your boss do you think? Seeing as you are one of the experienced ones who has been there a while?

edinburgher

Glad to hear you've got your debts paid off (paid the last of mine off in Feb) - it's really liberating to not owe anyone anything from your pay packet

I think that other users have been right to focus on upping your income. As you say, you're on a moderate wage at the moment, so there will only be so much you can save/cut from your budget before you find yourself living like a miser just to tot up the money in your ISA!

Take a look at the 'Up your income' board for ideas if you don't think a raise will be forthcoming. If you're already working as a solderer, are there any vocational qualifications that would help you build on this work and increase your range of skills? A lot of colleges offer evening/weekend courses and it might help you increase your employment options...

Primrose

Well done for getting a grip, clearing your debts and starting with a clean sheet. You can feel proud of your efforts, especially if you're trying to do that on a low income. You're sensible to build up an emergency fund of at least 3 months expenditure. Times are getting difficult and having that security will hopefully give you peace of mind.
You're doing well with the packed lunches and yes, buying clothes from charity shops will save you money.
With winter approaching, think about the cost of heating in your bed sit. Somebody I knew in similar circumstances bought a ski suit from a charity shop and wearing that in her flat at night where nobody could see her, enabled her to keep her heating bills low and saved her money. A hot water bottle will also ensure your bed is nice and warm.

Longer term, you may want to think about trying to get some more qualifications that might enable you to earn a bigger salary. You obviously have a computer. Do you just do e-mail or would going to evening classes to get some other computer-based skills give you a better chance of a higher paid job? Lots of new courses start in September. Check out your local library for a brochure or ring up the Education Dept of your local council and ask them to mail you a copy.

Remember to invest in yourself. It will be the best long-term investment you ever make. Keep it up. The pennies will keep growing if you save them regularly.

Jimmyc

I read these forum's a lot but don't always log in and post/reply but i would also like to say well done.

Maybe give up the tobacco as well.

This year i've been looking up ways to bring down monthly expenditure. My old mobile phone contract was £45 a month cancelled it and took out a new one, got a very nice new Nokia, now paying £25 a month, thats £240 saved a year.

I used to spend about a fiver a day on lunch.. Maybe a microwaved meal and 2 x cans of coke and crisps from vending machine at work. Now i buy coke in bulk at supermarkets and get something cheaper like soup. Daily spend about £2 - £2.50, save about another £500ish a year

I rotate between tesco's and asda i go in as well so i can get best deals from both

PLUS ASK YOUR MANAGER FOR A PAY RISE, YOU DESERVE ONE.

cashbackproblems

Lunch is another good example of 1k+ a year being wasted, im currently working in central so working long hours and when i get home i dont have the energy to make dinner never mind sanwichs for the next day! This means by lunch the following day im starving so easily spend £5/6 at Eat/Pret/numerious other food places along Piccadily! However iv recently been given a staff discount card from my brother for Boots will start buying tht everyday for £2.70 and u get a great choice of salads/sandwichs/snacks (all the good stuff if anyone else gets Boots meal deals). Equally u cant become too obsessive and gota treat urself, otherwise whats the point of working, just paying off someone elses mortgage and increasing the profits of energy companies.

sharpy2010

MoneyWaster2007 wrote: »

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

People have done worse!!!

EC12345

Excellent, well done, a really motivating post - keep up the good work :j:j:j

MoneyWaster2007

Thanks all...what is this sealed pot thing about?