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Original poster

Why am I so bad with money?

16 replies

askingforhelp7767 · 20/02/2019 15:24

Well I know why but I just can't stop.

I'm 24 and I've recently bought my second home with DP (a 3 bed house in a nice area just outside of London). So I sometimes think 'oh i'm doing okay'
Then I look at my current account/ read things on here...

I earn good money, currently on 35k, will be about 50k come september. After tax this is £2k as I have student loan to pay/pension. On 50k I'll be on 2.6k

Basically I'm always in my overdraft. A part of it stems from never having had financial help from parents (not for uni, the house etc) I've paid for everything myself since 15/16 (everything except food in my parents house and rent when I lived there until I went to Uni). This includes my bus pass to get to school etc. I used to be SO good with money.

Now I'm in 7k of debt from going on holidays and just having expensive debt. Thing is, I could pay this all off in one go as I have just over 7k of savings but this doesn't make sense as they're interest free for 24 months so I pay the minimum for them to be fully paid off by the end of interest free period.

But I can't stop my expensive habits, I don't eat out, I don't buy lots of clothes, I don't go clubbing etc. I just like luxurious holidays and go on about 5/6 a year (oops).

So I'm panicking. How do I sort myself out quick? Passive income? Any ideas welcome?

BTW I work in financial analytics, use this to analyse bank statements etc daily, I don't by lunch out, I don't drink coffee, and after essential household bills/food shop I should be left with £891 a month for fun.

AHHH

OP posts:
Original poster
askingforhelp7767 · 20/02/2019 15:26

*buy.

*expensive taste, not expensive debt

OP posts:
LeadMeToTheChocolate · 20/02/2019 15:27

I wish I were as bad with money as you are...
Not helpful I know, but I think you’re doing ok.

icannotremember · 20/02/2019 15:29

I just like luxurious holidays and go on about 5/6 a year (oops).

So I'm panicking. How do I sort myself out quick? Passive income? Any ideas welcome?

Don't go on any more luxurious holidays until you have paid off your debts. Only go on as many as you can actually afford.

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User6000 · 20/02/2019 15:38

I find it helps to write down all my outgoings then I can see how much I spend and on what.

BarbaraofSevillle · 20/02/2019 15:42

You'd have to be very very unaware of the typical income and circumstances of the average UK citizen to think that you are anything other than doing extremely well. Hmm

3 bed house in a nice area just outside London and that's your second property.

Above average salary that's set to rise significantly within a few months.

Interest free debt that you could actually pay off with savings.

Close to a grand a month just for 'fun' and several luxurious holidays.

Yep, if that was me, I'd be panicking too. Panicking that I might wake up from my fantasy dream lifestyle.

PalmTree101 · 20/02/2019 16:11

Non issue?

Set an annual budget for holidays and, you know, actually stick to it.

Toastisfun · 20/02/2019 16:12

Silly post.

Confusedfornow · 20/02/2019 16:14

What do u do for a living?

HollowTalk · 20/02/2019 16:15

Are you mixing with people who earn more than you and are you trying to live the lifestyle they can afford?

Five or six holidays a year is just ridiculous!

MuseumofInnocence · 20/02/2019 16:17

This seems a bit odd - second property at 24, no money from parents?

OnlyFoolsnMothers · 20/02/2019 16:18

Is it your DH deposit for the homes? On 35k near london I dont see how this is possible.

HollowTalk · 20/02/2019 16:25

Yes, Museum, it's almost as though it's not true!

Three years out of university, on £35K, living in the south east, yet on her second home...

Original poster
askingforhelp7767 · 20/02/2019 16:47

Second home as in I've sold the first to buy the second.

First was a flat, we made enough on it out of luck that we could afford the deposit for the house. We are maxing out affordability for it.

Not doing this alone, have a OH who earns only slightly less than me as a teacher.

@confused I work in financial services, I'm a chartered accountant (just qualified)

@Barbara, this is my point though, it looks fine written down. Yet my bank is on -£1,300. My interest free overdraft runs out in June yet I am always in it.

I know I need to cut down on holidays - only 2 are big hols, the rest are small city breaks.

And yes, I'm surrounded by wealthy people 24/7. Huge weddings, money given for a deposit, people think it's weird I commute into London (because we can't afford property there).

I am in a cycle of just setting myself on fire and saying 'i will figure it out'

OP posts:
Original poster
askingforhelp7767 · 20/02/2019 16:49

@Hollowtalk, definitely true... people seem to have very inflated views on what property prices are in South.

First flat bought for £177k, sold for £195k
House £335k

Mortgage was only £300 each a month for the 177k.

OP posts:
anniehm · 20/02/2019 17:00

Obviously it's the holidays, but rather than not going away, get smarter! Book independently, find unusual places that are offering better pricing, economise on elements you don't value as much - eg I found an amazing spa in northern Spain, crazily cheap prices, treated like royalty rather than spending 3x as much in the U.K.!

Kez200 · 20/02/2019 17:10

No holidays for one year. Just turn it around so you are in credit with some savings.

Do things locally.

You are lucky because you have a problem yiu can get out of! Just do it

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