Savings Log of a 26yr old on low pay

gallygirl

Mike, what an interesting post , will be interesting to see what the OP thinks.

Jegersmart

I am not sure I have said this already in this thread, but I would echo Mike's post. The single most important and beneficial thing I did in my twenties was to concentrate on finding opportunities where I could experience different jobs, markets and develop different skills in order to increase my earnings. As mentioned above, is there anything you are interested in doing? Is there something you already know that you are good at? If so, try to find the best way to get the skills/qualifications etc that you need to have a good chance at succeeding in something.

As has also been suggested, it might be wise to look into investments so you have a chance to get more than 2-3% per year interest on your savings although I understand it is not everyone's cup of tea.

I wish you all the very best MS2007 - hopefully you will find a way to get some opportunities to explore!

J

MoneyWaster2007

Not sure if I have mentioned earlier in this thread that I am starting a degree with the Open University on Jan 28th, which I hope will be my key to a better future. It's all paid for because I'm on a low wage and I also get a course grant of £265 for materials.

Been a very bad day today, firstly my car broke down on the way to work, which is in the garage now and is going to cost me £460!! So because of that I was late for work. Then the girl I have been seeing 'dumped' me as she is going travelling for 12 months. Then I had to work late to make up the time lost this morning, then when I got home I had just got my tea on the table when my awkward housemate knocked on my door to confront me about something pointless....so it's just not been great. Xmas target of £1500 - out the window. Girlfriend at Xmas - forget it. :mad:

Sorry, I know people have much larger problems which would completely overshadow mine, but just in a bad mood... thank you for the above advice though, although I feel I have already started to make the changes required as best as I can.

turbo.jet

Ahhh bummer mate. Sorry to hear all that. Why is it that flatmates know just when to come and p155 all over your day! Mine's the same way. At least it keeps me motivated to save for that deposit for my own place!

Are you able to get around, ie to work, without a car? You were doing so well before you got the Polo (I think it was a polo if my memory serves me correctly), which turned out to be a money pit, so you chopped it for the Puma (again, if I remember right), which is turning out the same way. I know cars are mega convenient but motoring is sooooo costly. I used to have a car which I sold for this very reason. Yeah, its hard to get the bus or train in winter but its character building, and saves so much money.

I'm really pleased to hear about your degree. What is it in? Best of luck for that mate. You are doing such a good thing doing that, but I'd totally expect that from someone of your character.

Sorry to hear that girl broke things off. At least it was because of travel and not because of you. Its all good experience anyway. I still have every faith you'll find someone, as I've said previously.

Chin up fella, we all have to have the carp days like you've had today in order to make us appreciate the good days.

MoneyWaster2007

Brilliant, that's picked me up, cheers!

Maybe I could get rid of the car, but where would I stand in terms of insurance ie. am I tied into the 'contract' for 12 months as it is paid monthly? Or could I just cancel it instantly?

The degree is an 'open' degree ie. you can tailor it as you go along depending on your everchanging interests. But I'm starting off with psychology, with maths and science as a side interest. So looking forward to that!

turbo.jet

Snap - I studied Psychology at uni. Absolutely loved it in school. Never finished though. Year 2 of Psych was very mathsey and I'm very very bad at maths.

You may have to call the insurance company and check, but if you paid yearly you should get the pro-rata premium refunded, if you pay monthly you should be able to just stop the insurance policy.

MoneyWaster2007

Thanks, well I think what I might do is give the car one last chance and if it breaks down again in the near future ie. within 4/5 months it will be the straw that broke the camels back and it will be goodbye. But hopefully I may be lucky enough to have a few repair free months.:cool:

ampersand

Can't red and run when you've had a thoroughly foul ess-aitch-one-tea day, mw.
I'm just glad turbo's right on hand when you need him and he said[as usual] all the right things.

Can you say to yourself that the pooh's out of the way in a single day?.....rather than coming at you in dribs and drabs over the week?

No, it's not great, but it's gone, done, over. And the fact is that you at least have the repair money there. I really think you MUST get in with some sort of car DIY maintenance mates.

BEST OF ALL IS THAT THE NO-SMOKING HOLDS.....over a year!!!

That is the greatest achievement of all, mw - you'll come through this blip, too.

I didn't know about your OU Degree mw - that's incredible!!! Good for you. Anyone who tackles OU has my hugest admiration.

gallygirl

MS I did my psychology degree with the OU, it rocks :T. Do they still do summer schools as that is a good very way to meet girls

mike88

A wise choice of subjects. No jobs in Psychology (without further training and even then you would need to be incredibly lucky - wife has worked in that field) but Maths and Science are great if you want to become a teacher but would need to do a one year PGCE after graduation. Other career opportunities could open up with that selection. Did you have a future career choice in mind?

Cars are an incredible drain on resources. Have you considered a motor bike/moped/scooter. That was my mode of transport many years ago as they are relatively cheap to buy, own and run?