To be in this job and feel poor?

As others have said, you earn a decent amount but because you live alone and have a few higher monthly expenses you may be struggling. Your mortgage is quite high for one person to pay alone, most people split with a partner all the bills you've discussed. You need to look at your budgeting again and see where you can cut down.

I was with you until you thought it was your place to dictate people have to leave their family home when it’s just them left in it.

That is the decision of the person owning the house and theirs alone. Maybe they stay for emotional reasons. Maybe it’s the neighbours. Or the proximity to their church or the shops.

Whatever the reason it’s not yours to make.

If you want gratitude that will be the £1 of every £10 paid in tax going solely to state pensions, which will likely be means tested and taken away or start age 71 when it's our turn.

Sorry to hear this OP, must be demoralising. Have you spoken to a financial advisor? They may be able to help you consolidate your loans and get the costs down a bit. Also, the lodger, depending on where you live, you could just get someone who stays Monday night to Thursday night, or even less nights if they work flexibly. I'm sure it feels like you shouldn't have to, but imagine how much easier your life will feel with extra money.

I'm sorry but yes it was. Houses cost far more relative to salaries now. It's not even up for debate really.

I am envious. I trained for 5 years in one field and 3 in another. I am on £32k pro rata (for four days) and £150 a day for my freelance day (which ends soon and I have no idea if I will find further work following it). I am older than you by a few years too.

But thinking like that gets us nowhere. I am grateful for what I have while striving for better. I agree you might benefit from some advice on how to budget better.

Thinking about people I know, the one who earns the most has the least disposable income because he bought a swanky fast car which costs him more per month than his mortgage (on finance). I bought a second hand old sports car for a few £. Looks decent, has lasted a long time but costs me very little overall.
I live in a cheap area, which I realise is lucky. I live alone but not through choice, I'd have loved to have met someone and had a family but it just didn't work out that way.

It will be worth it. Just don't look to previous generations!

Almost all of your big bills will one day go and you will be in a really good financial position. You will have a highly paid job and work options others don't have. You are paying a mortgage and property is a huge long term financial investment. Presumably you are paying into a pension. Many people dont have the options you have. You could sell your house or car. You could take in a lodger. You could take a lower paid job in order to stop repaying your student loans. You can be proud of your achievements.

Times have been bad but interest rates are falling. It will get better.

I think you need to sit down and do an actual budget. The internet gives a number of $3500 income each month after tax. Actually said a bit more, but I like to be conservative. minus 1500 leaves 2000. 600 to debt, 1400. other tax and utilities 400. leaves 1000. 200 for phone and assorted bills like internet. 800. car insurance varies, so somewhere between 50-200 month. 600 left. So, how much of that is car and petrol? Can you get a personal loan with a lower interest to pay your current loans? Or refinance lower? Other than that, don't see anything you can do besides get a second source of income or a roommate. Or look for for a similar job that pays more or try to get a larger salary someway. Or get a cheaper car with lower insurance. Or do as much as you can of any of it. There are forecasts of interest rates going down in the next year or two.

These sort of posts annoy me. We have less coming in and are a family with a disabled child, childcare fees the usual…

@fedippp if you want to live in an expensive area, as a single household and have a car on finance then you need to earn more or adapt.

Living alone is a luxury. There’s no reason why you couldn’t have a lodger to top up income considering the mortgage repayments have increased, or to consider getting rid of the finance car and buying a cheaper car, or to look at moving to a cheaper area… any number of options.

We are living in a post pandemic world with a different economy, a lot of people have had to feel the heat of this for 4 years already… apparently when it bites the middle classes everyone is supposed to feel sorry they can’t afford single households, 2 cars, multiple holidays and so on.

Just no.

Just because you trained for a job doesn’t mean you are immune from economic realities.

Try and work on solutions.

I think the issue here is your expectations, OP. You say you 'resent' the possibility of having to take a lodger, but if you live alone in a two-bedroomed house, essentially your second bedroom could be someone's home - and you don't want it to be. The simple solution would be to move somewhere with one bedroom, which would be much cheaper and you'd still have the place to yourself.

OP says she studied/trained for seven years,(medic?) so that will certainly add up to a hefty student loan.
i also don't think her salary is that high, have dc just a couple of years older but earning over 20k pa more than that. (And they still can't afford to buy a property in outer London, they need a huge deposit.)
They are certainly not struggling but it takes a really long while to save for an acceptable desposit. Their rent is more than the OP's mortgage payment.

If the OP had said "AIBU to feel disappointed by how little I can afford after working hard for my career" I would have answered differently.

She said "AIBU to feel poor". Which is bound to irritate people who are managing on less. A lot of people do have to manage on less.

I agree op that sounds depressing. It's partly because the UK has economically stagnated a lot over the past few years (during austerity and brexit)

That seems like a high gas and electric bill if you only use the heating an hour a day.

Are you on one of those schemes where they estimate your usage and charge you a flat monthly amount. If so they may be overcharging you. Or do you use the dryer a lot?

The big drains on power are normally from heat of various kinds.

I dont think you should downsize as you will waste money in stamp duty. Two bedroom houses will probably keep their value more than a one bed. I would def try to get a nice quiet monday to friday lodger to give you some fun money or to pay down the mortgage or put in pension/ invest, and then one day you will feel richer. 7 k tax free from lodger is worth about a £14k pay rise but arguably easier. Also don't downsize to a flat as you will have to pay service charges etc which could be as much as a small mortgage. Having two beds is a really useful thing to have in case you ever get into serious financial difficulties and need to rent a room out. Plus then you can share some of the Bill's too.

OP please don't post in-depth details of your outgoings on here. People don't want to help, they just want to salivate over your private information and suggest unrealistic cuts and other daft ideas that will either suck the last bit of joy from your life, or cost even more. An old banger? Ffs. Oh and why the hell shouldnt a single person live in the two bed house? Honestly, the jealousy on here is insane.

Quite.

It's tough times at the moment, if it helps, think of the positives! You earn more than average, you own your own home (and it sounds like you live alone which is a treat). Is there a chance you'll earn more and develop in your career, you still have 30 working years left to progress.... also will you get a payrise or bonus in April? Could you do your role for a different company to cut down commute costs or increase salary (I moved around at the same level at work and each time it was at least a 10% increase - although my job is available in most companies which helps).
I'd focus on 3 things - budgeting/cost cutting, increasing salary in your chosen career field (which I'm assuming you enjoy), a side hustle/extra earning potential (lodger/pet sitting/selling on vinted etc) but also try and remember why you chose this life, you must love your house and you got to buy it, I'm guessing you like your career and it pays more than most careers/jobs... sometimes it feels a slog

Poor, my arse.

Get a lodger and stop whining.

We have £260K coming in between us and feel that is the amount we need to feel comfortable, but how fucking ridiculous is that?

People on £50K should have the life we have on 4 times that salary. I do hope that people remember how much this govt is taking from us in tax when they go to the ballot box. How the previous Tory govt imposed austerity on us and started us down this road. But of course they'll just blame the boomers because that's easier. And no, I'm solidly gen X.

OP please don't post in-depth details of your outgoings on here. People don't want to help, they just want to salivate over your private information and suggest unrealistic cuts and other daft ideas that will either suck the last bit of joy from your life, or cost even more. An old banger? Ffs. Oh and why the hell shouldnt a single person live in the two bed house? Honestly, the jealousy on here is insane.

"Get a lodger" started early in this thread!

I'm sorry, I know it's all relative, but £58k is a very high salary in most parts of the country.

You have a lifestyle problem rather than a salary /job problem.

Ah, the stuff I would do on £58k If was on my own with no partner or kids!

So, I get that the £58k has a few caveats attached to it, but it is ridiculous to assume that it is normal for a single person to struggle on your salary.

First thing I would do is sell the house and buy a nice one bedroom flat with a good sofa bed for visitors, or a not as nice two bedroom..downsize property by £50k or knock £500 off your mortage payments by moving. That's the main problem, you are living in a property that is clearly too expensive for you.

I bet you could get a cheaper car as well, knock another £50 off the monthly outgoings.

This should be a great time for you, there should be holidays and socialising on that money.

Time for big changes I reckon.

After getting their own education for free🤔

I think the point here is that inflation has gone up so much and student loans are so high that even someone on OP’s wage can’t live how they thought they could on that wage.

COL is getting tighter and tighter. And although the OP is hardly living on the breadline, I’m sure it’s disappointing

And they funded your education. So you also show some gratitude.

She also has a student loan

My heating is on 22 degrees and I hate cruises, there is no envy here 😂 Some gratitude would be nice since we're working our arses off to fund your lifestyles though.

The hike to 15% was on a far smaller amount relative to salaries at the time. And, of course, plenty of people didn't survive it and got repossessed.

No it wasn't.

If your interest rate goes up by c.10% that is a huge amount because even though house prices were lower, so were salaries.

I know. I've got the T shirt.