Im worried about money :(

DJMK4

DJMK4

DJMK4

Soldato
Joined
1 Dec 2004
Posts
23,221
Location
S.Wales
I cant stop money worries getting me down, im 25, im on £18k in a good job (Network Security, Internet services) and on the side I do local IT work targeting the home user but business has been slow especially since xmas, but have no savings.

Im just about to clear a credit card, only £100 to go, have a £2k graduate overdraft, then my student loan of £4k (which im paying £22pm, i couldnt care less about this as my main priority is getting rid of the overdraft and get some savings behind me).

I forcast that if I stick to my plan now, the overdraft and credit card will be gone in 7 months. I can then begin to really stick some money into the savings (~£400) per month, would be £500 but I may have to get a car soon.

Even though I know it could potentially be ok in 7 months I cant help but worry all the time now purely that I have no savings.
 
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you don't really seem to have that much to worry about? you've got a plan, if you stick to it you'll be fine. can you forsee any short term need for savings?
 
Well, sounds like you've already got a good plan going, and are sticking to it. That's the best you can do really, and it's better than a lot of people manage. You could start paying a small amount into savings now, say just £50 a month, and then increase as you clear off any debts.
 
No savings at 25 is fine. Some lucky people have parents or family who put a fair amount of money away for them, many don't.

It's all OK, once you've broken even and can start sticking money away, it'll feel much better, I've only just turned that corner myself (I'm 26).
 
My plan is to be debt free by 30 and also be looking at getting a house/kids at this point. I probably could do it quicker, but this gives me a few years of being reckless with computers/cars before I really decide to get tied down to life.

As long as you have a plan and your not coasting through hoping things will fall in your lap, you'll be fine :)
 
do some more advertising for the private work. I work full time, get paid almost 2x what you do and still earned more doing private work that I did at my normal job...

THe last year was the 1st year i started properly doing private work and adverising

i saved more money last year than in the previous 4.
 
I'm 23 and owe almost £200k - you have no problems!
Budget, live within your means and don't spend money frivilously without first considering 1.) if you really need it 2.) if you could find it cheaper 3.) if there are more important things to splash the cash on!
I don't worry about money - if your job is secure and your outgoings don't outweigh your income, it's all good!
Edit - OP what do you think you need savings for? If it's money that is just intended to sit in the bank, rates are so bad at the moment - it's hardly worth it!
If you're seriously concerned - see a financial advisor!
 
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It's not a lot of debt compared to a lot of people I know.

Luckily you have got your head screwed on and know how to sort it out :)
 
I'd say you have a very solid start. So many put purchases on the never-never cards and don't intend to pay them off and then get into financial difficulty. You're a million miles from anything similar. You've actually sat down and worked out how to get out of your debt, too many stick their head in the sand and ignore it.
 
Op sounds like nothing to worry about he's better off than half the people I know hehe.

Out of interest what do you do for a secondary job edscdk.

I've often thought of doing general IT fixing of pc's in my area. But the local rags seem to be full of pc experts already.
 
No need to have any concern about the student loan really, it's debt but can't really be compared to your other debts, and you have a lot less debt than a lot of students. You have good job so your in a lot better position then a lot of people, good luck with your saving.
 
To the OP your debts are quite small in comparison to a lot of people out there.
You have good saving and debt paying strategies and you are looking to increase your income. There are a lot of middle income families with debts exceeding £50K, multiple credit cards, loans, 5x multiple mortgages and car loans - they haven't got strategies to clear those debts. You seem to have your head screwed on the right way, keep up with plans and debts will be gone in a few months.

Remember debt isn't always bad but know your limits.
 
goldilocks said:
OP what do you think you need savings for?
Click to expand...
One of the strangest questions I've seen, I must say.

What about so that he doesn't have to live hand to mouth? So that he doesn't immediately have to go into debt the minute he has any expense which exceeds his monthly salary? Or if he loses his job? Everybody should try to have savings equivalent to a few months' cost of living at least, as a buffer.

In the longer term, savings equals prosperity and freedom from having to work, or for retirement.
 
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