Savings Log of a 26yr old on low pay

atush

MW, good to see you back.

Buying presents in advance is a great idea- I have been doing it since the July sales lol. I have done quite a bit of it already with Oct's budget taking the biggest hit.

l33na

HI have just read through the whole 20 pages!!
I originally posted on the 1st post and have been lurking in and out since then but today i read every post.
reading through the posts was inspiring and proved that MSE ways works.:T

There will always be bumps in the road to saving due to circumstance that we cannot control.
When I first came across your post I was trying to save to pay towards my mtge.This year I have the money to make a large overpayment. I never thought I would be doing it or even having that much money to pay off as from the first page of your thread the idea of saving was a duanting one for you and now you have become a savvy saver and shopper.

By starting this journey you have not only improved the bank balance but your life style-ciggys long gone- loving the image of an healthy athletic man running around the field, then hitting the pool.;)

I wish you all the best and well done.

MoneyWaster2007

minis121 - thanks, I think you're right in saying it's easier to build up savings when you are single. I have to say though, I did meet a girl a couple of weeks ago, but it's nothing serious. A step forwards all the same.

atush - thanks, got all but one present now and will get that one this month. May need to get an extra present depending on how it goes with this girl

l33na - thanks for reading the whole thread, my hat goes off to you! And congrats on being in a position where you're able to make a hefty overpayment on your mortgage! Can't have been easy. Been a non - smoker since January now and think I have it cracked...that said, I'm going out with some old friends on saturday night who are a bit 'rough.' They all smoke and the last time I failed in my attempt to stop smoking when I was round their house...however, I feel like I'm in a much stronger mindset now and it shouldn't be a problem...just a bit nervous all the same as don't want to undo all the good work.

I had to reforecast my NYE target due to the car breakdown, so it's now £1400, of which I've managed to save £1338, so pretty much there.

I also worked out that I'm getting £3 per month roughly from passive income ie. interest....so the aim is to get that to about £1-2k per month...I guess I'll just keep dreaming and getting my head down

Tuesday_Tenor

I've been a lurker, catching your updates, and wanted to say well done for getting to grips with handling your money so well.

Well done also for not smoking since January.
It's this bit that's prompted me to post. Please be VERY CAREFUL about being tempted to smoke while enjoying your Christmas parties. One of my best friends was a smoker for twenty years. He did give up a few times in his 40s, and managed through the year, UNTIL DECEMBER!!! It was always the odd 'smoke' offered at parties that undid him - usually a cigar, which he indulged in on the basis that it was a 'treat', a 'one-off', 'not my normal cigarettes, so won't bother me'. Too late: - two years running this was his undoing!

If it helps keep you motivated not to indulge: - my friend only really gave up for ever AFTER he'd had a heart attack in his late 40s! Don't wait until this stage. Stay strong; you're doing so well!

turbo.jet

Couldn't agree more. I've quit several times, usually for a year to 18 months. Its after that sort of period that you start to believe you can have the odd puff without it mattering, but it does.

My undoing is always when I go on holiday. I'm on the wagon now and CAN'T fall off again.

MoneyWaster2007

Well, I can honestly say that smoking doesn't cross my mind any more. I see it as a stinking addiction. I was in a bar at 1:30am last weekend, after having had a fair few beers and someone I was with turned to their smoking friend and said, 'let's go for a fag.' It was only then that I realised the thought hadn't even crossed my mind and far from wanting to join them, I was pleased to relax and enjoy my drink whilst they went outside in the cold to choke themselves. And upon their return, the stale stench of tobbacco was very obvious to me and that made me happy that I don't smell like that.

On the savings front, I am well chuffed because I am bang on track to hit £1,500 by Friday, therefore surpassing my target by £100 - plus may be able to add more :cool:

It struck me today that if my circumstances remain constant over the next 2 1/2 years, I should have accumulated around £6,000 at age 30. However, that would be nowhere near enough for a mortgage deposit, so I'll be 30 years old, living in a bedsit and working in a factory! Not a great thought...

But who knows, if I keep plowing along, things may get better, who knows what the future may hold...happy holidays all :cool:

Archergirl

so I'll be 30 years old, living in a bedsit and working in a factory! Not a great thought...

Nothing at all wrong with that, you are healthy, have a home and a job. I would say that's a result!!
I have just read through quite a bit of this thread and you are fantastic!!
I worked in a factory for 35 years as a wirer, assembler had a great time with good people, took redundancy as my husband is older than me and was near to retirement age so decided to walk with some money when it was offered.
Keep up the good work and have a good Christmas x

atush

Keep up the good work!

Dont' worry abt being 30 with 6K. you could be 30 and owe 6K- so you'll be 12K better off lol.

I do think you'll have more than that though. As you have made great progress so far.

turbo.jet

I had at least 10k debt on my 30th birthday. 32 now with savings, so anything is possible!

mike88

Moneywaster wrote......................"so I'll be 30 years old, living in a bedsit and working in a factory! Not a great thought"

There is much to be admired in this thread. It shows that Moneywaster is determined, can go about things in a structured way and has ambitions for the future. But something is missing and I wonder whether he is going about things in the right way. The above statement suggests some dissatisfaction with his lot and it seems that however much he can save it will never be enough to afford a deposit on a house which is his ultimate aim..

If it was me I would look to achieve my objective of house purchase in a different way. Instead of saving money I would invest it.................in myself possibly by improving my qualifications to get a different job or try and get work in an organisation where there is a career structure. Very often working in a factory provides little opportunity for advancement so it may be possible that Moneywaster is in something of a rut.

There are solutions .......................but they will not suit everyone but they are out there if you care to look. I know of somebody then in his late 20's who was in a not dissimilar situation to Moneywaster. One day he was listening to the radio and discovered the existence of NHS bursaries. They provide free tuition, a small grant and access to loans. After a 3 year University degree course and 5 years on and that person is a qualified senior radiographer working in the NHS and a part-time university lecturer with the NHS paying for all his training and his lecturing qualifications. That is only an example but there are other things out there that might suit.

It just seemed to me that saving money for an unachievable end goal is such a waste of a young life. I mention this just to propose an alternative view. Is it better to save money for something or is it better to invest in yourself for a better life? This is in no way intended to criticise what Moneywaster has achieved.