Savings Log of a 26yr old on low pay

MoneyWaster2007

2 bed houses in my area start at £125k, but I'd need to get 30% of that as a deposit, by which time I may have grey hair and a walking stick haha! I could probably only ever realistically consider shared ownership, which would require a much smaller downpayment

MoneyWaster2007

Although as you say I may possibly get a higher wage on completion of my degree, so there's hope yet

WantToBeSE

Hi MW

I decided to de-lurk in order to say what an inspiration you are to other money savers (like me) at the start of their money Saving Journey.
I am on a low income, self-employed and recently debt-free.
I have started saving and at times i find it boring and feel miserable when i see everyone else going out and having a good time..any suggestions on how to stop being such a grumpy guts?

115K

WantToBeSE wrote: »

I decided to de-lurk in order to say what an inspiration you are to other money savers (like me) at the start of their money Saving Journey.

I agree. Very well done.:T

FLAPJACK

Don't forget MW that the fact you pulled £136 from your savings has actually meant that you have "borrowed" from yourself.....the cheapest form of credit....you don't charge yourself interest do you!.

So you are using your savings as a financial tool.

Ok so you are not putting anything away this month but you haven't added to any accrued debt you may have either.

Another positive you have done is create an "emergency fund" with the sum you have in your ISA.

Yes it would be sad to have to withdraw a sum from the ISA but remember the balance you have there is a line of credit if need be..again interest free.

It's a shame you don't live around here....3 bed terrace (3 floors) go for around 70k. West Yorks.

All the best

MoneyWaster2007

I think it's about balance, you can't save every penny you earn, and have to make sure some of it goes on yourself. That said I still get grumpy on occasion, as highlighted by my last post. I've managed to scrape some cash together and will now be going out tomorrow night, which has put a smile back on my face!

MoneyWaster2007

''It's a shame you don't live around here....3 bed terrace (3 floors) go for around 70k. West Yorks.'' I wish it was that cheap round here!

MoneyWaster2007

I've been having a little think today and I've been considering flattening 2-300 quid on clothes. I know this totally goes against the saving theme, but I just thought sod it, my wardrobe needs updating and I never spend much on myself. Anyone liking this idea apart from me?

ampersand

Hello mw - I think I recall Mr Sod It coming visiting you in a bit of Same Mood/Same Wondering, about this time last year and it's entirely understandable.

If you do, PLEASE go for quality and tailoring, even if from Bay of E - easily possible. Good idea is to go to John Lewis for some trying on, sound advice,ACCURATE MEASURE-UPSand keep this info jotted down for further online hunting. Try new ways of seeing yourself. Cut and quality and tailoring will repay you over and over, give you a real lift every time you put something on. Were you meaning Suit-y besty, good shoes, going-out trousers/jacket, more Winter warmth/protection?

I don't think you'd stand much chance at jumble sales, where superb things are to be had. People like me go and your natural courtesy to We Wimmins would be a handicap:-) You wouldn't believe some of the tactics...

Your saving has made a giant leap in a difficult year and you are giving others, still in your position of a couple of years back, real inspiration.

No harm in a rôle model looking the part! Enjoy your decision, whatever it is and take real pleasure in choosing.

MoneyWaster2007

Thanks ampersand, nice of you to call me a role model! Clothes-wise, I need quite a few things, I've been wearing the same things for a long time and making do. Think it's the right time to enjoy a bit of my hard savings in the form of a mini splurge. I think you're right in saying how I'll feel better each time I put the new clothes on - just need to get the right stuff now. My only concern is putting myself back to where I was 2-3 months ago money-wise. Can't win all ways I suppose..