Newbie needing guidance

Puttiwuts

Hi, I am a single earner of 21,000 take home after tax.. I have 0 equity living in rented accommodation .. I'm £27000 in debt which is manageable.. I'm looking at ways to plan for the future as my child wants to go to university .. please help . Many thanks ..

fwor

Puttiwuts wrote: »

I'm £27000 in debt

In the absence of any details other than the £27k debt total, the answer is clear: do everything you can to get rid of that debt.

Unless by some miracle you are on a crazily low interest rate, everything else you do will be undermined by that debt - your finances will constantly be dragged down by it. Get the DFW board experts to examine your spending and look at snowballing or any other technique you can find to address the debt.

Puttiwuts

Hi, thank you for the advice.. luckily my loan is 3% and my credit card is 0% both paid in full in 3 years.. I suppose I'm just asking if I can invest in anything be it a small amount for when my daughter goes to uni in 4 years. Trying to plan ahead.. thanks again ��

grandst

Pay off debt while the rates are the lowest in human history.

Puttiwuts

Hi, thank you for the advice.. luckily my loan is 3% and my credit card is 0% both paid in full in 3 years.. I suppose I'm just asking if I can invest in anything be it a small amount for when my daughter goes to uni in 4 years. Trying to plan ahead.. thanks again ��

Puttiwuts

I will thank you :j

glider3560

How much can you afford to save each month?

How much assistance will your daughter need for university?

Do you want to create your own buffer fund, to avoid getting yourself in any further debt should an unexpected expense come up in the future?

Puttiwuts

Hi I can afford £50 a month at th moment.. it will be living expenses for uni.. and I have no buffer fund.. except a credit card .. trying not to think anything bad will happen .. thank you.

glider3560

Puttiwuts wrote: »

I have no buffer fund.. except a credit card

A credit card isn't really a buffer fund, since it'll have to be paid back at some point.

Best put away the £50 per month for now, to improve your own financial situation.

Your daughter could still attend university without any help from you: taking the full student loan and getting holiday jobs plus a part-time job during term time. Also, try to get her to look at other options that aren't university, since it isn't for everyone, but schools/colleges would make you think it were compulsory.

Puttiwuts

Thank you all for your input.. seeing thing s clearer now.. basically pay off debt and re-evaluate in 3 years time.. thanks again :j