General advice on getting my financial life on track

dgerrard Forumite Posts: 56
Eighth Anniversary 10 Posts
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:


32 years old

Living in London with my partner

Moved here in 2010, from Canada

Work as a Data Analyst


Making £24k per year

Partner makes £18k per year


Have ~ £10000 in a tax-free ISA.


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)


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?


  • atush
    atush Forumite Posts: 18,710
    Part of the Furniture 10,000 Posts Name Dropper
    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?
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