Hopeless millennial getting it together

standardcontent

Hi everyone! :beer: I have been lurking for a long time and decided to join in. I'm 27, I live in the SE, earn 20k P/A, I have £1000 credit card debt and I rent a room in a houseshare.


My goals are:

• To clear debt
• Save for a deposit on a house
• Increase my income with a better job or side business
• Save money on day to day things like buying food

My first step today was to follow the renewing car insurance guide, got it for £300/year plus
£30 cashback from buying it through TopCashback :T

PositiveBalance

Welcome standardcontent!


Your goals seem very doable and the fact that you are taking steps in the right direction before your debts get too bad is really positive.



Might I suggest posting your SOA so we can take a look and suggest any areas for cutting back?



I would also suggest setting up an emergency fund of £1000 so that if anything goes wrong you don't have to resort to debt to sort the problem?



How much do you think you might need for a house deposit?


All the best! :T

Jonathan_Kelvin

Good evening, and welcome (and as a relatively new joiner myself, I hope that that does not sound patronising...)

What do you do for work? You wage is pretty low in the South East, so as you mention, increasing it is going to be a key part of achieving your goals.

standardcontent

PositiveBalance wrote: »

Welcome standardcontent!


Your goals seem very doable and the fact that you are taking steps in the right direction before your debts get too bad is really positive.



Might I suggest posting your SOA so we can take a look and suggest any areas for cutting back?



I would also suggest setting up an emergency fund of £1000 so that if anything goes wrong you don't have to resort to debt to sort the problem?



How much do you think you might need for a house deposit?


All the best! :T

Thank you!!:)


I will try to set up an emergency fund and post a SOA.


I'm looking at flats in the £150-175k range and a few calculators have suggested the maximum I can borrow on my salary is £65,000-£90,000 which means I need a deposit of £60,000+ :eek: I currently work on a temp contract I am not sure if I can get a mortgage with this type of employment contract either. It is a bit daunting when I think about it

Jonathan_Kelvin wrote: »

Good evening, and welcome (and as a relatively new joiner myself, I hope that that does not sound patronising...)

What do you do for work? You wage is pretty low in the South East, so as you mention, increasing it is going to be a key part of achieving your goals.

Hello and thank you! :beer:
I work in Sales Admin on a temporary contract. I left school at 19 with A Levels and decided not to go to university. I have experience in Marketing Admin too. I have been on a temp contract for nearly a year with my current employer and they say they cannot afford to employ me full time. I think I will start looking for a new job soon but I seem to bounce around from admin job to admin job and I have never earned more than 20k per year. I am quite an outgoing person I thought perhaps going into a commission-based sales role could be a better way to earn a bigger salary?

standardcontent

Here is my SOA, any feedback welcome!


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1391.02 After pension deductions
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1391.02

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750 Includes bills (I rent a room)
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 190
Clothing................................ 150 Includes cosmetics/makeup/skincare (I have bad acne). If I don't spend this much any left goes into a holiday fund
Petrol/diesel........................... 80
Road tax................................ 2.5
Car Insurance........................... 25
Car maintenance (including MOT)......... 37.5 Recently had brake pads, discs and battery replaced
Car parking............................. 2
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 25
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Gym..................................... 20
Total monthly expenses.................. 1332


Assets
Cash.................................... 200 Holiday fund
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1800
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
CC.............................1000......25........15.9
Total unsecured debts..........1000......25........-


Monthly Budget Summary
Total monthly income.................... 1,391.02
Expenses (including HP & secured debts). 1,332
Available for debt repayments........... 59.02
Monthly UNsecured debt repayments....... 25
Amount left after debt repayments....... 34.02

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,000
Net Assets.............................. 1,000

CJRyder

Hi there! Well done for getting on track so early.

Are you wedded to the idea of staying in the southeast? I moved to the South West for uni and decided to stay. With similar wages but lower housing prices you might get more bang for your buck.

zippygeorgeandben

Personally, I would change one of your goals for relocating out of the SE. Or the goal for a deposit for a house in the SE. Even though it is an admirable one, it is unfortunately out of the question for many hard working people (don't get me started...).

standardcontent

zippygeorgeandben wrote: »

Personally, I would change one of your goals for relocating out of the SE. Or the goal for a deposit for a house in the SE. Even though it is an admirable one, it is unfortunately out of the question for many hard working people (don't get me started...).

CJRyder wrote: »

Hi there! Well done for getting on track so early.

Are you wedded to the idea of staying in the southeast? I moved to the South West for uni and decided to stay. With similar wages but lower housing prices you might get more bang for your buck.

Thank you :beer: I am actually considering relocating to Scotland but not sure where (I have never been!). I have some friends in Edinburgh so this could be an option.



I followed the 'Boost Your Income' guide today and sold some books on Ziffit (£16) and an old iPhone on MusicMagpie (£20). Also bagged up some old clothes and will take them to H&M for a £5 off voucher. My back is killing me so I booked a 30 min massage but have a 50% discount voucher so I will save £22. Now dusting off my CV in preparation for my job hunt/potential relocation....:D

standardcontent

Hello everyone!


I have been busy applying for jobs in Edinburgh, although this is probably the most expensive area of Scotland to live in I think it would be a good place to start as I have friends there. The plan is to look for some short term/temp jobs for a few months (hospitality, admin, sales, anything really!) and stay in a hostel (£15/night) until I can find a short term let. I have cut down on a lot of expenditure this month particularly on skincare as I was prescribed roaccutane by a dermatologist on the NHS. I'm on target to pay off £150 of my debts this month!

Applewood1

Hi, I'm based in Edinburgh (29). If you have any questions etc let me know and I'll do my best to answer!

pidge04

How's it going?

You will do this! I heartily recommend looking for a part time job on top of your main job... If you can find something. It's helped me a lot.

Also, have you looked into shared ownership? You need a smaller deposit. Orbit and Moat have houses in my area of the SE.

Good luck!