Anyone else struggle to get ahead?
Discussion
I'm not particularly bad with money, at least, not any more.
No massive mortgage, fairly cheap and economical car albeit on the monthlies still with a cheap loan, phone bill is 20 quid, don't go mad with food shopping... fuel bill is quite high due to the commute. Don't have loads of designer clothes or trainers, my mrs is good with money and doesn't really take much of mine!
I just feel like there's always something that rinses me every month. As much as I try to get ahead, it just seems very difficult. We currently need some work doing to our chimney for example. The car is coming up due a service. You get the idea.
I earn a fair salary at around 42k plus bonus for the area we live in it's more than adequate, my other half earns just a bit above min wage unfortunately, I guess we could improve on that.
I'm not after any money advice, I have my head fairly well glued on with being frugal in the right areas and plan for unplanned expenses, but it doesn't seem to be enough. I suppose I'd just like to know if I'm not alone? The thought of starting a family in our financial position is just not feasible until we get ahead. I'd like the standard 6 months of living expenses in the bank as a minimum but like I said, always something....!
No massive mortgage, fairly cheap and economical car albeit on the monthlies still with a cheap loan, phone bill is 20 quid, don't go mad with food shopping... fuel bill is quite high due to the commute. Don't have loads of designer clothes or trainers, my mrs is good with money and doesn't really take much of mine!
I just feel like there's always something that rinses me every month. As much as I try to get ahead, it just seems very difficult. We currently need some work doing to our chimney for example. The car is coming up due a service. You get the idea.
I earn a fair salary at around 42k plus bonus for the area we live in it's more than adequate, my other half earns just a bit above min wage unfortunately, I guess we could improve on that.
I'm not after any money advice, I have my head fairly well glued on with being frugal in the right areas and plan for unplanned expenses, but it doesn't seem to be enough. I suppose I'd just like to know if I'm not alone? The thought of starting a family in our financial position is just not feasible until we get ahead. I'd like the standard 6 months of living expenses in the bank as a minimum but like I said, always something....!
Raymond Reddington said:
I'm not particularly bad with money, at least, not any more.
No massive mortgage, fairly cheap and economical car albeit on the monthlies still with a cheap loan, phone bill is 20 quid, don't go mad with food shopping... fuel bill is quite high due to the commute. Don't have loads of designer clothes or trainers, my mrs is good with money and doesn't really take much of mine!
I just feel like there's always something that rinses me every month. As much as I try to get ahead, it just seems very difficult. We currently need some work doing to our chimney for example. The car is coming up due a service. You get the idea.
I earn a fair salary at around 42k plus bonus for the area we live in it's more than adequate, my other half earns just a bit above min wage unfortunately, I guess we could improve on that.
I'm not after any money advice, I have my head fairly well glued on with being frugal in the right areas and plan for unplanned expenses, but it doesn't seem to be enough. I suppose I'd just like to know if I'm not alone? The thought of starting a family in our financial position is just not feasible until we get ahead. I'd like the standard 6 months of living expenses in the bank as a minimum but like I said, always something....!
I'm confident you're not alone. However, this being PH, this thread could go either way. No massive mortgage, fairly cheap and economical car albeit on the monthlies still with a cheap loan, phone bill is 20 quid, don't go mad with food shopping... fuel bill is quite high due to the commute. Don't have loads of designer clothes or trainers, my mrs is good with money and doesn't really take much of mine!
I just feel like there's always something that rinses me every month. As much as I try to get ahead, it just seems very difficult. We currently need some work doing to our chimney for example. The car is coming up due a service. You get the idea.
I earn a fair salary at around 42k plus bonus for the area we live in it's more than adequate, my other half earns just a bit above min wage unfortunately, I guess we could improve on that.
I'm not after any money advice, I have my head fairly well glued on with being frugal in the right areas and plan for unplanned expenses, but it doesn't seem to be enough. I suppose I'd just like to know if I'm not alone? The thought of starting a family in our financial position is just not feasible until we get ahead. I'd like the standard 6 months of living expenses in the bank as a minimum but like I said, always something....!
Your partner could get a full time job? Although this is tough at the minute it’s a bloodbath out there. I’m guessing you commute to an F1 team from somewhere north of the area you work in? Your salary is higher than a lot of people earn in the U.K., but you probably fall into that group of people who have to pay for everything out of your own pocket with no help from the benefits system at all.
It's PistonHeads so everyone needs £5M to even consider retiring 
Couple of ideas/thoughts are do you keep details of what you spend on as sometimes seeing it written down you notice a few surprises and things you could cut back on.
Also do you use different pots to put money into where it's an effort (even a small one) to move it where it needs to be to spend it?
Couple of ideas/thoughts are do you keep details of what you spend on as sometimes seeing it written down you notice a few surprises and things you could cut back on.
Also do you use different pots to put money into where it's an effort (even a small one) to move it where it needs to be to spend it?
Make a list of all your outgoings and spendings, keep track of it for 3-6 months, you might be surprised at what pops up.
Another obvious answer is that your missus could get a better paid job, but all depends on whether she enjoys what she does, whether you're planning a family in the next few years etc. Only you'll know the answers to all that.
Another obvious answer is that your missus could get a better paid job, but all depends on whether she enjoys what she does, whether you're planning a family in the next few years etc. Only you'll know the answers to all that.
Raymond Reddington said:
I'm not particularly bad with money, at least, not any more.
No massive mortgage, fairly cheap and economical car albeit on the monthlies still with a cheap loan, phone bill is 20 quid, don't go mad with food shopping... fuel bill is quite high due to the commute. Don't have loads of designer clothes or trainers, my mrs is good with money and doesn't really take much of mine!
I just feel like there's always something that rinses me every month. As much as I try to get ahead, it just seems very difficult. We currently need some work doing to our chimney for example. The car is coming up due a service. You get the idea.
I earn a fair salary at around 42k plus bonus for the area we live in it's more than adequate, my other half earns just a bit above min wage unfortunately, I guess we could improve on that.
I'm not after any money advice, I have my head fairly well glued on with being frugal in the right areas and plan for unplanned expenses, but it doesn't seem to be enough. I suppose I'd just like to know if I'm not alone? The thought of starting a family in our financial position is just not feasible until we get ahead. I'd like the standard 6 months of living expenses in the bank as a minimum but like I said, always something....!
Don't worry, you're not alone. Most months I'm in the black but there are some months where I'm in the red due to unexpected bills meaning I spend more than I earn that month. Do you have big expenditure on holidays? These can have a big impact on yearly finances. No massive mortgage, fairly cheap and economical car albeit on the monthlies still with a cheap loan, phone bill is 20 quid, don't go mad with food shopping... fuel bill is quite high due to the commute. Don't have loads of designer clothes or trainers, my mrs is good with money and doesn't really take much of mine!
I just feel like there's always something that rinses me every month. As much as I try to get ahead, it just seems very difficult. We currently need some work doing to our chimney for example. The car is coming up due a service. You get the idea.
I earn a fair salary at around 42k plus bonus for the area we live in it's more than adequate, my other half earns just a bit above min wage unfortunately, I guess we could improve on that.
I'm not after any money advice, I have my head fairly well glued on with being frugal in the right areas and plan for unplanned expenses, but it doesn't seem to be enough. I suppose I'd just like to know if I'm not alone? The thought of starting a family in our financial position is just not feasible until we get ahead. I'd like the standard 6 months of living expenses in the bank as a minimum but like I said, always something....!
Regbuser said:
If you want kids, then just go for it, you'll both cope, and the little s
ts, sorry darlings, will enrich your lives, mostly..
Your daytime to yourself will be gone as they mostly come out at day time.... mostly....ts, sorry darlings, will enrich your lives, mostly..On a serious note it does help to know your monthly expenses and I also add an additional unknown £100 of lost money that you just can account for.
Edited by vulture1 on Saturday 17th July 13:50
Simpo Two said:
Have a look at all your DDs. Multiply them by 12. Suddenly that little '£6.99' on your statement doesn't look so cheap. There may be some you can cull.
Plus holidays? Takeaways? Eating out? Costa coffees at £3 a pop? Insurance you don't need?
I’m not sure it’s DDs that is what is preventing OP from getting ahead. Apart from insurance you don’t need, to my mind the rest you have listed are part of life’s enjoyment and shouldn’t be shunned. Plus holidays? Takeaways? Eating out? Costa coffees at £3 a pop? Insurance you don't need?
The real issue as others have pointed out is that OP earns just over the amount to qualify for any benefits. If they are on PAYE, then they pay the full whack of income tax too.
OP its f
king hard, and you are def. not alone. My suggestion would be to find a second income (not a second job per se), though 100% admit this isn’t possible for most. Other than that, if you are able to live comfortably (but as you say not with 6 months of savings, investment etc), then be proud of yourself and don’t work yourself up over it. When I left Uni low income etc we used to save £50 a month each so over course of 8 weeks / 3 pay slips we put away £300, after a year over £1k saved and we did not notice it. As we earned more we saved more. We did not miss £50 or the wage adjusted extra but having a good pot of savings was helpful at times.
I always earnt a very high salary, but had the same feeling that there was always something stopping me really get ahead financially. Paying off uni debt, a few house moves, a wedding, then dropping down to one salary with kids etc and before you know it you are into mid 30s. It’s very hard to really get escape velocity on your monthly PAYE salary.
Contracting gave me more breathing room as you are quickly in the position where you can borrow £XXk from your company if you need capital and you get a year before the tax bills start to land. Then, it was always things like business deals, flipping a property, bonuses etc which really got me off the treadmill which allowed me to take even more risk and then ultimately sell 2 businesses. It didn’t come together till late 30s though.
I do think you need to break out of PAYE and/or take some risks to get a few horses in the race to really reach financial security in today’s world.
Contracting gave me more breathing room as you are quickly in the position where you can borrow £XXk from your company if you need capital and you get a year before the tax bills start to land. Then, it was always things like business deals, flipping a property, bonuses etc which really got me off the treadmill which allowed me to take even more risk and then ultimately sell 2 businesses. It didn’t come together till late 30s though.
I do think you need to break out of PAYE and/or take some risks to get a few horses in the race to really reach financial security in today’s world.
Edited by dmahon on Saturday 17th July 20:34
Tyre Tread said:
Get rid of the monthlies as far as possible. Especially the car.
Buy a cheap reliable car (old Jazz or Civic) and run that for a couple of years. You'll be amazed at the savings.
Yes….look at everything that you spend money on and ask if they’re absolutely essential. Buy a cheap reliable car (old Jazz or Civic) and run that for a couple of years. You'll be amazed at the savings.
I’d also echo comments about taking risks if you can. Now is the time to do it before you have kids.
£42k is a good wage, it puts you well ahead of the average earner, but as you’ve seen, it’s incredibly easy to spend it all.
It’s a great idea to do a full statement of affairs; listing all income and outgoings to see where a bit of spending can be cut back, but my opinion is that it’s worth giving some very serious thought to how you can increase your household income too.
Are you in a job that you love so much that it’d be a wrench and a loss of happiness to find a higher paid but different job, or are you just sitting there passing time and hoping that something lands in your lap to make the difference?
I was very low paid in my first job after college, so rolled the dice in a big way, resigning, getting funding for a doctorate, and then taking a complete left turn afterwards by moving into banking. Is there a reason you’re not looking at a career change?
It’s a great idea to do a full statement of affairs; listing all income and outgoings to see where a bit of spending can be cut back, but my opinion is that it’s worth giving some very serious thought to how you can increase your household income too.
Are you in a job that you love so much that it’d be a wrench and a loss of happiness to find a higher paid but different job, or are you just sitting there passing time and hoping that something lands in your lap to make the difference?
I was very low paid in my first job after college, so rolled the dice in a big way, resigning, getting funding for a doctorate, and then taking a complete left turn afterwards by moving into banking. Is there a reason you’re not looking at a career change?
Yes, because 42k isn’t 42k after tax, they really do screw anyone earning a slightly decent wage over, bringing everyone down to the same level
My partner recently got a pay rise, but now it’s put him into the student loan payback bracket, so even though the raise was £4500 a year, take home it’s actually less than £50 a month.
He’s now decided to pump more into the pension which then takes him back out of the student loan bracket for pay back
My partner recently got a pay rise, but now it’s put him into the student loan payback bracket, so even though the raise was £4500 a year, take home it’s actually less than £50 a month.
He’s now decided to pump more into the pension which then takes him back out of the student loan bracket for pay back
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