To be in this job and feel poor?

The mistake people often make is thinking that once they have a decent income that covers the major bills it means they don't still have to be careful with money generally.

We have a household income of around £90k. We are very fortunate and comfortable in the fact we do not need to worry about paying the regular bills and can save for big items/emergencies. However we still have to be careful with spending on things like food and leisure and take the time to ensure we are on the best deals for things like utilities.

Could be a Vet, Doctor or Architect.

Issue is your doing it alone. Maybe you want to be single and fair play to you if that is your choice.

Do not sell your home, renting is horribly insecure.

Go over to money saving expert and see if any changes can be made. You may not want to but you could get a lodger temporarily for a year to give yourself some cash, it up to 7k PA tax free for a room in your own home. DH and I did this when first married for a year for extra cash, it was always going to be temporary.

If it makes you feel any better OP, in 2008 I was earning 20k in a professional job I also did a post grad for. My partner left and my mortgage on my flat (which was only 80k) was £650 a month as it was on a tracker mortgage so over 6% though at that time it was pretty normal.

So well over half my take home pay was mortgage alone and every time I saved anything another but fell off my car.

It may not feel it but you have more disposable income than that and it will turn a corner.

Are your loans all student finance or do you have a professional development loan or something that is adding to the monthly cost?

I would use your next day off to see what you can shave where. I did this ahead of mat leave to get Sky, broadband, mobile etc as low as possible.

Your income is high and the amount you owe each month decreases. It will get better but it is worth investing some time now to really budget.

Have a look at the money saving expert forums. They have proper budget planners which include yearly costs like Christmas presents and car repairs that people usually forget.

Balancing all of this will give you more of a sense of control over the money you do have.

You have over 2k left over after you’ve paid your mortgage? If you cannot budget on that after taking rent out of the equation then something is wrong. Also saying you’re poor whilst comfortably being able to own a home?!?

I’m a single parent who cannot work due to my disability. I assure you your income is not poor.

It's different for everyone. Whatever suits you.

But I personally feel much happier since going from owning a house , to going back to renting a house

Or in the UK people above state retirement age are entitled to housing benefit if renting on a low income.

I could:
Keep working couldn't I?
And keep renting.

I lived in spain. Lots of older people there never own a house. They rent for their entire lives.

No one has to own a house

https://www.mumsnet.com/talk/_chat/5028533-are-you-44-in-a-graduate-career-and-also-unable-to-afford-basic-emergency-stuff?page=8&reply=133896346

There's a similar thread for those 10 years older. You are not alone.

Or if in a uni town consider mature/older students that way they bugger off home for parts of the year

It's the cost of living that is making your life hard and that housing is ridiculous where you live. You pay double the amount for your mortgage as we do and we have a 4 bed detached home. Firstly I'd go through your bank account to make sure exactly where money is getting spent. Then I'd consider applying for other jobs, downsizing to a 1 bed or moving areas.

I've set food, car expenses and other expenses out separately 🙄 £300 is what we pay for utilities: energy, water, tax and insurance in a 3 bed detached house with 2 people.

The point of my post is that OP needs to work out where her money is going.

I'm afraid this is how the majority of the working class live, some earn more than others but basically we all get paid, pay bills, money gone go and work to earn some more for next month. The end.

Switch your bank account, some banks are offering £200

Then switch again

You seem most upset by your lack of pay in your professional life. What is your profession, why won't your wage increase as your experience increases?

7 years studying there are only so many careers demanding that, mine Architecture was one of them with 3 degree, 1 in practice 2 studying and 1 studying part time. Anyway, age 35 and most UK wide qualified architectswon't have a £55k salary, probably more like £40s and are likely to have similar loans and very likely to be living in London in rented flats.

Point being you aren't using your salary correctly if you need to eat beans on toast 3 times per week. So as others have said have a look at your budget, write out where you entire wage is going for the next few months you will be surprised where money leaks away to.

The next bit of your wage being capped, sorry but I do t believe you, there are few career paths that do not offer opportunityto increase your level of pay. Medical and you can head away from NHS into private and earn higher wages, or you can specialise further and increase, legal there are many routes.

If you are unhappy witb your level of earning within your profession, look broader at the skills you have and diversity.

@fedippp
You are on a good salary and have worked hard to get there and I guess it will carry on increasing (someone suggested you might be a doctor?)

A part of the reason for this is the astronomical level of taxation now in the U.K. You are a classic example of what is wrong. Being broke on that salary. If you had kids as well your marginal rate of deductions from salary would be over 80%. That is how and why people are sick and tired of things and the excessive spending by this and previous governments.

This is why emigration by our talented people is so high and being replaced by relatively low skilled immigration.

I feel for you. The young in this country are being royally screwed by utterly incompetent politicians (especially spender Boris)

Just reading in the paper that inflation is on the way down at last, which will result in interest rates dropping over the next few months. Gas and leccy prices are starting to fall too. We have been through 4 turbulant years with covid and just as we were coming out of all the lockdowns, Putin invaded Ukraine causing this inflation by cutting gas supplies. The war in the middle east hasnt helped either. If you have got this far without running up more debt, you should start to see things improve this year. Just hang on in there.

You are young, get a second job or do overtime for more money. It is easier to work extra hours when you are younger

It's likely OP has to do a lot of unpaid overtime every week in their profession. A second job on top of that - really?

@SweetFemaleAttitude - OP corrected herself and said their mortgage is £1500. Plus hundreds in student loan repayments.

I'm betting Architect. And if so, OP is doing very well to be on that salary 10 years post qualification. Or ever tbh.

OP - house prices are insane, no wonder you're fed-up.

Lol what planet are you on? 'bills £300' 😂

Council tax
Gas
Electric
Water
Car tax
Car insurance
House insurance
Food shop
Fuel

And I'm sure other monthly regular expenses

£300? Can I live where you live please?

Your mortgage went from 800 to 1500? What was the differences were you originally on interest free?

Op I think that you are looking at this from the wrong perspective

Positives
Above average salary
Home owner
Car owner
All bills paid
Possibility to earn more salary in the future
Possibility to rent out spare room
At some point in the future, you will be mortgage free
At some point in the future, you will have a car fully paid for
I presume that you are paying into a private company pension too
You actually have a lot of positives, be thankful

Suggestions
Investigate switching your energy bills, insurance etc to cheaper providers
You are young, get a second job or do overtime for more money. It is easier to work extra hours when you are younger
You can earn up to 7.5k per year renting out your spare room
Cut down food costs, by buying yellow sticker, use Olio or Too Good To Go food waste apps
Move money into an account that pays higher interest

How will you afford to rent at 70?

Op will be getting £3300 a month, not near your net on £28k?

Because she has £2k left after paying her mortgage and still on beans on toast.