I can't afford to be alive anymore

[worrywilma]

I live alone and I'm barely making ends meet. My mortgage is due to go up in 3 months by about £340 a month and I just don't have that money

My mortgage is for £125k and I'm already at the top end of the term. I earn £30kpa, which is a good salary, and just get by now, how am I going to be able to pay the additional on my mortgage?

I don't have children so I can't claim any benefits. A single person should be able to pay their bills, eat and have some sort of life on one salary. It's so scary

I would suggest a 2nd job too - not fair you have to but l would prefer that to a lodger personally

Being single is expensive. You have my sympathy.

Can you -
Reduce your outgoings
Talk to your lender
Get a weekend job
Increase your work hours
Start looking for a better paid job

Thanks everyone, for the support and suggestions.

I just needed a bit of a moan and I'll crack on, like we all have to.

@LizzieSiddal I'm ok honestly! A touch of the dramatics isn't unusual for me 😂

@worrywilma Glad to hear it, we’ve all been there 😂

I hope you find a solution so life gets easier.

Have a look at the olio app

Food waste heroes in your community collect short dated food from supermarkets and distribute it to the local community

If you have a freezer and can be flexible in your dinner choices then you can save a lot.

Sleep in the living room and rent out your bedroom to a lodger? I know its not ideal, but it keeps a roof over your head. Or do evening and weekend work?
Rents are so high that I would try and keep a hold of your house if you can.

And moneysavingexpert forums are brilliant. If you post all your incomings and outgoings they give great advice.

Do you wfh? My neighbour wfh, and on the side looks after a couple of dogs - they have the full run of her garden, and she walks them during her lunch break. Quite a shortfall round here for dog sitters/dog walkers. Is there a gap in the market where you are?

Are you sure those figures are right? Going from a 1.5% to a 5% rate with a 125k mortgage over 25 years goes up about £230.

Still not great but not as much as you are working on.

The lodger options if you can get the room to a reasonable state (even if it's for you) is a good one.

Are you near a university? Often post-grad or exchange students are looking for short term rooms. A couple of months would mean you are not stuck with them forever but get some extra cash.

Go through all your outgoings and call anything like Sky or the AA so it doesn't auto renew. You can often shave a bit off these.

I was once paying £650 a month on the mortgage on a salary of £18.5k. It was incredibly tight and I watched every penny. But I got a new job with better pay not long after and then met my now husband so it all got a lot easier.

Hi OP, I don’t have any financial advice, but can I say you have my full sympathies. Being single, and on an average wage means you often feel completely forgotten about. You aren’t eligible for any government help, and the cost of living is being shouldered by one wage only. My non-single friends seem to completely overlook this fact, and I find it very stressful being solely responsible for everything financially. There’s just no leeway or room for error.

So yes, as I said, no advice but I totally get where you are coming from, and it causes me many sleepless nights. Xxx 💐

If you want to post a detailed list of your outgoings with monthly income after tax, we may be able to offer some advice to shave off some expenditure.

Other than that, a second part-time job, or an online side hustle, and/or a lodger seem like the best options. If you did the second job first to save enough to get the spare room done, or switch rooms, but remember, it's your home, so if you prefer to stay in your current bedroom, do so, you need to be happy in your own home.

You can also speak with a mortgage broker to see if you can get a better deal so that the increase isn't as much. You can also consider going interest-only on your mortgage, just don't do this long term as you still need to repay your capital!! But it can take the heat off for a couple of years. Is there a way of increasing your salary? Are you due a payrise, or bonus? Is there a chance of promotion?

Sometimes a part-time job can be fun, like in a cafe, a barista, behind a bar, waitressing etc. Not great pay, but even one shift per week would be enough to cover the mortgage increase.

I hate the way everyone just jumps on lodger when these posts are up. Like I know it’s a really good option to bring in extra cash but it shouldn’t be like this. Poor OP having to live in a room that has no floor or plaster! It’s just so depressing and no way for someone to live. I will also add, lodgers can be a total nightmare. It’s someone coming into your home and personal space.

Would it help to do a weekend job op? Like a Saturday only? I know not ideal, and again, shouldn’t have to be this way. But maybe something to consider. Also any sort of evening jobs - babysitting/dog sitting/walking etc.

Do you have any clothes you don’t love anymore? I just made a fortune selling bits, more than I thought. It could help for a couple of months.

Lastly, is there any chance of a pay review at work? Explain your situation. If not, can you look to other roles or companies for a new higher paying job? I know easier said than done but I did this recently and got a 20% pay rise with my new job!

Could you ask for 3 month mortgage holiday. I think banks have to agree up to 6 months. This would give you 6 months. Then hopefully BofE will decrease mortgage rates and you could get a new fixed rate then. Maybe get a second job in a pub until then. You could switch bank accounts. You can get £185 for free.

If you have a drive, is renting out parking space an option?

Sorry, it IS shit and people shouldn’t have to make these choices.

It is tough but I got a second job when in a similar situation, I worked 2 evenings and a Saturday. You’re right that you should be ok on £30k though. Good luck.

You can't afford not to! Get it done as quickly and as cheaply as possible then get a lodger in.

I think a bit of everything is the way to go.

Look at renting out better room for 12 months
See if you can get a slight pay rise, worse case they just say no, best case it increases a few %.
Rent driveway/ dog walk/ small
scale Etsy/ grow plants from seed to sell - whatever might be possible.
Get extra job one evening or weekend day
Get bank to reevaluate mortgage offer. Maybe longer is possible for now, then overpay when you can

Yes it is s sad state of affairs but we have brought it on ourselves by:

Having a poor government that has spent far more than the country can afford.
Borrowed far more than we can sustain
Allowed a benefits system that is far more generous than is affordable and encourages people to not work
A tax system as a result that has such high levels of tax, it creates work avoidance behaviour. For example up until April 2024 a senior nurse would start being taxed at 40%, plus 2%NI, 10% pension, 9% student loan and with 2 kids a 20% child benefit tax clawback. Grand total 81% deduction. Hence why they all cut their working days. At the other end, people on Universal Credit actively avoid working more to retain their benefits passport.
The majority of people are now supported by the minority. A hugely significant threshold which occurred with relatively little comment

So unfortunately that is the reason why this country is rapidly getting poorer and productively is so low. As a result wages stagnated along with standards of living. So sadly, harsh as it is, we are reaping what we have collectively sown and all oversean by a Conservative government who should but don't seem to know any better.

This is why, hidden in the immigration numbers is the very significant emigration numbers of people leaving. And this is not largely immigrants returning home, it is indigenous British leaving for good. And they are not drawn from the sick, lame or lazy, or undertaking low skilled and low paid work. They are highly skilled and relatively better paid but are utterly sick of the state of this country who seem to think it is your duty that when working hard with many additional hours to cough up over 80% of your income for the government to pay out in benefits to the lazy.

That is why at the end of the year I and my family are also leaving. Both my DH and I are highly skilled and high earners but am not putting up living in what increasingly feels like a third world country that has roads like farm tracks. Two more higher rate tax payers going to a country that welcomes people with skills and want to contribute and grow, but doesn't think they are some cash cow to be milked and work for nothing.

So I'm sorry OP and feel for you but that is why there are sadly many many people like you struggling and this government and prob the next don't give a shit. Labour won't be any different to the Tories. They are all utterly incompetent and will only do what gets them elected, not what is best for the country

Are there any ways you could make a bit of extra money?

I make £60-100 a month doing surveys on prolific which is very very little effort and might help you a bit.

I also tutor on the evenings and at weekends to top up our money. I am a qualified teacher but not all tutors are. Not sure what your background is but if you have a degree in something useful, can speak a language, play an instrument etc. this could be a possibility.

Apologies if this is patronising and you already do it but write down everything you are spending and seeing what could go. We had to do this recently - we cancelled all our subscriptions, Netflix, prime, etc. I've switched my phone to sim only for about £5 a month rather than £30. In a tight month I really look at our food bills and plan meals like lentil dahls, veggie pasta dishes etc.

You are absolutely right that it is unfair and depressing that a decent salary is not enough to live on without all this faff.

The drama of your post OP!

Do what other people do when times are hard: get a second job (cash in hand if need be), take in a lodger, use food waste apps like Olio to cut shopping bills, cancel unnecessary subscriptions. Get rid of your car and use the bus/get a bike.

I have done literally all those things before now to save money when I've needed to.

This 'We've brought it on ourselves' bullshit is so annoying. Lots of people have never voted Conservative.

I work a couple of shifts a week in a pub and bring in about £300pm which really helps.

Plus I really love it.

I'm same salary as you.

@Borka true. And many voted Labour previously and look at the utter mess they created as well. I'm saying they are all as bad and utterly incompetent. Very few now have significant expertise outside being a policy work, special advises or some law centre advocate. Certainly never had experience such as the likes of Jim Radcliffe Ineos who really understands things from years of experience.

Sorry but I like living in a country with a good benefits system, as I know I could be the next to need them. It's pretty simplistic to blame benefits for everything, there are many reasons why prices have increased, and housing has shot up in value. Some of these have benefitted certain people, such as those who already owned property.
I do feel sorry for the OP and I agree that it's bad that you can't afford a mortgage on a small place on a reasonable salary. Having said that being in a position to buy your own place is still a good place to be. You have more stability than if you were renting and are working towards owning something that is an asset that will increase in value.
Work out a way to increase your income and practice extreme thrifting as a hobby and you will get to a good place in the future.

Ok, but if all political parties are as bad as each other, how have voters brought the current situation on ourselves?