Financial position at 23?

[Sweetlover]

I'm 23 and currently have 6k in savings (have managed to save this from my previous job and student loan). But I constantly worry this isn't enough.

I think I worry most for my DD as I can only hope that I manage to secure a grad role after uni but obviously these are very competitive. I'm hoping to have saved around 10k by the time I've finished uni (next year) but if I can't find a job straight away I will have to use this to live off in the meantime.

Do you think this is a half decent amount? I can't do much more to save as I save the majority of my student loan (extremely budget minded) and cannot work until I finish uni as i work out no better off (so I may as well spend the extra time with my little one).

That's more than I have and I work nearly full time, earn pretty well and am ten years older! I think you're doing well. You sound sensible - maybe listen to Dave Ramsey as his method is great for having an idea of what you should be aiming for. It's called the Baby Steps.

It's more than lots of people...it's less than lots of people...everyone's circumstances are different.

I follow Dave Ramsey Baby Steps so, assuming all your bills are up to date and you have no debt, you are on BS3 out of 7. BS3 is to have an emergency fund equal to approximately 3-6 months worth of your outgoings saved.

Who is Dave Ramsey? Sounds like just what I need.

Agree with advice to find Dave Ramsey on Youtube. He’s very American and a lot of his advice doesn’t translate that well to the UK but the general principles are very good and help to focus what you’re doing with your money.

Have a look on YouTube. There are also a couple of really good UK based support groups on Facebook...you'll find the UK equivalents to his steps there.

How will you save an extra £4 by next year if you don't work now?