I feel like a failure. Somebody please talk sense into me

[AmIAFailure77]

I’m 27, I have absolutely no savings. I’m living with my parents, with the extremely unrealistic goal of buying a house. I can barely even rent at the moment. I will probably end up renting in a few months.

I have a decent career which I enjoy but I’m quite low down and my salary is only 30k. It’s not looking likely I’ll be promoted anytime soon.

I’ve had a boyfriend for two years, but he’s not in a great financial position either and we’d not even think about kids unless we lived somewhere together.
I feel I’m running out of time to have kids though, and I very much doubt I’ll have a house and a stable life by the time I’m 29.

I feel like a massive failure….

But they can only contribute £4000 a year each.

She is saying two different things:

a) save £750 per month each, ie £1500 per month. Over 24 months that is £36k

b) separate from that, open a LISA each. That will give her and her boyfriend £1000 each per year, so £4K total over 2 years.

Total saved £36k + £4K = £40k

Thank you for clarifying.

You're not a failure at all. You could benefit from adjusting your mindset.

You're still so young. You've got another 10+ yrs to start having kids.
You have a home, with minimal rent that enables you to save at least £750 odd a month.
You have a job with a fair salary. Assume you don't have any debt?

You're doing just fine. Aged 29 I was married, had a baby, good job, bought a house a year later. Two years later I left my husband and went back into renting. I've had so many ups and downs since then. I'm now 39. 14 months ago I had just bought a house with the man I thought I would spend the rest of my life with. A month later I got breast cancer. Now, I've taken the brave decision to end this relationship and I'm cohabiting with my ex until he moves out! My point is, at various points over the past 10 years I really felt like I'd 'made it'. I had everything anyone could want. Then life takes so many twists and turns and you're not in the same position and the things you want from life change dramatically. I'm 40 next year, single, possibly going to have to sell my house and rent again. But I have my beautiful daughter, my lovely cats, and friends and family who care for me. And I'm alive. You don't know what's going to happen in the next few years. And you've certainly not failed because you're not exactly where you want to be right now.

You can only open one LISA each, but they also can each open just a regular savings account for the rest, and save in both at the same time.

No you're not a failure. Make the most of the time living with your parents and save as much as you can starting now. Once it starts building up you'll feel much better and like there is a way out. It won't feel like it now but you're lucky to have parents who will let you move back it's a really good chance to save. Between you and your bf could you save 2k a month if you really focused on it? You could be looking at buying within a year if you can do that. That's no time at all in the grand scheme of things! Stay positive.

You can't take your savings out of a lifetime isa after two years

Median average, which is more accurate, is lower.

Yes you can. You can use your LISA for a house deposit 12 months from the day you first paid into it.

I didn't have the luxury of living with my parents to save up.

You are young, you can get a second or third job to save up quickly.

During covid, savings were below 1%
Savings are now at 5%+

Stop moaning & put an action plan into place

You need to put some time & effort into your plan

Adding you have

Parental support
Well paid job
No dependants
Youth
Good health
A partner

You have the opportunity to do the next big thing on your list

You have everything on your side

The only thing stopping you, is you !

Has social media somehow skewed your outlook? You seem to have plenty left over money.