How much am I worth

jobbingmusician

I do have some sympathy with the OP. I suspect that he is working in a high-spending 'corporate culture'. It is difficult to progress in a career such as banking without a lot of fraternising (=wasting money ) with colleagues, which explains the fact that he is wasting almost £1k every month on food and going out. Steve122 - the only recommendations I can give you are to cut back severely in your private life. Socialise if you have to, but eat cheaply when you are on your own and don't waste money on delicious treats (and they ARE treats, most of the population doesn't live like this) like Starbucks coffees when you are on your own. You could start with a spending diary to identify areas where you can cut back without compromising your public persona!

Steve122_2

Sorry - But this is plain wrong

Yearly £29,059.18
Monthly £2,421.60
Weekly £558.83

Trust me - Its nowhere near that figure - Tax is much much more

Steve122_2

I think 600 on food is actually not even enough
I easy doa weekly shop of food in Waitrose for 100 pounds and I set aside 50 pounds a week for lunch / coffee

Given the chance I could spend much much more only I cant afford it.

Taxis and going out are difficult to give up as I cant carry shopping and leave work after 8PM.

Steve122_2

nearlyrich -

Firstly NI is not based on yearly salary - You get it deducted weekly regardless if you were workign the month before

Steve122_2

From whatcost website:

Based on a gross annual income of £39,000, your monthly net income is £2,372.43 a month


150 goes on London Underground train ticket which I hardly use

dfdemello

Hi Steve,

Agree with all the above threads.

Having been in a similar situation, from experience, I think you do fall into the trap of "thinking" you should be able to afford most things since you are on a good wage and don't follow the basics of budgeting (and forget about the joys of being on the higher tax band)...as I found out to my cost a few years back.

What you should do very quickly is follow the advice on this website....it is excellent....like someone who is giving up alcohol or ciggies (in your case not budgeting) you have taken the first step in a very good direction.

Looking at what you have posted so far I would advise taking some drastic action around the food, travelling, taxis, going out and possibly the amount of rent you pay. If you do think you can afford to get a step on the property ladder you may want to consider this but definitely take some financial advice before doing so if you are so unsure about your finances.

Finally, and sorry to be a pain, but there most probably is an expectation from your employer, the bank, that you manage your finances.

Hope it works out.

skintscotsman

take along hard look at yuorself steve, you're in a very fortunate position to be earning a salary like £40k, espacially at such a young age. have a read on here and see how other people survive on a fraction of what you earn.

Steve122_2

skintscotsman - But you are missing the point -

40K is not a great salary - I dont think my apartment / lifestyle is at all extravagnt - In some ways I am actually prudent with money

All I saying is that on paper it sounds like a lot but uin reality its not much - Ceratinly not enough to get a fancy car / buy a house

Steve122_2

skintscotsman - I agree about what you say with regard to my age...

Thats why I am counting on the bonus to make sure IO dont efault on my credit cards until the base salary rises

cheghead

healy wrote:

Is this a serious question?
I have my doubts!

Have to agree. This must be a wind up. Or someone very ignorrant of what real poverty is!