Am i doing well?

markyyyyyy

Hi all,

I am 23 years old in August.

I currently renting with my girlfriend.
My monthly income is low, at £920 after tax

Current outgoings:
£380 on rent + Bills
£125 on food
£16 gym membership
£30 phone bill
£30 car insurance
£30 automatic transfer to m and g investments

= £611 total

This leaves me with £309

I give myself a budget of £150 a month to spend on what i want

That means i am saving approximately £159 a month (in my britannia savings account)

My current savings are:

£3300 in britannia savings account
£2300 in my m and g investments (long terms growth, so will not be touching this)

Would you say that i am doing okay?

I keep getting too worried over money, as my job is low paid and i have to go through engagements, wedding, buying a house, etc.

Am i worrying too much? I know i am young and have many years ahead,

Thanks

Lokolo

I think you spend too much on groceries, but other on that, yes you are doing fine.

One thing you haven't mentioned is whether you contribute to a pension.

Jegersmart

I have no idea where you live which would be pertinent to your earnings or potential earnings but on the face of it I would say you are doing well indeed in terms of discipline. Obviously your career is important so make sure you maximise your efforts in getting ahead in something you enjoy and I would recommend that if you haven't already join the pension scheme your employer provides if they contribute from their side and ensure your inevstments etc are in an ISA wrapper to take advantage of tax breaks. Good luck!

somethingcorporate

You seem to be doing ok.

Rather than spending a lot of time looking at what you spend why not try investing some time increasing what you earn? Some training or more education may help your long term career.

markyyyyyy

Jegersmart wrote: »

I have no idea where you live which would be pertinent to your earnings or potential earnings but on the face of it I would say you are doing well indeed in terms of discipline. Obviously your career is important so make sure you maximise your efforts in getting ahead in something you enjoy and I would recommend that if you haven't already join the pension scheme your employer provides if they contribute from their side and ensure your inevstments etc are in an ISA wrapper to take advantage of tax breaks. Good luck!

I currently work in a small hotel health club chain.
I do not enjoy it here.
I am a qualified sports massage therapist and personal trainer, soon to be adding reflexology to my qualifications.
At the start of next year I aim to have my own business, full time. I would ideally like to leave now but its such a risk as i need to build up a client base. Hopefully, over time, i will get more money out of my own business, than i am currently on here. I know that i will enjoy having my own business, thats for sure!

Totton

Good luck! You are doing much better than I when I was your age, the future is bright for you I think.

dawyldthing

markyyyyyy wrote: »

I currently work in a small hotel health club chain.
I do not enjoy it here.
I am a qualified sports massage therapist and personal trainer, soon to be adding reflexology to my qualifications.
At the start of next year I aim to have my own business, full time. I would ideally like to leave now but its such a risk as i need to build up a client base. Hopefully, over time, i will get more money out of my own business, than i am currently on here. I know that i will enjoy having my own business, thats for sure!

Can you do this over evenings and weekends at the moment in a spare room in the house/ outsource work doing this and see how it goes as this could build up an extra income as well (especially if you are on set hours at work)

Thrugelmir

Petrol. Road Tax, Car Maintenance costs ?