To be in this job and feel poor?

YANBU

I'm on a similar salary and single parent to two children….

my closest family honestly think that my earnings mean that I’m living the high life. Unfortunately in the current climate it just isn’t enough

I completely sympathise but there will be others here who won’t share the same view

How much she borrowed wouldn’t change the repayment, it would change how long it would take to pay off. OP’s monthly payment would be £230 on a salary of £58k.

Of course you can sell a car on finance, you just have to go about it the right way i.e. discuss with the finance provider.

If OP is paying a lot then getting a cheaper car is a good idea.

This is great advice for youngsters who are planning their post-18 plans. Not so much for OP, who has already been to university and has the loans which she’s paying off today. She can’t change her education choices now. She needs strategies for her mortgage, which has gone up nearly 50%. (And possibly her car finance, depending on what it is.)

Understandable, your mortgage costs alone are alot! Add on bills/travel costs/car finance etc

Do you have long left to pay off your student loan that would at least free up 270pcm

Sell your car

Why do people say things like this? You can't sell a car that's on finance: you don't own it.

Not sure how much your student loans are, but we earn less than that combined (although I am PT) and are a family of 4.

We OP our mortgage so our mortgage is similar to yours.

Not sure how you're struggling tbh.

You are still much better off than a lot of people, OP, but I’m not going to go jump on the “oh you’re so entitled” train. £58k, whilst more than many, doesn’t go far depending where you live and what your outgoings are. The sad thing is that you’ve bought into the education/career lie that if you just work and study hard enough for long enough it will all pay off. The reality is sometimes it doesn’t. Especially not without vast familial help whether that’s financially, or materially (letting you live at home to save etc.) it is often very hard to “get ahead” even with the qualifications. By the time you’re qualified and earning okay money, you’re often at an age where you feel like you want to settle down, buy a house, have kids etc. but you’re just starting out.
Sometimes you are better off not going to uni, but getting a job with promotion prospects and working your way up (not always possible I appreciate that). Those who did that probably earn the same as you but have no debt and have been earning that level for a good 5-10 years and are more established.
As an example, I worked in a supermarket part time when I was 16. I went to uni, qualified etc. I now earn less than someone I worked with who stayed in that supermarket and is now a regional manager.
There’s a correlation between having a degree and earning potential, but it’s being eroded and offers no guarantees.

Why is your student loan huge compared to everyone elses?

Did you borrow loads and have a ball at uni? I'm not saying there's anything wrong with that, in fact I think you should sow your wild oats when young but if you did, it's payback time. Just think of all the fun you had with that money.

Consider a Monday-Thursday night or part time lodger? Are there any big companies nearby might like to put staff up locally for meetings each month etc.

My first reaction is not to be sarcastic and I have been a higher earner myself and I lived alone until I was 35 too, so I am not jealous or anything like that. But I honestly do not see why you should be struggling so much. This is a good salary, your take home would be about £3600 per month before loans and your mortgage looks manageable on that income. I think it is your budgeting that needs a review,

OP have you done a budget? E.g.

Take Home approx £3200
Mortgage: £1200
Bills: £300
Food shop: £250
Car: £400 finance, £60 insurance, £20 MOT & servicing, £150 fuel = £650
Other bills/subscriptions - netflix £11, spotify £10, phone £35, gym, £35

Based on the above averages, you should be left with at least £700 per month spending/saving money? Even if your expenses are a few hundred more you should have a fair amount left at the end of the month?

How much are you spending on the car?

I think your first step is to sit down and do a budget (if you haven’t already), where you analyse your income against your usual spend. The Budget Mom does some good ‘real life budget’ examples on her YouTube channel, where she gives the person’s budget a ‘red light’ (spending more than you earn) or a ‘green light’ (spending less than you earn) and tweaks it from there. You might be surprised what you find and where you can make some tweaks if you look into it.

Get a lodger in if interest rates go up

I think there are probably changes you could make before needing to take in a lodger.
Although presumably you must have expensive commuting costs to be struggling on your wage. So you may need to move somewhere nearer to your wage.
Best thing to do is post your budget to see where savings could be made or check what you are spending money on if you don't already know your budget.

But it's the reality. If your expenditure is high and your income isn't increasing, then you are living beyond your means.

How much left on Student Loans? I clocked your age so I think you were one of the first few years of higher tuition fees. I was the last year of the lower fees (40) and just paid mine off last year. It does make a huge difference.

When did you last change company at work? That can sometimes be an instant 10-25k raise without any new qualifications.

I understand, we’re in a similar position. Money just doesn’t go as far. I feel like many of us (I’m in my early 40s) were mis-sold on what getting a university education would mean.

I was first in my family to get an undergrad, then I went on to get a master’s because it was deemed necessary for me to progress in my career and my lifestyle is at a lower standard than that of my parents at my age who both left school at 16.

I think a salary like that only sounds as good as it is when it's part of a 2 person contributing household. Otherwise, it's the equivalent of 2 x £26k salaries which isn't great these days tbh.

What is your take home pay? What are you spending your money on? What type of car did you get?

I voted YABU as you are earning plenty, so I'm wondering what your budgeting skills are like.

Poor you

I don’t understand how your mortgage is only 1300 and you don’t have enough left tbh.

Will you wages continue to increase?

Sell your car, get a bank loan and buy a cheaper car with cheaper repayments.

Yes, I'm managing fine but I'm aware I have a cheap mortgage and my student loan was paid off last yea. I couldn't manage now if I'd stretched my budget when I bought.

Tbh I'm really quite jaded at the moment. I feel like I'm worse off than a lot of people I grew up with that didn't bother with school/uni. A relative was complaining that she can't move to a 3 bed council house...and it took a lot to point out that I can't afford a 1 bed flat where she lives. And I'm not annoyed with her... I'm annoyed that despite earning well, I can never afford to live where I grew up (my parents were locals and poor)