Earn over 50k never seem to have any money

PrettyKittyKat

As others have said, your situation isn't as bad as you think. You 'feel' like you are living day to day as you are saving a significant amount of money to pay for a very expensive holiday. I adore Florida and hope to take our family in a couple of years so will be doing the same but I will know that our scrimping whilst we are saving is due to the holiday. We have also prioritised moving home (in the process at the moment) then we will save for the holiday.

You have chosen the holiday first, which is ok, but means that you need to accept that you have chosen this over buying a house. Use the next couple of years to tighten up your budget, pay off your credit card, and then once the holiday is over you can save for the house deposit, with an aim of moving in say 5 years? If this isn't what you want then you may want to consider delaying the holiday for 5 years and moving house first.

Post your statement of affairs and the good people of MSE will help you figure out where you can cut back.

£50,000 is of course a huge income for one person, but if you are not working then it isn't that large a household income. What age are your children? Would it be possible to work part time around their schooling? This extra money could then be used to pay off your credit card and go into a separate account to start saving for your house deposit.

bhjm

all you need is a household book.

income vs expenses. you have to get into a habbit to write done every single expense, just a coffee on the go here, some treats for the kids there, a bit fuel here etc etc.

cutting down on things you don`t need, i.e. subscriptions like amazon prime + netflix + sky tv packages, bank accounts with fees you dont need etc

check all you insurances for better deals etc and I am sure you`ll find at least 10% of expenses you can cut within the first month

ViolaLass

OP, how old are your sons?

Mkchalloner

Thanks for the input everyone think I need to do the calculator and work out what's coming in and going out my kids are 15 and twins at 9 don't have much family to help that's why I don't work as struggle with child care
also what's SOA?

bugslet

SOA is statement of affairs. If you look on the debt free board, there is a link at the top to it. Fill it in and then get ready for helpful suggestions/people to pick things apart.

Debt free is also the place to ask about YNAB, a budgetting tool that a lot of people seem to love.

Sorry, but 17k on a holiday....you have lots of money, you are just choosing to spend it on something really outlandish. Spend 2k on a trip to Benidorm, the kids will enjoy the beach.

Have a poke round this website for some ideas about what is possible. The headline for the particular post I've linked to:

Summer vacation for 5 in Europe: 9 weeks, 8 countries, 14 cities, $10,000.00.

They are Americans.

https://rootofgood.com/summer-family-vacation-europe/

jackieblack

bugslet wrote: »

SOA is statement of affairs. If you look on the debt free board, OR IN POST #2 there is a link at the top to it. Fill it in and then get ready for helpful suggestions/people to pick things apart.

...............................

bugslet

Missed that one Jackie!!!

jackieblack

I'm assuming you've booked a package holiday with one of the big tour operators?
You can DIY a 'holiday of a lifetime' to Florida for much, much less than £17k
Depending on how far away this holiday is and how much you've already parted with, it might even be possible to cancel and rebook everything yourself as a DIY trip and save £££, even taking the loss of the deposit into account.

jackieblack

bugslet wrote: »

Missed that one Jackie!!!

As did the OP, I'd guess

Mkchalloner

I will have a good look on the debt board thankyou the reason we got to Florida and spend so much on holidays is that I want my kids to experience different thing's and places etc no offence but Benidorm is not a place where I would take my children it's a fab place to go with the girls but not really our scene for a family holiday and if we go in the kids holidays it's more like £5000 and I would definitely not pay that price for a holiday there maybe it's just me
I realise how lucky we are maybe just need to prioritise our spending a bit better getting my spread sheets ready to do some adjustments