Can I live of £15,000 a year?

missprice

fridaymorning wrote: »

The part about him costing a small fortune was a reference to what the account predicts it will cost to do my books for the year (£400-700).

I live in the Lake District and at best 400 will get me a studio apartment. I'm just struggling with the idea that at very best I may be able to save around £3000 a year. I fully understand these are first world problems I'm having and I am grateful. I just don't want to spend my life having to live in horrible places as I can't afford no better.
J

Well for your accounts fees have you shopped around? Have you looked at fixed fees/flat rate? And is this accountant a specialist in forestry/self employed accounts and tax deductible items etc?
As for living costs, as soon as your able to, then buy a house and at least you can then make it a nice place to live. Don't forget areas change over time and become better/worse than when you started there.

fridaymorning_2

Hi
Tizerbelle your right, those areas listed are the ones am having to look at, I just hear bad things about them.
Awrin (lovely name) I traveled a lot prior to university funding it via working in dead end retail jobs. Oddly I did earn more then than I will do now - but at least I have a job I actually love (it was worth it for that if nothing else). I just hope I can sustain it.
Missprice you raise some good points, areas do change and hopefully for the better. However the account i have signed up to is just a standard chartered accountant, he seems nice and knows his stuff, just maybe a bit a bit expensive. To be honest I probably did a stupid thing selecting the first accountant I spoke to however as with most of my ventures, it generally gets better the second time around I do it.

I

tizerbelle

fridaymorning wrote: »

Hi
Tizerbelle your right, those areas listed are the ones am having to look at, I just hear bad things about them.

You'll hear bad things about pretty much anywhere you want to live. Especially when you consider these aren't highly affluent areas and because the villages are widely dispersed along the A595 and A596 they are quite isolated and while they may have the basic facilities for living, night-life can be a bit limited unless you travel to Whitehaven, Cockermouth, Workington etc. I think this is what causes some of the anti-statements especially from younger members of the community. That said I understand crime rates in Cumbria are lower than much of the rest of the country

I have to confess I don't know the towns/villages on the A596 very well but I wouldn't have any qualms living anywhere along the A595. But maybe I'm just a bit more common than you with lower standards/expectations.

BillJones

fridaymorning wrote: »

Hi Billjones - thanks for the reply.
Yes I am a graduated from uni, I'm very educated, have spent five years now studying various aspects of my profession, know enough about my chosen field - in theory, and on paper I should be set. however I simply am not. As to what I earn, that is what I earn I am afraid. Forestry is not a industry to make money in - especially as a laborer.

No, fair points, if you want to be a labourer then yes, the hours will be limited because doing more is just too hard, and the money will never be great.

I do wonder why you did a degree, as labouring does not need it, but education even for its own sake can be a very worthy thing to do.

So, that being the case, to get to the meat of your question, yes, you can survive on £15k, but I genuinely don't see it as being much fun. I was on £12k 20 years ago, as a single, young person, and despite living a reasonably frugal life (mobile phones were not a "thing" then, no television, no meals out, no expensive clothes etc), I struggled. Some days I was hungry, some days I was cold, and if my bike broke I had to take holiday time from work to fix it, as I could not afford to pay anyone else to do it. Because my job was not my dream job, I left, re-trained, and went off to be an investment banker.

I found a niche in this new career that I was good at, and now an very happy to be doing a job that I love, am good at, and that pays very well.

So I'd just suggest, if you are worried about living on this wage (as I would be), I'd suggest that you think long and hard about whether you'll look back in thirty years with a deep regret.

NotRichAtAll

you could always chop a few trees down and build a log cabin, go grizzly adams so to speak

I'm very educated, have spent five years now studying various aspects of my profession

seems a waste of 5yrs if your just a labourer

I am afraid. Forestry is not a industry to make money in - especially as a laborer

would it not have been more beneficial to do something that you can make money from?.

sorry i don't mean to sound rude or negative, but it really sound's like the remainder of your life is going to be a financial struggle.

sarahmtly

Got to say good for you for doing something you enjoy, but maybe if you have these qualifications maybe you should try gain a little confidence and go for one of those managerial jobs. You sound like you just need a little boost. If thats really not an option is there any other jobs within the Forestry that you would enjoy that maybe would pay a little more?

I doubt (unless you choose it) you will always be a single man and may have a partner or a family to support sometime in the future and I dont think you will be able to live on £15000.

I hope you continue doing a job you enjoy no matter what it might be.

SuperHan

fridaymorning wrote: »

Missprice you raise some good points, areas do change and hopefully for the better. However the account i have signed up to is just a standard chartered accountant, he seems nice and knows his stuff, just maybe a bit a bit expensive. To be honest I probably did a stupid thing selecting the first accountant I spoke to however as with most of my ventures, it generally gets better the second time around I do it.

Not knowing how tied in you are with this accountant, a few points to make:

He is unlikely to know anything about any benefits you are entitles to. That's not part of an accountants job.

You don't need a chartered accountant. While, yes, his chartered qualification does let you know that he is properly trained, you are only likely to need someone to do your tax return, so a book keeper or similar will probably do. No point paying extra for a fancy accountant which you really don't need.

It just may be worth shopping around for a cheaper accountant, to save a bit more money.

(Note: I am a chartered accountant, so I do speak with a small amount of authority!)

amiehall

Cumbria does not have to be expensive. I don't know what you count as "North" Cumbria to be commutable for work. But places like Workington must surely be among the cheapest in the country for rentals. You can get whole 3 bed houses in Aspatria for around £350. That's mainly to do with a lack of work in the area, which wouldn't really affect you.

My sister rents in Carlisle and her rent is literally half of mine in the South of England. I'm really not sure where you've been looking, but I guess if you want to live in the heart of Keswick, it will be expensive but there is PLENTY of affordable housing in Cumbria.

NotRichAtAll

are you employed or self employed? i am not sure why you really need an accountant just yet.

eskbanker

NotRichAtAll wrote: »

are you employed or self employed? i am not sure why you really need an accountant just yet.

From OP: "At best I will earn £15,000 a year, I'm self employed and live alone"