Save for a deposit for flat, travel OR career change

moomin82

Hello all
I have about £800 of my last credit card to pay off after a little relapse.

I am currently in a Permanent but dull admin job which pays £26,000 a year.

I have only managed to save £1000 to date and need to save for the following:

a) deposit for a first home
b) career change
c) travel to South America

I am 35, single and struggle with these decisions. Is anyone else in the same boat. I want all of the above however my money and life decisions to date means I am at square one financially. I've not taken any holidays for 2 years and moved back home to start saving more seriously. Life is not really ideal!

sourcrates

Your only young once...........south america every time !!

Once your married with kids and saving for your first house, you simply wont have the money to spend on yourself, and you'll be too dammed tired anyway lol !!

moomin82

Hi sourcrates
I think next year will take a short trip first, possibly to Cuba or Colombia!! (can't quit job unfortunately and want to keep saving for the long term). Perhaps I can have it both ways and also fund studies for yoga teaching/nutrition for my spare time.
I still manage to go out to fund my dancing passion (salsa nights can be quite cheap in London) but I have cut down on the party life a lot. As I am unmarried and without children I think I am not too "old" to keep having fun.

fiisch

You don't want to hear this, but South America should be off the table - maybe a holiday (although there are cheaper destinations), but you don't have any money to go travelling with, and there are other things I would prioritise personally.


What exactly is it about a career change that requires saving? The obvious choice is to prioritise this as a). It could help you have more money to help with a & c and b). if you find your job dull, it's very depressing - I know, I've been there! Is there a particular career you're after, or are you assuming new career = less money/time off work for study? Is there an option for your chosen career to pay while you study?

enthusiasticsaver

If you are living with parents at 35 I would have thought deposit for first home would be a priority.

What is it about South America that appeals? Do a cost analysis for each priority.

Why not look into retraining for a new career? Do you have any idea what you want to do?

Honestly all these priorities are good but only you know which will be the most rewarding for you personally.

moomin82

fiisch wrote: »

You don't want to hear this, but South America should be off the table - maybe a holiday (although there are cheaper destinations), but you don't have any money to go travelling with, and there are other things I would prioritise personally.


What exactly is it about a career change that requires saving? The obvious choice is to prioritise this as a). It could help you have more money to help with a & c and b). if you find your job dull, it's very depressing - I know, I've been there! Is there a particular career you're after, or are you assuming new career = less money/time off work for study? Is there an option for your chosen career to pay while you study?

Thanks, yes even if I booked a short holiday now I would have basically nothing left again. So it was a boring summer just working, hoping to have a holiday next year? It feels like I will never get my own place and I have been renting which is better for independence but again I didn't manage to save anything.
House prices in London seem ridiculous and I consider shared ownership as my probable only option. I think I am so bad at saving as I am not happy in life, so end up spending mindlessly on shopping sprees and buying things I don't need. It gives me a short term high and that's about it.

Career change would require courses/further study. I would like my job to involve wellness/yoga/nutrition - my interests in this field are varied - so even pinpointing a path is very confusing lol but I will get there. I feel like I need life coaching - they don't come cheap either! Yes my current job is very dry however it will pay for my further study. I have never been entrepreneurial and wonder if this is the way, to take MORE risks and get creative, throw events etc to earn more?

I have had a lightbulb moment just now (researching at 3am!) and am ready to find a yoga teacher training in London. Feeling excited!! I can see myself teaching, writing, helping others and sharing my own journey through depression into becoming someone who can inspire others. It's important that I end up doing something I enjoy for a living. Until then I will have to stick at my job and plug away.

Puddylove

I think you need to be clearer in your goals, and budget accordingly.
Work out:
1. How much do you need for a deposit for a house. Open a HTB ISA or LISA.
2. South America - plan for next summer. Work out where you want to go, and for how long. Again, research the cost then open a savings account called 'South America'.
3. Career change - what is your ideal job? What do you need to get it I.e. Qualifications/trainings? Experience? Can you work part time in the field? That would also help you to save money. Again, you need to explore this to crystallise your goals. And again, cost it.

Then, see what disposable income you have available to you and decide how much to save towards each goal. Be disciplined - spending money now means no South America, no deposit next year.

I do hope this helps.

bexster1975

Hello

You say the summer was boring just working. There are loads of great places not far from London that you can get to and enjoy cheaply. It depends what you are in to. Do you have to live in London? I ask because things like yoga teaching, whilst it may be a dream job, are highly unlikely to pay for even an adequate lifestyle in central London.
You mention you struggle with these decisions, do you know what the struggle is? You don't need to answer on here but you need to think about what is holding you back. I suspect if you are looking for an order of the three tasks you give I would consider the career change first to see what you will realistically earn initially then look to see what property this income allows you to access in London and I suggest elsewhere. Finally, once you have some roots set up, you will be free to send your shoots across any continent you wish to explore. The most important thing is to make decisions.

Think about what will look like a successful life to you in 5 years time.

Good luck

Bexster

Butti

I'm going to Cuba in January. I'm 50. Although life is for living you don't have to live it all in the next year.
If I were living in London there is no way I would have been able to buy a house not even through shared ownership. I would really focus on the job. You potentially spend a lot of your life doing that.
Having said that, most of the yoga teachers I know have a main job and run their classes as a second job.

When I changed career 7 years ago I started with a little careers book by Fiona Harrold which is like a little quiz on what makes you tick. That really helped. This week has been fairly fraught but most of the time I am pretty much in my dream job.

Karonher

I would go to South America. There are so many places I wish I had gone to years ago as they are no longer considered safe. Do it while you are young enough and not tied down to a mortgage and all the bills.

theoretica

Given a choice between a boring everyday life with occasional wonderful holidays and a happier everyday life I know which I would choose to prioritise.