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.

Switch your bank account, some banks are offering £200

Then switch again

I'm afraid this is how the majority of the working class live, some earn more than others but basically we all get paid, pay bills, money gone go and work to earn some more for next month. The end.

I've set food, car expenses and other expenses out separately 🙄 £300 is what we pay for utilities: energy, water, tax and insurance in a 3 bed detached house with 2 people.

The point of my post is that OP needs to work out where her money is going.

It's the cost of living that is making your life hard and that housing is ridiculous where you live. You pay double the amount for your mortgage as we do and we have a 4 bed detached home. Firstly I'd go through your bank account to make sure exactly where money is getting spent. Then I'd consider applying for other jobs, downsizing to a 1 bed or moving areas.

Or if in a uni town consider mature/older students that way they bugger off home for parts of the year

https://www.mumsnet.com/talk/_chat/5028533-are-you-44-in-a-graduate-career-and-also-unable-to-afford-basic-emergency-stuff?page=8&reply=133896346

There's a similar thread for those 10 years older. You are not alone.

I could:
Keep working couldn't I?
And keep renting.

I lived in spain. Lots of older people there never own a house. They rent for their entire lives.

No one has to own a house

Or in the UK people above state retirement age are entitled to housing benefit if renting on a low income.

It's different for everyone. Whatever suits you.

But I personally feel much happier since going from owning a house , to going back to renting a house

You have over 2k left over after you’ve paid your mortgage? If you cannot budget on that after taking rent out of the equation then something is wrong. Also saying you’re poor whilst comfortably being able to own a home?!?

I’m a single parent who cannot work due to my disability. I assure you your income is not poor.

If it makes you feel any better OP, in 2008 I was earning 20k in a professional job I also did a post grad for. My partner left and my mortgage on my flat (which was only 80k) was £650 a month as it was on a tracker mortgage so over 6% though at that time it was pretty normal.

So well over half my take home pay was mortgage alone and every time I saved anything another but fell off my car.

It may not feel it but you have more disposable income than that and it will turn a corner.

Are your loans all student finance or do you have a professional development loan or something that is adding to the monthly cost?

I would use your next day off to see what you can shave where. I did this ahead of mat leave to get Sky, broadband, mobile etc as low as possible.

Your income is high and the amount you owe each month decreases. It will get better but it is worth investing some time now to really budget.

Have a look at the money saving expert forums. They have proper budget planners which include yearly costs like Christmas presents and car repairs that people usually forget.

Balancing all of this will give you more of a sense of control over the money you do have.

Could be a Vet, Doctor or Architect.

Issue is your doing it alone. Maybe you want to be single and fair play to you if that is your choice.

Do not sell your home, renting is horribly insecure.

Go over to money saving expert and see if any changes can be made. You may not want to but you could get a lodger temporarily for a year to give yourself some cash, it up to 7k PA tax free for a room in your own home. DH and I did this when first married for a year for extra cash, it was always going to be temporary.

The mistake people often make is thinking that once they have a decent income that covers the major bills it means they don't still have to be careful with money generally.

We have a household income of around £90k. We are very fortunate and comfortable in the fact we do not need to worry about paying the regular bills and can save for big items/emergencies. However we still have to be careful with spending on things like food and leisure and take the time to ensure we are on the best deals for things like utilities.

That also seems a particularly big mortgage jump (assuming your initial figure was correct).

Are you in a new fixed deal? You've not been punted into SVR?

As well if this is the income for two people your take home will be a lot higher than if a single adult household was earning £90k.

I think a lot of OP’s frustration stems from being a one income household. I often look at my mortgage or gas bill and think of people who get to automatically half it😂.

it’s also higher stress when it’s all on you - no second income to fall back on if something goes wrong.

my own fault for being useless at relationships!

I'm guessing the OP is an AHP like a physio or psychologist or OT. NHS banding means that once you hit the top of band there are no more pay increases unless you go for a promotion. And once you are 8a or 8b (which is about 55k) there's not that far to go - positions are few and far between.

The big issue though is being a single income household. Two people sharing the cost of the car, mortgage etc would be much more comfortable than one person alone.

@Bellyblueboy agreed - it is very expensive to live alone - which is one of the reasons I flat shared until I moved in with Mr Monkey in my early 30s.

And it's especially expensive to live alone in a 2 bed semi. Even in modern times that would be expected to house a at least two people.

The OP could feel a lot better off if she either shared or lived in a one bed flat - bills would likely be less too.

This. I’m not happy to disclose my household income, but I budget everything. All purchases are tracked and I have a budget for each category of spending. Just because you have a comfortable income, it doesn’t mean you don’t need a budget! In my opinion, everyone needs a plan: Where Will My Money Be Going This Month.

The easiest way to waste £10,000 in a year is to spend £27.40/day on unnecessary items.

My husband is on 67k and we are bloody skint too so yanbu

I have student loans then professional bank loan (standard thing for this work). in total I’m paying back almost 600 a month.

My electricity and gas alone are £300 then council tax £180

Wow I'd love to be on that! How do you think I survive on 15k a year?!

Your gas and electric usage looks to be above average ? And it should be below for one person in a small house ?

But you're not the OP? OP is single and living in a two bed semi. Logically her gas and electric and council tax should be less than mine (2 people in 3 bed detached). We pay £160 per month inc electric car charging and £139 tax.