To be in this job and feel poor?

I feel like an idiot. I missed out on so much in my twenties to get into a decent job that I thought paid well and it seems to have been a waste of time!

But you do have a decent job that pays well. Your salary is way above average.

The cost of living is ridiculous at the moment and most people are struggling.

It doesn't mean that it wasn't worth you working hard/ going to uni/ etc. You would probably be struggling more if you didn't do those things.

Hopefully the mortgage rates will come down a bit soon. Once inflation goes down B of E will reduce the interest rates. You are only in this position because your mortgage rates increased. You were doing fine before that happened.

Where did I say there was nothing to complain about? Or that it was a race to the bottom?

OP hasn't had responses like that. Many have made the very good point that this is a decent salary, not that OP is rich and has about £2k a month after the mortgage and student loans are paid, which seems like a reasonable sum for a single person. No not rich, but definitely should be manageable and it is curious that she cannot make ends meet.

Ignore all the people telling you you're rich, mumsnet is like that to anyone earning over 20p. I suspect you did something like medicine which means long studies and high loans. The only thing you can do if you're broke is increase your income (get a lodger, maybe just Monday to Friday?) or decrease your outgoings. Sounds obvious but that's what you're going to need to do. I am sorry though, interest rates, cost of living, energy bills, it's all a bit shit really. Much sympathy.

OP - I’m guessing due to the length of your training that it was something like veterinary which incurs huge loan expenses and tops out around the level of your wage if you are an employed practice vet. If you’ve decided against try to climb the career ladder any further then you’ll need to clear the loans asap in order to have the standard of living you want, so as PP suggest, sit down and do a detailed budget and be ruthless in terms of how to achieve it. Good luck 🤞🏻

So according to listen to taxman, you should be taking home just under £3200 pm after 5% pension contributions and £270 pm student loans - or are you paying more than this?

So just under £2k after your mortgage, being generous £1500 after your car payment (when will it be finished? Can you then keep the same car for a few years? Then you'll feel better off?)

Have you minimised all your other expenses? You shouldn't really 'feel poor' unless your lifestyle expectations are unrealistic. And if they are, could you get a second job or a lodger?

Sorry £270 more likely.

@coxesorangepippin. I’m curious as to what you are getting at ?

@Nw22. Maybe but the loan was usually lots lower.

Plan 1 Student loan repayments are higher than plan 2

Why not? DS of a friend was on 75k at 32

Surely you can’t have long left on your student loans? I’m two years younger than you, earning less and mine will be paid off next year.

OP why are your student loans so high ? Surely at your age you were Plan 1.

OP, what's your take home oat each month
How much are your car repayment and student loans?
Commute costs?

Do you enjoy your job? What is it? Why do you think your wage won’t increase?

Because surely when earning near twice the national average one would expect to be able to save a little and not have to eat beans on toast half the week.

It's crap. The OP is right. And for those on less it's crapper.

When wise in history was someone earning twice the national average aged 35 unable to save anything?

The size of the loan doesn’t matter at the moment…OP will be paying back the same as everyone else earning £58k—it’s a set %. The size of the loan matters when it comes to how long it takes to pay off the loan. Even if her loan were smaller, she would still be paying the same monthly amount that she is today.

58k at 35???

I'm on less than the OP as a single income household with 2 DC.
It isn't a race to the bottom, and I don't like when posters are told they have nothing to complain about, "I earn tuppence ha'penny and go sweeping chimneys for 19 hours a day" etc.
But I really don't see how OP is struggling so much. Unless the financed car is an Aston Martin and there's £100k of credit card debt needing to be paid.

OP can you tell us your budget/outgoings?

I can’t understand how you can be left with nothing on your current salary unless you’re buying coffees and lunches out every day?

Hand it back then. Don't be pedantic.

Sorry OP but you've chosen to do several very expensive things all at the same time. Living alone, buying and a 2 bed at that, and taking out a loan for car all while still paying off student loans.

And then interest rates and bills have gone up and everything has become even more expensive. As they have for everyone regardless of income. In an alternative universe you'd be facing eviction for not being able to afford the rent increase, but with no other options.

Because of your hard work you do have options. You can take in a lodger, you could rent your entire property out and move back home or into a friend's, travel or work overseas for a bit, you could extend the term of your mortgage, you could suspend auto contributions and pay into your mortgage instead and so on

On £58k your take home pay would be roughly £3300 after student loan payment is taken, and a standard pension contribution. After your mortgage you’re left with £2k for bills, food and anything else, that’s quite a lot and you don’t have nursery or other costs for DC. I’m not sure where the problem is?

Have you considered getting a part time job at night. That's what I did when I was hard up. Worked in a local pub a couple of nights a week.