AIBU to ask you if I’m poor for my age?

[MoneyMoneyMoney5]

Okay, so poor is the wrong word, but I have anxiety and at the moment, I’m doing the usual and worrying about the future.

DH and I used to be in debt but have been lucky to be able to turn it around, but still worry I’m way off where my peers are.

DH has a very good public sector pension. I didn’t work for years so all I have is £4K in a private pension so far.

Otherwise, we have the following:

£20k in a Lifetime ISA (£16k we put in, £4k government contribution)
£500 in a stocks and shares ISA
£1000 instant access savings account.

On top of that, just the usual money in current accounts that will mainly be gone by the end of the month.

We have a car which is fully paid for but we don’t own a house. I’m 35 and our kids are 10 and 8.

I can’t help but feel like we’ve gone totally wrong in life to end up where we are at our age and worry that we’ll never catch up with everyone else!

OP
There is no simple answer
Its all relaitv

buying a property means looking after it and the chance of losing it if you don't keep up payments or other debts

Over 3 month periods, try to ensure you have money to save is a good start imo but only you can decide as price of property, rents vary area to area and cost of living, inflation may kick off again

There is no simple solution but you guys think, talking about it is good start!!

Good luck

I think you’re doing well. 2 kids, husband. Studying.

Sure you could do with a bit more cash, but hey not doing badly if you ask me!!

When you have finished your course will your earning potential increase? Hopefully if it does you will also have an occupational pension. The thing I would worry about is you don't have your own house. That gives you most security as renting can be problematic and insecure. You still have a way to go but you are not what I would call poor given you both work, have some savings and no debt. Just focus on increasing earning potential and asset base

Can you buy a small flat or house as an investment and rent it out, so you’re on the housing ladder, even if you carry on living in your subsidised property for a while?

I thought you were doing ok for your age until I read that you don't own a house or have a mortgage. 🙁
Buying a house is a long-term commitment and you need to get started as young as possible. It can be incredibly difficult and take every last penny (and then some!) but there is something tangible at the end and as you get older, costs get less (in real terms).
If you have had difficult times in the past, you are doing really well to have built up a nest-egg but if over the next couple of years, save as if you already HAVE a mortgage and that money cannot be "borrowed" or diverted to another cause. Then, you should have a really good deposit. 👍
Don't stop the pensions though, as you get older you will wonder why (with hindsight) you didn't pay more into them.

Im debt free i rent my home from housing A.
My bills are paid I have a full cupboard and freezer and a roof over my head.
But im lucky to have what i have im grateful for it some people dont have it .
Im not rich at all i dont have ££££££s in the bank ive got a very small amount of a few hundred in my savings i call cover money.
But i feel like the richest person in the world every day.
By MN standards im dirt poor to me im very lucky.