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Original poster

Rate my financial situation

32 replies

hellohellooo · 09/07/2025 23:24

Built a large house with some savings
Costs went up had to take some extra loans
No mortgage
2900 per month for loans over next 27 months

Credit card 4k zero per cent interest for 18 months

2 kids
No childcare costs
No pension as of yet

Self employed
Earn 5.5k a month after tax
Part time.

1k expenses per month inc food

OP posts:
Original poster
hellohellooo · 09/07/2025 23:28

Own two other houses so I hope to use the rent from them for retirement

OP posts:
Winter2020 · 09/07/2025 23:31

I'd rate it as braggy! 🤣

Seriously. Well done you. I wouldn't call you mortgage free with the size of those loans (that although not mortgages are for housing) but you will be laughing in a couple of years when they are paid off.

HappiestSleeping · 09/07/2025 23:33

Better than mine.

Interested in this thread?

Then you might like threads about this subject:

General money
Original poster
hellohellooo · 09/07/2025 23:59

Well def not a brag

Been saving a lot since I left uni

The pension situation is a def 0/10

OP posts:
Redrosesposies · 10/07/2025 00:07

Why do you need random people to rate your financial situation.
You earn about £100k for part time work ( not Only Fans is it?) and you own three houses yet you say you are not bragging. I beg to differ.
Why can't you do it yourself?

MAFSQueen · 10/07/2025 00:10

I’m self-employed and find it hard to prioritise my pension.

With your income though you could really be saving a good amount into a pension.

Original poster
hellohellooo · 10/07/2025 00:15

Redrosesposies · 10/07/2025 00:07

Why do you need random people to rate your financial situation.
You earn about £100k for part time work ( not Only Fans is it?) and you own three houses yet you say you are not bragging. I beg to differ.
Why can't you do it yourself?

lol 😜

OP posts:
Original poster
hellohellooo · 10/07/2025 00:15

MAFSQueen · 10/07/2025 00:10

I’m self-employed and find it hard to prioritise my pension.

With your income though you could really be saving a good amount into a pension.

I don't know where to even look into it

OP posts:
MAFSQueen · 10/07/2025 01:23

@hellohellooo have a look at PensionBee

Moneybox is useful for all things financial.

With your earnings you should be trying to be as tax efficient as possible!

How old are you?

Original poster
hellohellooo · 10/07/2025 08:35

MAFSQueen · 10/07/2025 01:23

@hellohellooo have a look at PensionBee

Moneybox is useful for all things financial.

With your earnings you should be trying to be as tax efficient as possible!

How old are you?

43

Thank you !!!

Need to get some proper financial advice

Wish I had considered my pension mid 30s

Not had any savings recently
Pay minimum on credit card each month

OP posts:
IWFH · 10/07/2025 08:43

You own three houses outright at 43.
Part time work brings in take home of £66k pa.
You have some debt which you expect to clear in under three years.
No pension - oh, except rental on two houses you own.
I rate your financial situation as terribly smug.
HTH

MAFSQueen · 10/07/2025 08:44

Does the £2900 a month include the credit card payments or just the loans?

It would be a more scary situation if you also had a massive mortgage but you don’t.

definfiely try and find a good financial advisor. With your income you can afford to start a pension and it’s never too late.
Try and get a recommendation for an IFA from a friend.

jetlag92 · 10/07/2025 08:47

I think you're okay. You need to pay off £230 per month on the credit card.

After you've paid off the loan, just pay that amount into a pension. It will then take you 13 years to amass 500,000 in your pension pot.

DryDay · 10/07/2025 08:49

How old are you?
Are you single?

Juniperberry55 · 10/07/2025 09:13

I would probably rate you at 6 at the moment purely because out of you 5.5k income 2.9k is going against loans so you only have 2.6k left for everything else. Which isn't bad but if tenants stopped paying rent, or you needed to pay out for any large repairs I think you would potentially struggle. Does the 5.5k include your rental income?

You will have some income in retirement from the houses being rented out so your retirement position isn't the worst

Once your loans are paid off you'll be in a pretty amazing position and can catch up your pension pretty easily on that wage once you're debt is cleared

Original poster
hellohellooo · 10/07/2025 11:01

IWFH · 10/07/2025 08:43

You own three houses outright at 43.
Part time work brings in take home of £66k pa.
You have some debt which you expect to clear in under three years.
No pension - oh, except rental on two houses you own.
I rate your financial situation as terribly smug.
HTH

😘 😘

OP posts:
Original poster
hellohellooo · 10/07/2025 11:02

jetlag92 · 10/07/2025 08:47

I think you're okay. You need to pay off £230 per month on the credit card.

After you've paid off the loan, just pay that amount into a pension. It will then take you 13 years to amass 500,000 in your pension pot.

Edited

Need to tackle the credit cards asap too

Head buried in the sand

OP posts:
Original poster
hellohellooo · 10/07/2025 11:02

MAFSQueen · 10/07/2025 08:44

Does the £2900 a month include the credit card payments or just the loans?

It would be a more scary situation if you also had a massive mortgage but you don’t.

definfiely try and find a good financial advisor. With your income you can afford to start a pension and it’s never too late.
Try and get a recommendation for an IFA from a friend.

Thanks

That's on the list for now for next week

OP posts:
Original poster
hellohellooo · 10/07/2025 11:03

Grew up in poverty

So I never had money

When I started to work I saved and saved

Got two jobs and never stopped really

Nothing smug if you knew many of the hardships to be honest

But thanks to those for the fair suggestions

Will get a grip on ideas for pensions this week

OP posts:
Rainbow321 · 10/07/2025 11:12

jetlag92 · 10/07/2025 08:47

I think you're okay. You need to pay off £230 per month on the credit card.

After you've paid off the loan, just pay that amount into a pension. It will then take you 13 years to amass 500,000 in your pension pot.

Edited

Errrr . Not at £230 a month she won't !

To achieve a £500,000 pension pot in 13 years, assuming a 5% annual growth rate after fees and no initial contributions, you would need to save approximately £2,600 per month, or £31,200 per year. This calculation assumes that all of your contributions are invested and grow at the assumed rate.

Here's a breakdown:

Target Pension Pot: £500,000
Timeframe: 13 years
Assumed Annual Growth Rate: 5% after fees (This is a reasonable long-term average, but actual investment returns can vary)
Initial Contributions: Starting with £0 in the pot

Juniperberry55 · 10/07/2025 11:16

Rainbow321 · 10/07/2025 11:12

Errrr . Not at £230 a month she won't !

To achieve a £500,000 pension pot in 13 years, assuming a 5% annual growth rate after fees and no initial contributions, you would need to save approximately £2,600 per month, or £31,200 per year. This calculation assumes that all of your contributions are invested and grow at the assumed rate.

Here's a breakdown:

Target Pension Pot: £500,000
Timeframe: 13 years
Assumed Annual Growth Rate: 5% after fees (This is a reasonable long-term average, but actual investment returns can vary)
Initial Contributions: Starting with £0 in the pot

Show quote history

The loan is being paid at £2900 a month if you look at the op. The pp was just saying she needs to pay £230 against the credit card to clear the balance on that

Original poster
hellohellooo · 10/07/2025 11:37

@Rainbow321

Thank you for that

Got a long way to go

Had thought I would retire early but I can't see that happening!!!!!!!!

And no not bragging

Single parent
Who grew up in poverty and got scholarships for uni

So don't @me

OP posts:
Winter2020 · 10/07/2025 12:15

You can't afford to save much into a pension at the minute. From your £5500 income you have £2900 each month of loan repayments, £1000 of other bills plus I assume maintenance costs on your own home and 2 rentals as well as all the say to day stuff car repairs, kids hobbies, school trips etc etc.

I would just spend the next couple of years paying those loans back and being able to livdca reasonable lifestyle then once your loans are repaid you will be able to allocate thst £2900 to other things including pensions or investments.

What I would suggest you get if you don't already is life insurance - enough to pay off all debts and leave a sum of money for your kids if you die so there is time to sort out your estate without financial pressure.

Also you need advice about your will. Find out whether your assets should be left in trust for your kids and who should manage that trust under 18/over 18 etc. E.g. some people leave money for their kids staggered at 18 then 25 etc.

Edit to say does your income account for the tax that you need to pay on rental income? Is that set aside each month? Same for self employed income - tax set aside each month?

jandalsinsummer · 10/07/2025 12:28

Rainbow321 · 10/07/2025 11:12

Errrr . Not at £230 a month she won't !

To achieve a £500,000 pension pot in 13 years, assuming a 5% annual growth rate after fees and no initial contributions, you would need to save approximately £2,600 per month, or £31,200 per year. This calculation assumes that all of your contributions are invested and grow at the assumed rate.

Here's a breakdown:

Target Pension Pot: £500,000
Timeframe: 13 years
Assumed Annual Growth Rate: 5% after fees (This is a reasonable long-term average, but actual investment returns can vary)
Initial Contributions: Starting with £0 in the pot

Show quote history

Hello May I ask where you got those figures from. I would like to try inputting a few of my own. Thanks

Original poster
hellohellooo · 10/07/2025 12:35

Winter2020 · 10/07/2025 12:15

You can't afford to save much into a pension at the minute. From your £5500 income you have £2900 each month of loan repayments, £1000 of other bills plus I assume maintenance costs on your own home and 2 rentals as well as all the say to day stuff car repairs, kids hobbies, school trips etc etc.

I would just spend the next couple of years paying those loans back and being able to livdca reasonable lifestyle then once your loans are repaid you will be able to allocate thst £2900 to other things including pensions or investments.

What I would suggest you get if you don't already is life insurance - enough to pay off all debts and leave a sum of money for your kids if you die so there is time to sort out your estate without financial pressure.

Also you need advice about your will. Find out whether your assets should be left in trust for your kids and who should manage that trust under 18/over 18 etc. E.g. some people leave money for their kids staggered at 18 then 25 etc.

Edit to say does your income account for the tax that you need to pay on rental income? Is that set aside each month? Same for self employed income - tax set aside each month?

Edited

Oh that's so helpful

Yes I covers tax on the rentals also

I did wonder if I should take out another loan to pay off the other loans and then tackle that loan over 7-8 years or just keep going with my current loans?

OP posts: