Where were/are you financially at 28?

[SunshineOverStress]

So I’m 28, still live at home, have no savings but I do own a nice car which is worth around 14k.

I want to save up for a deposit but living in Greater London it seems an impossible task to be able to buy a place by myself!

I’ve been on a lot of nice holidays, went travelling for 4 months last year, and waste a lot of money on going out drinking and eating! I always end up choosing to spend money on travel rather than for my future and want to at least try to find a balance!

Has anyone got any tips or suggestions? Preferably without the suggesting of selling my car as it brings me joy everyday! Am I failing at being an adult by having never have moved out at my age? 🙈

In greater London there is no balance. You either save every penny for a deposit or accept you'll not be buying a property. There is no life cheat to having it all. If you want a balance then you need to look at moving further afield.

I moved out of parents home at 18 to go to uni. Bought my 1st flat at 22 after uni, bought first house with partner when i was 25, and we've just bought our big family home now at 29. 1x dd, and on joint income of £70k per year.

However, i've never travelled, we go on 1 abroad holiday a year and 1 uk holiday a year. I have a car that cost about £11k (sale value probably only £6k as cars don't hold value).

You're not failing. You're being rather responsible staying at home especially in London! I'd just had DS at 28 and was living with my now ex as a SAHM (big mistake) me and DS now live on our own and I have a job that's topped up with UC. Not how I expected my life to end up but there you go!

If you can afford to travel why don't you put half the money you would spend on travelling into your deposit fund? That way you're saving for a house and you can still go on holiday - albeit less frequently

Sorry, just realized I haven't answered your question. At 28 I was recently returned from 2 years volunteering (in my field) abroad, was working, studying for a Masters and was about to buy my first flat (using a 7k deposit given by my lovely parents). I'd actively decided to move out of the SE/London area at this point as there was no way I could afford to live there happily on my salary (poorly paid sector). And I'd just met my husband, though I didn't know that then.

It sounds like you have a nice life to me. Are you happy living with your parents? In your shoes I would probably consider investing in a buy to let outside of London, and continuing to live at home.

By 28 I had moved out for University, moved to London and completed professional qualifications, gone backpacking, completed a graduate training programme and bought a flat in London.
But
Property prices were much lower then
I didn’t have a car
I work in financial services so it is well paid.

I was living at home until 27 but used it to save up and went on nice holidays. I wasn't highly paid either.

Do you know why you haven't managed to save? Do you use any spending tracking apps or a card like Monzo to show you where you're spending if you wanted to increase your saving?

I'd moved out by 28 and wish I'd done it earlier!

How much did you spend on your expensive holidays and car that could have been spent or saved for a place to live on your own?

I moved out at 18 for uni and never looked back aside from regular visits. I can’t imagine still living at home at your age, although I guess there’s nothing wrong with it.

Financially I bought my first house at 25 I think, with help from my dad. House bought for m £85k so not mega bucks! I had twins the year after and another at 30. I think at 28 we were on a joint income of around £45k? That’s about what I earn solo now.

We have had a couple of nice holidays but no travelling or expensive car.

Personally I think the info you give shows you’re earning a pretty nice wage, but you’re complacent living with your parents. You don’t want any impact to your current lifestyle hence why you spend rather than save. That’s not a dig, I’m exactly the same!

At 28 married for 6 years owned house for 2 years. Pregnant with DD. We didn’t go to uni or on many holidays it all depends what you want to do

I bought my first house at 22, didn't go abroad until my 30s hardly drank or did anything very much in my 20s. I moved into a practically derelict house and spent every spare minute and penny working on it. Initially the only furniture was deckchairs borrowed from my parents.

It didn't feel like a terrible sacrifice at the time, I was very proud to be working hard on the house and my career. By 28 I was in a managerial position with a year's salary in savings and looking for my second house.

There's a lot more "fun" in my life now, largely paid for by what I set up in my 20s. I don't feel I missed out, that was fun to me at the time and am very grateful to be able to enjoy life without worrying about money now. I'd do it again, but understand it wouldn't be for everyone

Get a Monzo or Starling account to track where your money goes. I bought a house at 27 with my husband but we live in South Wales where decent houses cost about £130k so not at all comparable to you! We have two children and a household income of £40k with me part time at the moment.

Financially fecked.lived from pay cheque to pay cheque. Rented with friends and spent all my money on traveling and drinking and drove a banjaxed fiat Punto!Then the arse fell out of the housing market and myself and dh were like ok cop on this is your chance. So we gave ourselves 2 years living in a tiny apartment , ate beans saved a deposit and bought our house, for a mortgage that is very low .

What do you want for the future?

You could easily have saved enough living at home but have chosen to spend it on travel.

I'm 27, pregnant, no work as I'm a sub teacher. Had been working mon-fri until lockdown and my contract is up so I have no income now. I also don't get teacher's maternity as my contract did not end in June as it initially was supposed to.
I'm married (2018), paid for it all ourselves (around £25,000), built a house 2 years ago mortgage £350 a month, car payments of £300 a month, furniture finance of £200 a month, weekly shopping around £50-100 depending on need. Husband pays £390 a month for farm land be bought 8 years ago.
I'm £35,000 in debt with student loans. I'm also doing a 3 year masters degree.
Husband is self employed, but has been for less than a year so has no help from government.
To say I'm jealous of your situation is an understatement! I thought we were pretty comfortable until the covid shit hit the fan!
Enjoy having few responsibilities and travel as much as you like!

You're not failing at all, it's so hard in London!

At 28 I'm a homeowner with a fixed mortgage and student loans, no other debts. Have about a year's wages in savings and a car that's (now) worth about four months' wages. But I don't live in London.

Not to be callous but if/when the house prices crash after coronavirus you could have a chance, if you save hard now.

At 28 DH and I newly wed and were living in London in our flat that we had bought the year before.

We were lucky that this was in the days of 100% mortgages so we just had to ensure that we had enough money for legal fees etc. The interest rate on our mortgage was 7.5% and we had to live very frugally. Lots of cheap pasta, beans on toast, no holidays, new clothes or meals out.

Don’t compare yourself to others if you want to be happy.

If you want a house, start saving. Go on fewer holidays. Go to cheaper countries. Do work away holidays/travel or work abroad. Drive less. Buy a cheaper car. Buy fewer lattes. Make your own lunches. Have picnics and bbqs instead of restaurants. Consider buying out of London. And try to put something away while on lockdown if you’re still earning.

Tbh, lattes and lunches often cost more than holidays!

Set yourself some achievable small targets. Like £100pcm to start. In an account you can’t touch.

At 24 we owned our first house, I had an expensive car (50k plus, not on finance) and DH a cheaper one, SAHM to 3DC. We do go on holiday every year and eat out a lot. But I have never travelled and we don't really have nights out and drink etc.

Do you pay your parents proper rent?

I would be quite annoyed if a 28 year old child lived with me and owned a £14k car and spent all their money travelling etc.

I'm not one of those people who thinks you should cut down on every treat until you get a deposit together, I just think you're staring the best part of a deposit in the face and refusing to use it because the car brings you joy (could a cheaper one bring you joy?).

Your own flat will bring you a lot more joy and independence than a car will!

Have you considered moving outside London within commuting distance? What do you do for work?

^hope this doesnt sound too harsh by the way, only answering honestly as you asked!

At 28, hadn't lived at home for about 7 or 8 years. I spent a lot like you but had been saving 4% of my pay into a special savings account since 18. Bought a small townhouse with DP at 27 in a big city but prices nothing like London. Now trying to get into a bigger house as we are getting cramped!

I'm 28 , didn't go to uni. Rented a house until I was 25 saved for 6 years and went on nice holidays. Bought my dream home at 26 and was pregnant with my partner and went back to work at 27 and now I'm pregnant with my second child . We both have a total income of £86k , I have a company car. Currently looking at studying to become a nurse or midwife after I have had my second child. It's a dream. Not sure how I'd get there with no a levels or degree. I hate my job.

At 28 I had divorced my first DH (no children). He bought me out of our joint house and I then bought my own flat, I was working full time but also worked a couple of evenings to help with the mortgage, I had a small car. No holidays, eating out or expensive clothes, hobbies etc.

But I had a great life, loved being independent, all my friends had similar lifestyles so didn’t feel I was missing out on anything ... and by early 40s we (2nd DH) had paid off our mortgage, enjoyed a few nice holidays and had one child (by choice). To be honest, in the current economic situation I am very glad of the boringly ‘sensible’ decisions I made when I was younger.

I was 28 three years ago and had just bought my first house the year before- in another UK capital city though not London.

One one hand I fully accept that its harsh that no matter how much you save it will be a huge struggle to buy much where you live.

On the other hand if you had moved out at 18 then you would have spent roughly between £6000 to £15000 EVERY YEAR on rent (depending on if you were in a shared room or single flat) so, honestly, yes it is a bit shit if you've hardly got any savings by now .

I’ve been on a lot of nice holidays, went travelling for 4 months last year, and waste a lot of money on going out drinking and eating! I always end up choosing to spend money on travel rather than for my future and want to at least try to find a balance!

It's not a hard concept is it really. If you're desperate to move out you start saving. You stop going on holidays and getting pissed and eating out.

Of course there's a happy medium but will take longer to save. Decide how much you want to save a month and on payday move it out into a savings account. Then what's left is for bills/spending. Monzo and other apps are good for setting up pots so you have a pot for socialising, a pot for bills etc.

I left home for uni at 18, moved to London after graduating aged 21 and lived there for 3 years. Moved home at 24 to save money (I wasn't saving anything for the future living in London, it was all going on rent). Some of my friends had scattered anyway, so it wasn't as fun as it had been.

Lived at home for just over 2 years and then got a place with my OH aged 26.

However, where I'm from, loads of people live with their parents into their 30s - they seem independent enough. Not sure how that compares to other places.

I don't think it's something you should worry about! However, you're in a good position to save money if you live with them - even if you pay rent/board, it's most likely not as much as you'd pay living on your own/in a flatshare.

Now you're thinking of the future, you can redirect some money you might have spent on holidays to a 'leaving home fund'.