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  • FIRST POST
    • dylantombides
    • By dylantombides 10th Jan 19, 9:19 AM
    • 26Posts
    • 3Thanks
    dylantombides
    24 Year Old Savings
    • #1
    • 10th Jan 19, 9:19 AM
    24 Year Old Savings 10th Jan 19 at 9:19 AM
    I'm new here and was really keen to create a diary of my savings. I'm going to try keep my posts detailed yet still concise and factual. I appreciate comments, tips, advice, feedback etc as I never discuss my finances with anyone publicly so it's nice to do it anonymously on a forum.
    • 24 years old
    • Graduated university at 21 in summer 2016.
    • Been in a full time career for 2 and a half years to date.
    • Living at home with parents to save but looking to move out this summer 2019.
    • Plan is to rent in a new city for 6 months. If I like the city, I will then look to buy (around Christmas 2019).
    • Earn 25700 base salary and if I hit my bonus 27k.
    • Generally my spending is very low but income is fairly low I think for someone who is 2 and a half years out of uni. I'd like this to go up but I think I would actually make more money if I relocated to a cheaper city to live even if the salaries are a little lower.
    • Paying back student loan debts. Currently around 45k worth of student debt so I pay back about 250 a year I think it is. Although once you take into account the interest accumulating on this debt, I seem to be making no progress on clearing it (the interest accumulated is roughly the same as what I'm paying back).

    Monthly Finances
    • Paid 1650 monthly (approx) by work
    • Save 900 each month and therefore spend 750
    • The 750 spend consists of 300 rent to parents, 200 to Help To Buy ISA, 60 petrol, 100 leisure.
    • Petrol is so low as my work is 10 mins from where I live.

    Total Finances
    • 10k saved
    • 2.8k in Help to Buy ISA

    Aim:
    • 20k by July 2019.
    • 25k by winter 2019 (savings will slow down from July as I plan to rent in a new city and therefore save less).
    • Buy property worth around 25k in winter 2019. My parents will loan me maybe 2k for legal fees, furnishings etc etc.

    How am I doing? Any advice? Keen to increase my spend as my expenses are low (i live frugally and rarely treat myself - probably a bad thing actually).
    Last edited by dylantombides; 10-01-2019 at 9:23 AM.
Page 1
    • fiestaman87
    • By fiestaman87 10th Jan 19, 2:03 PM
    • 67 Posts
    • 159 Thanks
    fiestaman87
    • #2
    • 10th Jan 19, 2:03 PM
    • #2
    • 10th Jan 19, 2:03 PM
    Total Finances
    • 10k saved
    • 2.8k in Help to Buy ISA



    How am I doing? Any advice? Keen to increase my spend as my expenses are low (i live frugally and rarely treat myself - probably a bad thing actually).
    Originally posted by dylantombides
    dylantombides,

    You're doing fine.

    I'm 46 and I wish I had those savings when I was your age. Instead I just had lots of debt (none of which was a student loan). It wasn't until the last year or so I've saved a significant amount apart from just for holidays etc.

    It seems that you are the epitome of what this site is about; a Money Saving Expert!

    Just ensure you keep up with the advice on this site for the best place to save your hard earned cash and where the best rates of interest are.

    Keep up the good work.
    Total Savings: HSBC 250.00, Marcus 1,107.70, TSB 1,500.00, Virgin Money 3,000.19, Nationwide 2,500.00 - Total 8,357.89
    Save 12k in 2019 Challenge - 4.856.81
    Total Debt: Barclaycard (0% APR) 2,550.00, Santander CC (0% APR) 3,800.00, Santander Loan (3% - for car) 3,453.58, Mortgage 49,248.07 (1.5% APR) - Total 59,051.65
    • savingwannabe
    • By savingwannabe 12th Jan 19, 1:18 PM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    • #3
    • 12th Jan 19, 1:18 PM
    • #3
    • 12th Jan 19, 1:18 PM
    I had little to nothing saved when I was your age. Well done Dylan and welcome to our forum. Your savings ratio is brilliant.


    Keep up the good work.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • dylantombides
    • By dylantombides 16th Jan 19, 8:45 AM
    • 26 Posts
    • 3 Thanks
    dylantombides
    • #4
    • 16th Jan 19, 8:45 AM
    • #4
    • 16th Jan 19, 8:45 AM
    I had little to nothing saved when I was your age. Well done Dylan and welcome to our forum. Your savings ratio is brilliant.


    Keep up the good work.
    Originally posted by savingwannabe
    dylantombides,

    You're doing fine.

    I'm 46 and I wish I had those savings when I was your age. Instead I just had lots of debt (none of which was a student loan). It wasn't until the last year or so I've saved a significant amount apart from just for holidays etc.

    It seems that you are the epitome of what this site is about; a Money Saving Expert!

    Just ensure you keep up with the advice on this site for the best place to save your hard earned cash and where the best rates of interest are.

    Keep up the good work.
    Originally posted by fiestaman87
    Thanks both. It's a lot easier to save when I'm living with family. The real challenge will come when I move out later this year!

    I'm going to try update my journal/diary on here every month.
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