Aged 37, No savings or Mortgage or Job

Turmoilat37

I'm not sure if this is the right forum to post in - please advise if it would be better elsewhere.

I'm a bit embarrassed posting this - sometimes you write something down after avoiding thinking about it and the problems looms quite big, large and foolishly.

I'm worried about by financial situation, the future and how to create a secure and stable life for myself. I have made mistakes, not been on the ball and many other things - I accept that I have got myself into this situation and have only myself to blame. I'm looking for advice on how to tackle my current life situation and improve my present and future prospects.

I'm 37 years old. For 12 years I got myself stuck in a job which paid minimum wage. I was single for most of that time and had to live at home as rent was too high for my salary. I also didn't earn enough to get a mortgage. I ran a car, paid my parents rent, paid for my own food, toiletries etc..paid a credit card and went on holiday once a year. You can't be extravagant on minimum wage but I wasn't tight either and spent what I earned.
In 2013-2016 I worked part time as a photographer alongside my fulltime job - not well from a business perspective - and this also cost me some money.

Two years ago I became suddenly very unwell and had to leave my job. I was diagnosed with an autonomic nervous system disorder and have been signed off sick since then. I am currently in ESA support group and receive PIP payments. This is my sole income. I am still living at home but hoping to move out this spring.

I am very worried for my future. I would love to own a home one day but I realise that time is running out for me for a 25 year mortgage - and it looks unlikely that I will be working regularly for the foreseeable future. My pension from my former job is worth a a few hundred pounds. I've completed 16 qualifying years for a state pension. I've no idea what's going to happen to me when I'm older if my health doesn't improve.

Savings: £0

Debt:
student loan of £18, 000
Credit card: £2400

I am not fit enough to work reliably, regularly and have very restricted mobility - I am essentially housebound and unable to look at computer screens for lengthy periods of time. I am looking at ways I could possibly earn a little income somehow - but this is also restricted in terms of amount due to my benefits. I cannot risk losing my benefits.

I don't know what to do to try to secure my future and improve my current situation. I don't really know where to start of what I should be prioritising.

I was thinking of setting a Life ISA before I reach the deadline. I might also be owed some money from some student loan repayments I paid when I shouldn't have - this might cover my credit card which would at least leave me debt-free.

I'm sure I'm not the only one who essentially sleep-walked into my 30s. I also never imagined losing my health so early in life.

Thank you for any constructive advice, suggestions and comments.

LadyDee

Is there a support group or organisation who can give help and advice to people with your condition? If there is such a thing it could well be a very good resourse.

Turmoilat37

Hi,
Yes, I'm already a member of communities for my health condition. Unfortunately my situation isn't a direct result of my illness, it's personal to me. The ill health is just an unlucky aside to a rather bleak financial present and future.

IanSt

For me your two priorities are:

1. make sure you are absolutely sure on what benefits you are entitled to and make sure you are claiming them.

2. realistically, financially you are always going to be on the back foot in a minimum wage position, so if your illness allows then look into what further study you can do and look to get some additional qualifications that could then be used as a lever to help get back to a better paying position once you are able to get back into the workplace and then look to build up your savings etc.

ps you might want to also consider putting this onto the benefits board to get their advice on what you can and can't do without impacting your benefits.

Turmoilat37

IanSt wrote: »

For me your two priorities are:

1. make sure you are absolutely sure on what benefits you are entitled to and make sure you are claiming them.

2. realistically, financially you are always going to be on the back foot in a minimum wage position, so if your illness allows then look into what further study you can do and look to get some additional qualifications that could then be used as a lever to help get back to a better paying position once you are able to get back into the workplace and then look to build up your savings etc.

ps you might want to also consider putting this onto the benefits board to get their advice on what you can and can't do without impacting your benefits.

Thanks for your thoughts - I believe I am claiming all I can but I will check. It was a fight to just get PIP (and I'm housebound) so you really have to fight for benefits, even if you're a genuine case and in a bad way. There isn't much out there for disabled people. Disabled means almost certainly poor. But that's another conversation.

2) I agree. I tried to get out but it is easier said than done. Now I am limited in what I can do..although I am interested in getting a qualification. What is available for me in my position is unclear...but it's probably an avenue to explore. I could afford to fund an EFL course for example, but much more and I would be unable unless there is financial aid. I have a degree so I am used to studying and do half a brain of sorts - although it's admittedly not what it was..

Turmoilat37

FriendlyFoe wrote: »

I feel your pain. I come from a family with no history of good fiscal responsibility. It's only in my 30's did I discover what were my financial priorities were. Student loans at 30 were £13,000, and credit card bill £4000+. I have found my own personal circumstances, on a tight wage, the only way up is through cost control. I would work on sorting that credit card first and foremost.

I am currently saving for mortgage also but have removed a hard rule for myself this must be done at any specific age.

Have you considered moving to a part of the country were the cost of living is a little more realistic? I know thats a nuclear option, but could be worth it if your up against at the moment.

My family has always been working class, always struggled. Despite going to university I never broke free from this. When you've had this sort of upbringing you can often end up playing catch up if you're not careful. I am a chronic underachiever and have low self-esteem which has had a massive impact on my career path. Not looking to evade responsibility but that's how it is.

Due to my health issues I have to be close to friends and family who are here in the south-east..but I wouldn't rule moving if I am well enough to one day.

worried_jim

Op- good luck getting this sorted and I hope your health improves! Best wishes, Jim.

KxMx

I'm 31 & on ESA.

One way I have found to improve my situation is ruthless budgeting, planning expenditure and recording of spending.

That way, I know exactly where I stand financially at any given point and I can maximise a low income.

I shop around to get the absolutely best price for everything I spend on. I can get Hovis bread anywhere, but today got it in Sainsburys as had a bonus 20 Nectar points offer.

I also do online surveys. NewVistaLive gets me approx £200 a year, Nectar Canvass gets me lots of Nectar points and I Say isn't a bad payer.

The cash earnings go into savings, the vouchers/points towards goods.

I recently got a £200 phone for £90. It was 10% off, plus I had £90 worth of Nectar Points earned over 10 months to pay towards it.

I also recently cancelled an annual service that cost me less than 1.50 a week because I found a free route.

Every bit helps

Charlton_King

As someone should have already mentioned on the thread, your best route out of this is through education, education, education... and qualifications. It appears you need a game-changing transformation in your 'skills set', to use ghastly newspeak,

I think you may need to do the following two things.

1. Assess very realistically what you are able to do physically and mentally. Assume, if anything, a 'worst case' situation.

2. Assess which areas of work you might like to do. Think hard about this and rank them in order of desirability. You may need to research this both online and via things like phone calls and face-to-face conversations - you may have wrong ideas about what certain areas of work involve, you may be surprised at what is involved etc. Be receptive, during your research, to new and unexpected possibilities - things which might suit you which you simply had not considered before. Be certain to assess whether there is actually an employment demand for the things you are considering... lots of people leave education/training these days with what amounts to junk qualifications. You need something solid.

Put 1 and 2 together and produce a plan to involve yourself in the studies/apprenticeship etc necessary to make yourself employable within the limits imposed by your condition - part-time, from home etc. This is the hardest part and will entail a lot of effort to get to the end point which you are targeting. Be as ruthlessly focussed on this as your condition permits. This will repay itself many times over.

I wish you good luck. Remember that very little of any worth comes without effort.

datlex

Don't be embarrassed OP. I was in a similar position 8 years ago. I was out of work and had no savings- I actually had debts. Today I am out of debt, I have built up savings and am working. I still rent but am hoping in the relatively near future to be able to buy.

Turmoilat37

KxMx wrote: »

I'm 31 & on ESA.

One way I have found to improve my situation is ruthless budgeting, planning expenditure and recording of spending.

That way, I know exactly where I stand financially at any given point and I can maximise a low income.

I shop around to get the absolutely best price for everything I spend on. I can get Hovis bread anywhere, but today got it in Sainsburys as had a bonus 20 Nectar points offer.

I also do online surveys. NewVistaLive gets me approx £200 a year, Nectar Canvass gets me lots of Nectar points and I Say isn't a bad payer.

The cash earnings go into savings, the vouchers/points towards goods.

I recently got a £200 phone for £90. It was 10% off, plus I had £90 worth of Nectar Points earned over 10 months to pay towards it.

I also recently cancelled an annual service that cost me less than 1.50 a week because I found a free route.

Every bit helps

Indeed! I overhauled my budget some time ago and find that, even with my extra health costs, I can live within the money I receive. I could certainly shop around more. Unfortunately I can only shop online and buy for myself which means I have to adhere to the minimum delivery orders (£25 for Asda/£40 Tesco). I manage this OK with access to a freezer - but it doesn't give much flexibility to jump around, comparing costs. I'll see if I can improve this somehow.
It's trying to improve my life and my future that is my current concern.

The survey tip is a great one - I was wondering if there was a small side hustle like this for savings which I could do. I'll get started with NewVista ASAP. There are dedicated threads on this forum for things such as this so I'll comb through it.

Thanks!