To be in this job and feel poor?

[fedippp]

I trained for seven years, reasonably large student loan etc, to end up age 35 on 58k, and barely anything left at the end of the month!!! Mortgage is 1300 for a 2 bed semi, (up from 800 last year). Student loans are still hundreds a month. I have a car on finance as I couldn’t save house deposit and car deposit, need car for work. I eat beans on toast 3 nights a week. I feel like an idiot. I missed out on so much in my twenties to get into a decent job that I thought paid well and it seems to have been a waste of time! Does anyone else feel this way? I feel so disheartened.

It's really about expectations. If you thought £58k was going to afford you the ability to own a decent home in a nice area, have a new car, buy all the clothes you need, eat all the nice food you want, do all the fun things you enjoy etc then of course you are disappointed to find out that you can't.

I think most people are more realistic from the start and realise that they would need 6 or 7-figure salaries and/or a big inheritance to be able to achieve that. If that level of income is not a possibility, they will adjust their expectations instead. This is why many people are much happier with much less.

That’s not standard though, most will aim for a training contract where the firm pays for that. Also 58k unlikely to be ceiling at OP’s age in a legal career. Unless high street/ legal aid.

Lots of Solicitors self fund, only really big firms tend to pay and many Solicitors won’t reach high salaries. Local government lawyers, government legal service to add to your list.

Some posters are so incredibly rude and bitter, and it makes me so angry! Imagine being in the top 9% and still having not much to show for it. The OP is allowed to be upset by this.

Times are really tough for most people. That’s the reality of it. It’s not a race to the bottom. I can sympathise OP, things are so expensive and money feels like it doesn’t go far at all.

Downsize to a 1 bed if you can, or partner up with a friend or lover to split bills. Could you look at moving jobs, contracting, or doing some side work?

So sorry to hear you’re struggling @fedippp. I think it’s a sign of our times that a single person on a ‘good’ salary is struggling to pay the mortgage alongside other living costs. Really tough…
Can you possibly get financial advice or other help? Like from any professional organisations or unions you’re registered with, or from Citizens Advice, or family/friends?
And how many bedrooms is your house? Is downsizing possible to reduce mortgage payments?
Also, if you don’t mind me asking, when you say you trained for seven years, is your field educational psychology? Thinking about my own future. Thanks.
I really hope things change positively for you soon.

You are being unreasonable. I have more training years under my belt and my pay is tiny compared to yours. Your salary is massive compared to the UK average, which is low to mid 30k. How can you be struggling on a whopping salary?

Is it possible that you are trying to live beyond your means? I see lots of people these days driving large and expensive cars. I only drive small cheap cars.

I feel you OP. Yes you have a solid future a head, but you made sacrifices and are expecting a payoff at some point.

I really think that student loans are bollocks, and I hope that Gen Z and Gen Alpha don't swallow the bullshit that you need a degree to be successful. If they want a degree you can still take it at 25.

Congratulations on working so hard, and I hope you will be able to enjoy life without the "fear" soon.

@educationalpsychology
I think it’s a sign of our times that a single person on a ‘good’ salary is struggling to pay the mortgage alongside other living costs.

38k would be 'good'
58k is 'whopping'

I moved away from the expensive SE for a more affordable life. What is a basic deposit elsewhere, bought me a house here. I'm mortgage free in my 30s. I'm a single mum, have a degree, work a minimum wage job, have some savings, have disposable income, don't own a car, zero debt.
I would feel wealthy at over 50k.

Life is what we make of it. If I wanted to feel poor on 100k, there's plenty of places I could go to, to make that happen too.

Dd2 is almost 31 and went to university in 2011 - she paid the lower tuition fees. That went up in 2012. She has paid back her student loan.

We pay £102 each month gas and electric combined for 3 bed semi. Heating comes on if less than 18 but if feel cold we turn it up. 3 of us full time at home and one at university here for holidays. We've got about £350 credit on our energy account so thinking of lowering direct debit or getting a refund. We spend maximum of £200 a month at supermarket though we do look for deals.

Then work more hours or get a better paid job….

@Tooomanynames I bet that never crossed their mind!

Or maybe there are reasons someone can’t work more hours and hasn’t been able to get a better paid job ( despite many many interviews, voice of experience ).

What is your job? I’m not sure the salary really justifies that much study, sadly, especially if it means you’re now crippled by student loans 😞

It’s a shame that becoming an expert in something and gaining qualifications etc doesn’t always pay off.

YANBU. You are saying if you knew what you know now you wouldn’t have taken on the debt, are uncomfortable with the level of debt and expected to have some disposable income to at least afford a car.
I think that is reasonable.
However, you have achieved the profession you desired. You are a homeowner. You have a salary that gives you scope to save a little each month or do a loan overpayment. So you can also count your blessings and move forward knowing your position is still an achievement. Be kind to yourself, don’t compare yourself to others and enjoy the work you do while having a think about work life balance and personal growth.

Student loans are hard but in the UK only 10% - I’m on a similar wage to you and my
student loans are not the crippling factor, it’s less than a few hundred a month. Pension takes a big chunk but I need that for the future. Im Wondering why your student loans are so big? Is it credit cards etc?

I get why moneys a struggle, a 50k income isn’t what it sounds considering outgoings, we can’t afford luxuries like holidays abroad etc.

I am not a single parent but without my partners Income too, it would be impossible. We are okay money wise but not living the life of luxury I was hoping for after working so har for the better wage!

Yes it sucks OP. Successive governments have really fucked this country over. I’m fucking sick of how crap things are..

What I am most sick of are posters on MN who seem to think full time working HH are unreasonable for expecting to do more than ‘just about getting by’ and that we should be grateful for just that.

No wonder governments have got away with fucking us all over with voters like that!

I'm guessing OP is a vet. I know someone who is a vet , in London, on only 40k a year. This is someone fully qualified and full time, albeit relatively early in their career.

I wonder if the op is a barrister. When DH finished his pupillage he was so sk8nt in the early years he thought about switching careers. At 29 he was in a shared house, owned two pairs of shoes and both had holes. He only gave it two more years because he met me and I was able to make living comfortable.

He barely had two ha'pennies to rub together until he was about 3/4 years post pupillage. He had no parental backing to see him through the early years.

At 35 he would have been in a similar position to the op. By 40, things were very very different.

I hate to break it to you, but the actual problem here is not that you're poor.

its that you can't manage money.

You've bought property alone and also manage to run a car - you're doing fine. You just need to learn to budget.

First thing I'd do is get rid of the car finance, buy a cheap runaround outright.

If the above is something you don't want to do its not a question of poverty, its a question of living beyond your means.

Next I'd seriously look at getting a lodger.

If you're 35 I'm assuming you're on plan 1 loan? C.250-270 pm? Yes that's considerable - and it's fucking awful. I'm guessing you van only have 3-5 years left on it?

It may just be a question of belt tightening until then, but it won't be forever.

But the OP says she hasn’t much scope to make more money so I don’t think it can be that.

I know a couple of well-established barristers and they quite clearly earn much, much more than the OP (not that we discuss salaries of course but it’s just obvious!)

@WardrobesAreFull of course they do once they are established. DH was commercial and very niche but was mid 30s before the big bucks started rolling in.

The op could be focusing on criminal law, largely legal aid work, outside London.

I still think the op's a junior doctor and was hoping for pages of "how outrageous" but it didn't go their way.

What kind of car do you drive & how much does it cost per month ?

The last 10 years, I have bought old bangers out right for less than 1k or 2k & driven lots of miles

If you had more spare money, what would you spend it on ?

Absolutely.

People reading this should direct their anger at the government, who have massively mismanaged the economy, leading to these kinds of scenarios. It’s sad.

And this is a sensible set of suggestions for now.