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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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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:

katewhinesalot · 14/09/2019 09:33

You aren't paying off horrible debt. You will be saving for something positive which should be a motivator. Allocate a little guilt free treat money as a well done for the debt and save the vast majority of it.

if you feel yourself wavering, look at a picture of your dream house on right move.

JesusHRooseveltChristAgain · 14/09/2019 09:34

I wish I could save all my salary, but unfortunately I need it to live. You've obviously worked really hard to pay off such a large sum in so short a period of time but don't be too strict. Maybe aim to save 80% and allow yourself a little bit of fun!

Jaffacakebeast · 14/09/2019 09:47

Place marking for the info on side income 😂

Alarae · 14/09/2019 09:58

I've done this but in reverse (saving all income from part time jobs). Meant that I could pay off the debt I had accumulated from my wedding/weight loss, which totalled about 7k, in six months.

Best thing I found was Ynab, as seeing my 'net worth' increase each month was addicting. Meant I definitely thought twice before buying that £3 lunch as I would have to actively add the transaction in.

Obviously doesn't have to be Ynab, can probably do the same with a spreadsheet. I used it as managed to get an initial 3 month trial, then extended it by a further year as I was a student (sort of- vocation training).

OneRingToRuleThemAll · 14/09/2019 10:18

I paid off £30k of debt over six years and now save £250 per month. Have only saved for four month, but it builds up very quickly. It's amazing how much money there is to spare when you are no longer in debt.

TheCatsACunt · 14/09/2019 11:07

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.

Well that would be rather easier, wouldn't it?

Well yes, and that’s literally the reason I used the word “easier”.

It might be just as easy for the OP depending on her side income. We don’t know.

Original poster

MoneyDollar · 14/09/2019 11:55

To answer the Q on how I paid it off -

I moved - after breaking up with my Ex I moved into a (rented) house the same size as the one we were living in together. I ultimately realised me and my then 2 year old didn't need to be living in a 3 bed detached with a garden (obvious I know) - so I moved to something smaller and more manageable. (Noted - when I buy I do want a good garden but mainly because I want to buy him a trampoline and grow veg).
Sold my car and got a new one - swapped out an Audi that was on finance that I went from paying half of to all of to driving a fiesta.
Negotiated with work and went from 3 days to 4 days (I'm now based in the office for 3 days and work from home two half days/flexibly so this doesn't impact on childcare but increased my salary.
I sold loads of stuff, in the process of this I started buying things in charity shops/car boots that looked cool/quirky and cleaned them up/sewed them/fixed them and sold them on etsy. (Big fan of lighters, boxes and paintings).
SIDEHUSTLES

i) I speak fluent French and fluent Russian, I tutor for both of these both remotely and in my home. The cost is £20 an hour, £35 for two consecutive hours or £170 for 10 hours. I have recently started a French speaking group (this is £6 pp/per hour). This is really random how many hours I get per week (tends to pick up on the run up to exams and drops off in summer holidays) but on average it's probably £150-£200 a week.

ii) I do dabble in matched betting.

I also did in general majorly cut back on 'anything for me' while making sure I still felt I was giving everything to my son. So while I wouldn't go to drinks with the girls I would go to four hours of looking at steam trains! Cutting back also involved as a rule not buying anything I could do myself so batch cooking from scratch to avoid spending £5 on a pizza on a Friday after work or buying Lunch because I didn't have anything to eat.

Hope this all makes sense - happy to answer any questions :)

OP posts:

stella47 · 14/09/2019 13:59

No questions, I just think you sound awesome, and that having managed all that you will be able to do anything that you put your mind to.

Original poster

MoneyDollar · 14/09/2019 15:50

@stella47 Thank you! It was hard but I can't express the excitement for paying the last bit of the credit card and (maybe) never having one again!

OP posts:

toria6118 · 14/09/2019 16:03

OP, I think you are my new hero. You sound so in touch with everything. You could be a life coach too. Teach us all your ways kinda thing.

CloudsCanLookLikeSheep · 14/09/2019 16:03

So if your side earnings are £10k a month I'd say yes. If they're £100 I'd say no. How anyone can answer without knowing that little detail, I don't know!

Rezie · 14/09/2019 16:42

So you would be living with £150-200/week income and whatever you win in betting. Can you live with that? I wouldn't since after rent and utilities and other bills I wouldn't be able to buy food anymore. But if you can manage, then why not.

Inliverpool1 · 14/09/2019 17:32

My daughter speaks fluent mandarin... I didn’t realise I was sitting on such a gold mine !

TheCatsACunt · 14/09/2019 18:44

Well done, OP! Sounds like you kick-assed your way out of a tough situation.

PinkyPrincessy · 14/09/2019 23:09

Great list of side hustles!

Wallywobbles · 15/09/2019 06:55

Can I ask what company you do the tutoring through.

RedRose55 · 15/09/2019 08:19

Op, we live way below our means with DHs salary. We have good stuff, but we buy off season and in sales. We save ALL my salary and invest it. As a result, we are on track to retire in 5 years from now (in our early 40s).

To us, financial freedom is the ultimate luxury. If that’s your destination too, save like crazy and invest. Living below means is not for everyone though. Do what makes you happy.

Anothernotherone · 15/09/2019 08:32

If you can cover your bills on your tutoring income why not - just don't lock every penny of the savings away in long term accounts you need 12 months notice to access! Those might give the best interest but if an emergency comes up (broken washing machine/ car won't get through the MOT) it would be really rubbish to have 30k locked away and have to put it on your credit card again!

Maybe save 2/3 of your salary in a long term fund and the other 1/3 in an emergency fund which can be used for tiny emergencies like you or your child unexpectedly needing new shoes not just life critical ones!

Are your friendships suffering due to your not going out? If so you could consider allowing yourself a social contact budget whilst still being frugal - obviously going out expense includes paying a babysitter so is hard to do cheaply! Mind you you probably don't have much time to go out.

It's worth trying but give yourself a bit of breathing room/ slack by not locking 109% of your salary away.

BumblebeeBum · 15/09/2019 08:38

May I ask - how much do you make from matched betting, how long did it take you to get to that level, and how many hours a week you spend on it?

Well done you!

Original poster

MoneyDollar · 15/09/2019 12:31

@Wallywobbles I do it all independently - I advertised on Facebook and University/student forums and those for example 'learning french' groups etc.

The people I tutor in my home are local and tend to be A-Level students or adults with an interest.

The remote tuition is mainly students! I was going to sign up for tutoring website if this didn't work (but it did) :)

I don't advertise anymore and all me new learners are by word of mouth - I'm slowly switching over to mainly in my home (which I prefer - and I charge a bit more per hour for compared to remotely).

OP posts:

TheAlternativeTentacle · 15/09/2019 12:34

Yes. Whatever it is and whatever you need to do to get your house, do it.

Original poster

MoneyDollar · 15/09/2019 12:34

@BumblebeeBum I try and spend an hour or so a day on it, sometimes this is far more (sometimes I get really into it at 9pm).

I make anywhere from 300-800 from this but this really is based on my effort and bets where you are putting a 1000 lay on I steer clear of (even though I know I will win it just makes me uncomfortable).

I use Profit Accumulator - which is majorly life improving for doing this kind of thing, while I got my confidence up I mainly worked on free bets for the first couple of months :)

OP posts:

Original poster

MoneyDollar · 15/09/2019 12:37

@Anothernotherone A lot my friendships are my friends with kids and I doing things with kids which works! I do, do things the 3rd Saturday of every month as thats when my Son goes to my ex's parents. Also very fortunate to get on with people from work so have good chats in the hour lunch.

OP posts:

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