New job = more going out than coming in

andrewmp

Karen777 wrote: »

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

Pretty sure that's not legal.

Thatsthespirit

Fish_n_Chips wrote: »

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 ......

My fit for work note doesn't quite say that, but even so, who are we to argue with a doctor? We are all different, I find it sad you are giving off the impression that people my age shouldn't suffer from stress and depression.

HappyMJ wrote: »

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.

I'll look into that but I need the car, it's my pride and joy. I have about 2 years left on it. Because I live quite centrally to my town I walk in if I need anything anyway, and my current place of work is only 5-10 minutes up the road.

Regarding second bedroom - yeah it is too small and I have a set of drawers and my computer in here.

Karen777 wrote: »

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.

Thanks! I appreciate all comments even though some of it is the hard truth! Ideally, I was going to see if it was possible to get by without having to work a second job/get a lodger in. I've just started match betting so I'll see how that goes, although I'd never consider myself carrying that on as a second source of income.

Until yesterday I never had a clue I needed life insurance if I was on my own although it does make sense. Would i be able to cancel it ?

HappyMJ

Karen777 wrote: »

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

I've not known a mortgage product to require life insurance. Buildings insurance yes but not life insurance.

In the event of death of the person paying the mortgage the property can just be sold to repay the mortgage. The banks investment is safe.

Building insurance is essential.

Thatsthespirit

Pixie5740 wrote: »

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.


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.

Why will your mortgage interest rate go up? Will you be reaching the end of your fixed rate deal soon? Yes, according to paperwork end of December this year.

Which HTB scheme did you use? Equity Loan? How are you going to repay that loan when your 5 years is up? I've still got 3 years until that so I'm hoping I'll be in a better position financially.

Everything was under my name when I bought this flat so ex just moved out. Everything is mine as I paid for it. They just wanted her details as she was moving in with me.

Thank you for link - bookmarked when I get a better understanding of salary.

duchy

Phone and Internet is way too high-if it includes Sky sports ring your provider and speak to canellations and explain your circumstances have changed and you need to pare down your services as it is too expensive. Odds are you'll get offered a deal (best deals tend to be from cancellations not the usual sales guys agents). If your Dad has Sports too could you watch big games there....or look into NOW tv as a cheaper option for Sky sports if it is only certain teams you like to watch rather than wall to wall sport ?

Could you get a weekend or evening job ? Mystery shopping, ?

Do you have any hobbies or talents that could bring in income ?

I'd get rid of the life insurance too -as a single man you don't need it

When renewing insurances use cashback sites like Quidco and Topcashback. Look at bank account switching bonuses and electric supplier switching for lower bills and a bonus for moving. Often you can double dip with the provider paying you a bonus *and* a cashback site bonus.

Car- sounds like you don't need the car - if you really don't want to get rid of it would you consider off roading it for six months ? As you say you walk to work , live centrally.

Ultimately the second job might be the only way to NOT lose use of/sell the car .....so perhaps you need to think which option is preferable ?

Once you start looking into where your money is currently going it's often surprising where you cut bills and as you know this is relatively short term it's often easier to treat it as a challenge rather than a slog .

Pixie5740

If your fixed term is coming to an end go and see a broker. You could get another fixed rate. Alternatively your current lender might offer you a retention deal.

enjoythesilence

Thatsthespirit wrote: »

My fit for work note doesn't quite say that, but even so, who are we to argue with a doctor? We are all different, I find it sad you are giving off the impression that people my age shouldn't suffer from stress and depression.

The incredulous comment about "stress at 23???" was completely uncalled for. Anyone of any age can suffer stress and need to be signed off work. To assume that young people cannot/should not suffer stress/depression/anxiety/etc shows a real lack of understanding of the complexities of mental health difficulties and just reinforces the prejudices that surround mental health.

Ebe_Scrooge

Thatsthespirit wrote: »

My fit for work note doesn't quite say that, but even so, who are we to argue with a doctor? We are all different, I find it sad you are giving off the impression that people my age shouldn't suffer from stress and depression.



I'll look into that but I need the car, it's my pride and joy. I have about 2 years left on it. Because I live quite centrally to my town I walk in if I need anything anyway, and my current place of work is only 5-10 minutes up the road.

You don't need the car. Your pride and joy it may be, but it's an unnecessary expense. Yes, I'd love a Ferrari, but I can't afford one. Sorry to sound harsh, but if you're looking to save money then a car costs an awful lot to maintain and run. If you don't need one then it's a no-brainer.

tlc678910

So as you know from your first post the new job will not be enough to cover all of your regular expenses. Nor will there be anything for leisure and days out, car mot & repairs, home maintenance gifts, holidays... you get the idea.

If (as you say) you will do anything to get out of your current job then you HAVE to make some tough choices. The choices that could make a significant difference that I can think of (you might be able to manage making only one of these):
1) If you can leave the agreement lose the car. £155 freed up for ad hoc expenses you just might manage.
2) rent out a room that you consider too small for this purpose (£200 plus splitting bills or £300 bills included?) Move the computer and lose the drawers - gain over 3K a year (tax free rent a room scheme)
3) Ask you girlfriend if she would like to move in split bills / food/ car share.
4) Move in with your parents/girlfriend. Consider selling or renting out (will need permission to let, landlord insurance/gas certificate and smoke & carbon monoxide alarms as a minimum for this).
5) Keep looking for a new job but one that pays more

I am sorry you are having a rough time but only you can make the choices and take the action needed. Perhaps have a think about the difference between "I will do anything to get out of that job" and "oh but I really love that car" or "I keep my computer in the spare room". Only you can decide what is really important to you and make choices starting from there.
Good luck
Tlc

tlc678910

ps never in a long time of lurking around the good people of MSE have I heard gambling suggested as a good way to increase your income. Don't go there it's the last thing you need.