Savings Log of a 26yr old on low pay

mike88

Stuey1980 wrote: »

Working shifts can mean that you can work away and live at home. It may also mean a great income which may not be available in your area. Its not for everyone, but I work offshore and enjoy being at home 6 months of the year and still earning a great wage. There is also scope for advancement from the very bottom to the top for the person willing to make an impression.

BTW, very well done! Great progress.

That's exactly the point. There is a danger in your 20's that you can move from one dead end job to another and, before you know it, you are in your 30's and nobody wants you in any position with prospects for advancement. As a former employer I would ask any applicant why they had spent so long drifting from one post to another and probably conclude that the person lacks motivation. That might be incorrect but when faced with upwards of 20 or so applicants for each position you always look for reasons to eliminate people when preparing a short list.

Now my bet is that Moneywaster does not fall into that category. He has a plan to save money and has followed it through. However, the bigger plan would possibly be to invest in himself at a young age and reap the rewards later as his salary increases. I wouldn't hesitate to accept a poorly page job as long as there were prospects. Moving away from family and friends is a big deal but in the long term can be worth it. If it doesn't work out you can always move back.

My guess from reading this thread is that it wouldn't take long for MW to progress in any job he had secured.

Sorry if this offends; I merely want MW to think outside the box.

Stuey1980

I mentioned this in a PM but its worth mentioning here in case anyone else has not thought about it. It is worth asking Ms HR if a training fund is available for people being made redundant. The chances are maybe not, but best to ask as you will probably never know if you dont! Also, any future employer may offer a training budget after a probation period, but once again you wont know unless you ask!

EDIT: Its also worth asking about this in interviews as it will show employers how dedicated you are to progression and self improvement.

Primrose

MW - ask you HR Department if they will negotiate on paying redundancy if you find another job early so that you don't lose out financially . A good company will be flexible to employees on this issue, especially if they are relocating totally, and you may well find that will be prepared to do a deal with you and still give you your redundancy payment. That would obviously be the best of both worlds.
And don't forget that you can put a redundancy payment into a pension fund too, If you are paying into your company's fund and have been there over two years, think twice before taking your contributions out if it's a final salary scheme. it might be better to leave money in and become a deferred pensioner as if you transfer money out (as many financial advisers might advise to get their commission) you would lose any benefits of any associated indexed linked pension years down the line when you eventually come to draw it. It's never too early to start thinking about the consequences of pensions! ,

MoneyWaster2007

It is worth asking Ms HR if a training fund is available for people being made redundant.

We have had to fill out a 'training ideas' sheet over the last week, which all staff have been invited to fill out. Next week it will be announced which of the ideas - if any - will be implemented. I put down forklift training as this would be beneficial for roles requiring a forklift licence. Also, internal training may be available which can add to skillsets required for future employment. All in all, this redundancy process seems to have been managed admirably.

Perhaps worth mentioning here, I got voted to be one of three representatives nominated to represent the work force for the duration of the consultation period. This means having to give weekly briefs to all staff. Public speaking is something I hate and am admittedly poor at, so in a roundabout way, it is providing me with public speaking experience which is important for many roles.

ask you HR Department if they will negotiate on paying redundancy if you find another job early so that you don't lose out financially

This is something which has come up at the representatives meetings. They are willing to negotiate - exact details of this are unclear, but the fact that they have stated this can only be a positive.

I've applied for 4 jobs in the last week, with the only response being from 1 of them, stating that should I not have heard anything from them within 5 days, then consider my application has been unsuccessful. Looks like it may not be plain sailing this job hunting game. Granted, the roles I applied for are varied and some I have little experience in. Will keep plugging away.

Primrose

You seem to be approaching this whole unfortunate business in a very positive and proactive frame of mind. It will surely stand you in good stead going forward, so Well Done on coping thus far. Hopefully you will get some positive feedback on your other job applications soon.

MoneyWaster2007

Thank you Primrose. I'm keeping positive as far as possible. It's not over until the fat lady sings and all that. The only thing I'm concerned about is being unemployed. The ideal scenario would be to get my full severance pay and have another job to walk straight into. Worst case would be having no job. Middle ground would be to get a new job early and miss out on severance pay, so it's all a bit off a juggling act at the min.

ampersand

Hello mw -
You are doing many of the right things.

This is definitely the right time to be listening hard to Mike and Stuey - thinking about that big step, not thinking about why mw can't/isn't qualified/hasn't the required experience.

re: the public speaking, how I wish I could be alongside and helping you here. Along with wordsmithery, advocacy et al, it is one of my major areas, as was teaching same.

mw- read back a few posts. In this economic climate[regardless of gumment-speak/squeak]you MUST find a way to make mw and mw's job applications/hunger/endeavour stick out. However foreign to a 'not me' you this feels, it can be you, just like any skill you learn to master, just as you did with your debt - and then it is part of you. Now this does not mean you will no longer be yourself - quite the opposite.

Draw the parallel - that 2007mw is not mw2014. The former doggedly, persistently acquired new skills and disciplines from a grim situation, became the latter. mw2007 turned his life around, but that - as your whole Thread proclaims - was never an end in itself.

Life is not static, mw.

I am CONVINCED, as Mike, Stuey and others are, that this IS your opportunity.
We will do all we can to help you realise your potential.

That's tonight's Lecture from Her Ancience:-)

MoneyWaster2007

Thank you ampersand in saying this is my chance - I do hope you're right! And thank you for another motivational reply! Time to take the bull by the horns and get a job which pays me for what I am capable of.

ampersand

Time to take the bull by the horns and get a job which pays me for what I am capable of.

THAT IS IT, MW - WELL DONE!!! CARPE DIEM.

Just think how much easier any move is for you right now. Some of your colleagues would give a great deal to be free to move and change as you can right now. You've already been singled out as one of 3 pivotal representatives within the firm. Make sure this appears in your Reference and your c.v.

You are NOT constrained by current mortgage fears.

You are NOT constrained by partner's job/transport requirements.

You are NOT constrained by children's schooling.

You are NOT constrained by DEBT.

You are NOT constrained by LACK OF AMBITION.

You are NOT constrained by LACK OF ABILITY.

You are NOT constrained by habit or low expectations....not if we have anything to do with it:-)
###
Watch the rugby tomorrow. Watch a scrum. G-O-O-O-O-o mw, whose signature is this, in case he'd forgotten: Total in ISAs = £8,863.50.

HelenRachel

I've not read all of your thread mw but just wanted to say good luck! You are indeed an inspiration! Thank you for allowing us to join you on this journey and keep plugging away! Attitude is the key and you've got that in spades!