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AIBU?

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Original poster

Can I save ALL my salary

73 replies

MoneyDollar · 13/09/2019 20:40

So for some background - I split up with my ex 3 years ago, this breakup resulted in my running up £30k in credit card debt in a year and a half (I KNOW).

As of next pay day I will of paid it all off.

I now desperately need some savings / to buy a house / be a functioning adult.

Is it unreasonable to save all my salary. I think I can live off my 'side' sources of income.

The reason I ask is this unreasonable is - do you think it will be to taxing to maintain the financial worry (one of the worst parts of this whole thing) and do you think I will still feel that 'oh no I didn't bring lunch what a waste of £3 guilt.'

Thanks all :)

OP posts:
hopeishere · 13/09/2019 20:44

If you can do it go for it. You've done amazingly well to pay off the debt. Try not to be overly frugal though. Maybe allocate a monthly "treat" fund even if it's just £10/£20.

TheCatsACunt · 13/09/2019 20:44

Wow- well done on clearing so much debt!!

You’re obviously very disciplined and I suppose it depends on how much your side income is. If it can cover your living costs, I can’t see why you wouldn’t be able to save your salary.

You’d need to have a set goal in mind though. If you can pay £10k of debt off a year, would you aim to save £30k in 3 years?

I save 100% of my salary. Easier for me as we’re a two-income household so live off my husband's salary, save mine.

AnathemaPulsifer · 13/09/2019 20:46

If you cleared £30k in a year and a half you can certainly save that much in the next year and a half. Only you know whether you can live without your main salary.

HollowTalk · 13/09/2019 20:47

It depends on how much your 'side' earnings are! How much is your rent? Do you have a partner or children now?

BikeRunSki · 13/09/2019 20:48

I think only you can tell. No one here knows what your outgoings or other income are. You have done incredibly well to pay off all that debt. Saving your salary to build up savings is admirable, but I’d live a little too - even if only with lunchtime meal deal! Now that you are solvent, i think you can relax a tiny bit. I say that as someone who can be very frugal at times!

Why not set yourself a target of £xK/year, and set up direct debits to achieve that. Even if it’s for 95% of your salary!!

GetUpAgain · 13/09/2019 20:49

Well done, obviously no one can answer your question though...

MrsMozartMkII · 13/09/2019 20:51

Blinking well done!

You need to run the numbers - how much do you need to save, when do you want to have done it by?

flirtygirl · 13/09/2019 20:51

That is so great. Go for it. If you only end up saving half that amount then it's still a great achievement.

Waveysnail · 13/09/2019 20:52

Do a budget. Moneysavingexpert has good spread sheet.

monkeysox · 13/09/2019 20:55

Want to know what you do on the side Wink

Letsdoanamechangeagain · 13/09/2019 20:55

On your payday I would transfer whatever amount you were paying per month on your debts into a savings account. Less perhaps 50-100 to allow yourself some "fun" money. Make sure it's gone out of your account on your pay day, then you will never have it to spend
As PP said, you can aim for 30k savings in 3 years, potentially a house deposit.

If you really want to save, dont allow yourself the spare money. It will easily go on miscellaneous stuff and you will never have anything spare to put away.

Congratulations on repaying all that debt, it must have taken a hell of a lot of discipline.

fedup21 · 13/09/2019 20:58

My goodness, what are your side sources of income that enable you to fund all your bills/food/living expenses without needing to even touch your salary!? Very jealous!

Pinkyyy · 13/09/2019 21:03

What exactly is your 'side income'? Very curious.

15thOctober2019 · 13/09/2019 21:06

what is the side income?

prositition?
drug dealing?
benefit fraud?

Onefootforwards · 13/09/2019 21:07

Also interested ...

ScatteredMama82 · 13/09/2019 21:13

@15thOctober2019 child benefit? CMS?

not necessarily illegal!

confusedjuly2019 · 13/09/2019 21:24

Side sources of income.......declared to HMRC?

Bowerbird5 · 13/09/2019 21:30

WoW! Well done for paying the debt off. You must get a good salary.

So I would say (as a saver) don't put all of it in as you will get fed up and stop. So lunches yes made the night before if possible and always. always have a box of cup of soups or a pack of beans x4 so you are not tempted to buy lunch. challenged yourself to spend as little as possible. Work out when the days goods are marked down save coupons etc. Batch cook spag bol so you have something quick to heat up from the freezer.

Don't buy clothes rejig your clothes and find new combinations. go to upmarket charity shops if you have to buy.

Keep your goal in mind. You can do it. My son saved twenty thousand and moved to a better village and his brother moved into our house and pays rent for the one we own together.

Bowerbird5 · 13/09/2019 21:32

WoW some suspicious people on here tonight. Maybe she makes jewellery or has a private allowance.

YesQueen · 13/09/2019 21:36

Could be matched betting

TimeForNewStart · 13/09/2019 21:38

You cleared 30 grand of debt in a year and a half?! gosh, how did you do that?

Crunchymum · 13/09/2019 21:43

How have you managed to pay off that amount in 18 months? Genuinely interested.

Ohyesiam · 13/09/2019 21:44

We can only comment if we know your outgoings and your side earning.

Babyiwantabump · 13/09/2019 21:48

All I want to know is what your side hustle is!

SleepingStandingUp · 13/09/2019 21:51

So has your side incomes been covering all living costs for the last 3 years whilst you've used your full salary to pay off your debt? If so there's no real reason you couldn't continue unless it's left you neglecting the basics and necessities.