How to play the next year or so?

Thatsthespirit

Just after some straight up advice really. Unfortunately split up with partner of 8 years recently so back to square one.  Moving back in with my Dad as has kindly offered me to pay less rent until I find my feet again. 

My income is approx £1750 p/m. My total outgoings p/month will be approx £750 (£650 to him, £150 mandatory personal). That leaves £1000 leftover, but I haven't accounted food or car maintenance in that.

I have £5000 to my name. No assets of great significance. I just don't know what to do. I'm 30 and was hoping to first time buy together with my ex, now I've literally got to start over. My old man has suggested saving hard over the next year or so and getting a deposit down. This isn't something I was planning on doing by myself (being first time buyer). But I just don't know what to do?

Didn't attend for this to be a sob story btw, just after some advice on what you'd do in my situation financially... where to save it etc. I was even looking at investing it but that's long term so don't think ill follow through!

Thrugelmir

Have you considered opening a cash LISA? 

Thatsthespirit

Thrugelmir said:

Have you considered opening a cash LISA? 

Never looked into it to be honest. When I was 21 I bought a flat (long story - didn't work out so had to sell a few years later) using the Help To Buy scheme so don't think I'm eligible. 

pat1976

I'm sorry for your relationship break up, it's hard in many ways. I assume it is very recent? You may want to give yourself a few months before you can think straight, or maybe get cracking on that life plan if that's what you feel is right. 

You're not in a terrible place, £5k saved and a job. Where do you want to be?

You mentioned buying a house, that could be your aim and how achievable it is depends on where you are buying and what you need to pay. 

Or you could want to build up your savings and start investing with a view to buying a house in the future, with or without a partner. 

I'd suggest working out realistic expenses and figure out how much you can save. Include everything, clothes, hair cuts, Xmas presents, nights out. Write one for while living with dad and one if you were renting elsewhere. How much surplus will you have to save/invest? Can you increase it by getting a better or 2nd job or by cutting costs?

That'll get your financial life under control and hopefully the rest will follow. 

Thatsthespirit

pat1976 said:

I'm sorry for your relationship break up, it's hard in many ways. I assume it is very recent? You may want to give yourself a few months before you can think straight, or maybe get cracking on that life plan if that's what you feel is right. 

You're not in a terrible place, £5k saved and a job. Where do you want to be?

You mentioned buying a house, that could be your aim and how achievable it is depends on where you are buying and what you need to pay. 

Or you could want to build up your savings and start investing with a view to buying a house in the future, with or without a partner. 

I'd suggest working out realistic expenses and figure out how much you can save. Include everything, clothes, hair cuts, Xmas presents, nights out. Write one for while living with dad and one if you were renting elsewhere. How much surplus will you have to save/invest? Can you increase it by getting a better or 2nd job or by cutting costs?

That'll get your financial life under control and hopefully the rest will follow. 

Thanks for your response. We broke up just after new year so yes, not the greatest of starts to 2021... but it is what it is.

So yes, the long term plan has always been to buy/invest in a house by the time I hit my 30's. Over the last few years I've managed to enjoy my 20's travelling and doing what we've wanted to do. The next step was to save hard, buy a house then think about settling down. The area I want to live in long term is a little pricey (Worcester) so was happy and ready to go halves with my ex but a buy a house we could see ourselves staying in for a long time.

I will write a expenditure list out, it's just finding that balance and having that plan that I'll have 'x' amount by 'x'.. also will I meet somebody else by then and will they share the same thoughts as me? Not something I want to think about right now as you pointed out. Do I plan like I am the Lone Ranger 

Laycity

Thatsthespirit said:

Just after some straight up advice really. Unfortunately split up with partner of 8 years recently so back to square one.  Moving back in with my Dad as has kindly offered me to pay less rent until I find my feet again. 

My income is approx £1750 p/m. My total outgoings p/month will be approx £750 (£650 to him, £150 mandatory personal). That leaves £1000 leftover, but I haven't accounted food or car maintenance in that.

I have £5000 to my name. No assets of great significance. I just don't know what to do. I'm 30 and was hoping to first time buy together with my ex, now I've literally got to start over. My old man has suggested saving hard over the next year or so and getting a deposit down. This isn't something I was planning on doing by myself (being first time buyer). But I just don't know what to do?

Didn't attend for this to be a sob story btw, just after some advice on what you'd do in my situation financially... where to save it etc. I was even looking at investing it but that's long term so don't think ill follow through!

Your Dad suggesting you save hard over the next year seems at odds with him charging you £650 a month?

Retireby40

Laycity said:

Thatsthespirit said:

Just after some straight up advice really. Unfortunately split up with partner of 8 years recently so back to square one.  Moving back in with my Dad as has kindly offered me to pay less rent until I find my feet again. 

My income is approx £1750 p/m. My total outgoings p/month will be approx £750 (£650 to him, £150 mandatory personal). That leaves £1000 leftover, but I haven't accounted food or car maintenance in that.

I have £5000 to my name. No assets of great significance. I just don't know what to do. I'm 30 and was hoping to first time buy together with my ex, now I've literally got to start over. My old man has suggested saving hard over the next year or so and getting a deposit down. This isn't something I was planning on doing by myself (being first time buyer). But I just don't know what to do?

Didn't attend for this to be a sob story btw, just after some advice on what you'd do in my situation financially... where to save it etc. I was even looking at investing it but that's long term so don't think ill follow through!

Your Dad suggesting you save hard over the next year seems at odds with him charging you £650 a month?

Was thinking the same when I seen the amount. Kindly offering to charge you 37% of your salary for rent? 

Thrugelmir

Retireby40 said:

Laycity said:

Thatsthespirit said:

Just after some straight up advice really. Unfortunately split up with partner of 8 years recently so back to square one.  Moving back in with my Dad as has kindly offered me to pay less rent until I find my feet again. 

My income is approx £1750 p/m. My total outgoings p/month will be approx £750 (£650 to him, £150 mandatory personal). That leaves £1000 leftover, but I haven't accounted food or car maintenance in that.

I have £5000 to my name. No assets of great significance. I just don't know what to do. I'm 30 and was hoping to first time buy together with my ex, now I've literally got to start over. My old man has suggested saving hard over the next year or so and getting a deposit down. This isn't something I was planning on doing by myself (being first time buyer). But I just don't know what to do?

Didn't attend for this to be a sob story btw, just after some advice on what you'd do in my situation financially... where to save it etc. I was even looking at investing it but that's long term so don't think ill follow through!

Your Dad suggesting you save hard over the next year seems at odds with him charging you £650 a month?

Was thinking the same when I seen the amount. Kindly offering to charge you 37% of your salary for rent? 

Presumably that's fully inclusive. Why should parents subsidise their children? 

Stargunner

Thrugelmir said:

Presumably that's fully inclusive. Why should parents subsidise their children? 

Because most parents love their kids and will do whatever they can to give them a helping hand in life. Depending where people live it can be extremely difficult for young people to be able to afford to buy property. My son is saving and we only charge him £100 a month.

DireEmblem

Do you have to start over - if you were saving up with your ex, some of those funds are yours?

Either way - if your intent on buying, have a look at the kind of property you want, the minimum deposit you would need for a morgage, and then enjoy your journey - you will get there!

Thrugelmir

Stargunner said:

Thrugelmir said:

Presumably that's fully inclusive. Why should parents subsidise their children? 

Because most parents love their kids and will do whatever they can to give them a helping hand in life. Depending where people live it can be extremely difficult for young people to be able to afford to buy property. My son is saving and we only charge him £100 a month.

Personal circumstances differ.  Without the full facts it's impossible to comment.