New job = more going out than coming in

Fish_n_Chips

Thatsthespirit wrote: »

Sorry if this is in the wrong place, wasn't sure where to put it.

I'm working in a dead end job at the moment which I hate, currently off on 2 weeks sick through stress! I'm only 23.

HappyMJ wrote: »

You're 23 and calling Council Tax Poll Tax. That was way before your time. It was withdrawn in 1990 before you were born.

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Thatsthespirit wrote: »

Alright patronize. :money:

See above re. LIFE insurance.

See above. Between 20-40, not '20'. How would I get rid of a car I have on finance?

lol that's how I read it 23 ?????

Stress at 23 ????

When I was 23 I had a full time job and worked part time Fri/Sat/Sun night ......

HappyMJ

Thatsthespirit wrote: »

Alright patronize. :money:

See above re. LIFE insurance.

See above. Between 20-40, not '20'. How would I get rid of a car I have on finance?

You send it back. You should have some way of cancelling the agreement. If you've paid half the payments you can usually return the car with very little penalty. If not you can still return the car and make an arrangement to pay the outstanding amount. You could sell the car back to them for the amount of the remaining payments. £20 a month on petrol must be very low mileage and the car must be worth close to the expected value. £20 a month on petrol would get me just 2,000 miles a year.

You don't need to pay for life insurance to protect your ex's investment. Tell her you're cancelling it and to make other arrangements.

moneyistooshorttomention

Yep...it does look like that life insurance is because of an ex buying the flat with you originally. So - the question is "Can you cancel that now?"

Errrrm....personally....I don't think its a wise idea to ask a girlfriend to move in with you just for financial reasons. Being single IS dearer (one heck of a lot dearer) and I'm certainly very well aware of that, having been single all my life (and I'm now in my 60s). However - if you asked the girlfriend to move in with you for the wrong reasons (ie not because you love her/she loves you and you want to Be Together 24/7) then that is not a good motive and is one she wouldn't be likely to be too happy with. Some of us are "romantics" and would be MOST unhappy at being asked to have a "marriage" (of any description - ie in your case an unofficial one = living together) without all the appropriate/correct reasons for it.

lee111s

fruitisbad wrote: »

Could you get a lodger? You say you have a 2 bed flat.

You can charge up to £354/month tax free plus get them to chip in on bills etc.

You can earn £4250 per tax year, given that there's only 6 months of this year left, he could charge more if the area commands it.


Additionally, from April 6th 2016 the tax free allowance increases to £7500.

katsu

If there are two bedrooms then how can there not be room for a lodger?

Maybe consider a Monday to Friday type so you have some private time if that helps you give it a go?

HappyMJ

katsu wrote: »

If there are two bedrooms then how can there not be room for a lodger?

Maybe consider a Monday to Friday type so you have some private time if that helps you give it a go?

Maybe the second bedroom isn't big enough.

My second bedroom only measures 2.05m x 2.93m (6'9" x 9'7"). It's too small for a lodger. It's fine for a child but not an adult lodger. It's 6 square metres (64 square feet). To accommodate an adult it must be a minimum of 6.5 square metres (70 square feet). As it's smaller it doesn't count as an adult's bedroom so cannot be let. http://england.shelter.org.uk/get_advice/repairs_and_bad_conditions/common_problems/overcrowding

Pixie5740

You've listed some of your outgoings. I think it would help if you prepared a full statement of affairs as you've only listed a few monthly outgoings which doesn't give you or us the full picture.

http://www.stoozing.com/calculator/soa.php

Why will your mortgage interest rate go up? Will you be reaching the end of your fixed rate deal soon? If so talk to a mortgage broker, see what remortgaging deals are out there for you. Which HTB scheme did you use? Equity Loan? How are you going to repay that loan when your 5 years is up?

Yes, you could ask your girlfriend to move in but speaking as a woman I would rather move in with someone as a natural progression of the relationship, not because my boyfriend can't balance the books.

Edit: I just realised that you bought the flat with your ex. Is she still on the mortgage? Can you afford to remortgage in your name only? If not it is time to cut ties with your ex and sell up.

Karen777

good grief people - some of these responses are a little er ... less than supportive to a person asking for help!

it's risky to ask someone to move in for financial reasons but certainly worth considering given your situation and if it's something you both want.

otherwise perhaps an extra job somewhere might be a good move - seasonal work comes up at christmas. otherwise you are left with cutting down on your entertainment - tv and music.

Also might be worth looking at a budgeting package like ynab as your money is going to be to the bone for a few months until your wages go up.

andrewmp

Mortgage/ 330 (due to rise when interest rate goes up - end of year) - rates are low, get a new deal if possible.
Poll Tax/ 79
Water/ 23 - Try changing to a meter, used to be about £15 when I lived alone
All electric meter/ 86 - try using less electricity if possible
Life + Buildings insurance/ 29 - expensive insurance, can probably drop life and get buildings for less than a tenner
TV/PHONE/INTERNET/ 78 - Get freeview and save about £60 right there
Mobile/ 12 - go pay as you go
Car finance /155 (stinger)
Food + toiletries/ 160
Petrol/ 20-40
Apple Music/ 10 - get rid

Karen777

also some mortgage packages require you to have life insurance I think. to cover the shortfall in the event of your death.