Active discussions

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Rate my financial situation

163 replies

Juniperberry55 · 07/07/2025 15:25

Everything finance wise on Mumsnet seems to be very polarised, either those on £100k+ income with tens of thousands in savings and a holiday home, or not having 2 pennies to rub together

I'm quite curious to see how people would rate my financial situation on average for my age

So I'm 33, live alone
I own a house worth roughly £220k with around £45k mortgage left to pay
Around £14k in debt on 0% credit cards and a low interest loan all due to be paid off in around 2 years
Income around £42k a year
Almost no money in savings, currently trying to build up an emergency fund of a couple of months pay
£0 retirement

I'm guessing there will be the odd comment about this being a stealth post. It is not, I am in debt, I think my finances are not great in some areas, in others I think they're not too bad

Score me 0-10 on how you think my financial situation is for my age 0=awful 5= average 10=Jeff bazos level 😂

OP posts:
notatinydancer · 07/07/2025 15:35

Not too bad. It’s good (imo) you’re on the property ladder.
You need to sort a pension asap ( from experience and 20 years older). I know you say you’ve got plans.
As you say , you need some savings.
Any scope to earn more ?

Original poster
Juniperberry55 · 07/07/2025 15:34

minnienono · 07/07/2025 15:31

Average, the debt is a a lot for your income but you have a lot of equity balancing it out.

I hope you have assessed why you have credit card debt and put measures in place so as not to repeat. I would be looking ti start building savings as soon as the loans and credit card debt is repaid

Yes, I know how I ended up with the £14k debt, no previous emergency fund, having to buy a cheap car, house repairs. And I haven't spent anymore on it, certainly no day to day expenses going on there, so I won't be adding to it hopefully

OP posts:
TeflonMom · 07/07/2025 15:34

You’d be mad to delay starting a pension any longer. Even a small amount starting from now each month would make a difference

Bobbybobbins · 07/07/2025 15:32

House situation = 10
Debt= 4
Savings and pension= 3

But the last two should be easier to build up than if the house situation was worse.

Original poster
Juniperberry55 · 07/07/2025 15:32

Poopeepoopee · 07/07/2025 15:29

You just need to work on your emergency fund but obviously pay off debt first.

emergency fund = 6 months expenses.

Trying to build up a couple of months pay and then really hammer down on the debt repayments and then go back to paying into emergency fund to get a full 6 months expenses in there as I don't want to get into more debt because I have £0 in savings if something crops up with house/car repairs etc if you know what I mean

OP posts:
Jellycatspyjamas · 07/07/2025 15:32

Have a look at Dave Ramseys baby steps - £1000 emergency fund, pay off debt except your mortgage then build 3-6 months emergency fund. His stuff is very Americanised but the steps make sense and give you a plan.

minnienono · 07/07/2025 15:31

Average, the debt is a a lot for your income but you have a lot of equity balancing it out.

I hope you have assessed why you have credit card debt and put measures in place so as not to repeat. I would be looking ti start building savings as soon as the loans and credit card debt is repaid

Original poster
Juniperberry55 · 07/07/2025 15:30

HollyhockDays · 07/07/2025 15:29

Do you not have any pension?

Nope, the plan is to join pension fund once the 14k debt is cleared and I have an emergency fund. So will probably join when I'm 35

OP posts:
HollyhockDays · 07/07/2025 15:29

Do you not have any pension?

Poopeepoopee · 07/07/2025 15:29

You just need to work on your emergency fund but obviously pay off debt first.

emergency fund = 6 months expenses.

Original poster
Juniperberry55 · 07/07/2025 15:29

HelloGreen · 07/07/2025 15:28

How much is your mortgage every month? Any other big outgoings?

Mortgage is about £500 a month

OP posts:
HelloGreen · 07/07/2025 15:28

How much is your mortgage every month? Any other big outgoings?

Nousernamesleftatall · 07/07/2025 15:27

Your equity outweighs your debts so I would say you are doing very well.

Swipe left for the next trending thread