General advice on getting my financial life on track

dgerrard
Forumite Posts: 56
Forumite

Hello, all.
Long story short: I have very little idea of all the different facets of personal finance, and as I am not a young man anymore I feel like I need some urgent advice as far as what I need to do to sort things out. Apologies, as there isn't a general forum I have placed the thread here, but if there is a better place for it, please do let me know.
My current situation:
Myself
32 years old
Living in London with my partner
Moved here in 2010, from Canada
Work as a Data Analyst
Income
Making £24k per year
Partner makes £18k per year
Savings
Have ~ £10000 in a tax-free ISA.
Outgoing
Monthly rent is £875, however this will be increasing to £1200 per month by June.
Other monthly debits total to about £600 (travel, food, bills)
Future
Will be proposing in July to my partner, likely will be married by same time next year
Have workplace pension, but I only moved to the UK five years ago so this is minimal
No retirement fund to speak of outside of this
Sick of renting, want to own property
Have spoken to families, each able to loan us £40k
Excellent credit rating
Basically, I feel like I should have three major pots (retirement savings, first home savings, and emergency savings) but I worry that any next step we take is going to require us draining everything we have, whether that next step is buying property or investing in a proper retirement fund.
What would you suggest as my most intelligent course of action?
Long story short: I have very little idea of all the different facets of personal finance, and as I am not a young man anymore I feel like I need some urgent advice as far as what I need to do to sort things out. Apologies, as there isn't a general forum I have placed the thread here, but if there is a better place for it, please do let me know.
My current situation:
Myself
32 years old
Living in London with my partner
Moved here in 2010, from Canada
Work as a Data Analyst
Income
Making £24k per year
Partner makes £18k per year
Savings
Have ~ £10000 in a tax-free ISA.
Outgoing
Monthly rent is £875, however this will be increasing to £1200 per month by June.
Other monthly debits total to about £600 (travel, food, bills)
Future
Will be proposing in July to my partner, likely will be married by same time next year
Have workplace pension, but I only moved to the UK five years ago so this is minimal
No retirement fund to speak of outside of this
Sick of renting, want to own property
Have spoken to families, each able to loan us £40k
Excellent credit rating
Basically, I feel like I should have three major pots (retirement savings, first home savings, and emergency savings) but I worry that any next step we take is going to require us draining everything we have, whether that next step is buying property or investing in a proper retirement fund.
What would you suggest as my most intelligent course of action?
0
Comments
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Well you are started saving, good.
But in an ISA? Possibly not so good. Esp with the new savings interest allowance. Look at current accts paying 3-5%, and regular savers and the help to buy ISA.
then make sure both of you have work pensions and are paying in enough to get the max employers contribs. half your age as a % is even better.
No debt.
MSE all your outgoings, look for a cheaper rent- it is going up to much as far as I can see.
How much can the 2 of you borrow? Will 80K be enough of a deposit? You'll need the 10K for costs, moving and emergencies. How much does your OH have in savings?0
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