Hi all!
I'm currently a student and I would love to get some advice on how to manage my funds better, if anyone could point out any areas I could improve on that would be great, all opinions and feedback would be greatly appreciated! Thanks!
Age: 25
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: 15,600 (However this should hopefully be increasing to 20,800 by the end of next year)
Annual gross income of spouse: N/A
Type of employment: e.g. Civil Servant, self-employed: Student
In general are you:
(a) spending more than you earn, or: No
(b) saving? Yes
Rough estimate of value of home: N/A
Amount outstanding on your mortgage: N/A
What interest rate are you paying? N/A
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Not always - however I have recently set up a DD so it will be paid off in full from now on
If not, what is the balance on your credit card? 500
Savings and investments: approx. 40,000
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: N/A
Life insurance: No
What specific question do you have or what issues are of concern to you?
I'd like to know how I can best manage my funds, at present I have E300 per week, by late next year this should increase to E400 per week.
I'm looking to take driving lessons this year, buy a car, insure and tax it etc.. I'd just like to know that I should be able to afford the running costs of owning a car.
Also, I'd like to know how to best manage my savings (~40k) I don't know whether to invest it, leave it in a deposit account, buy prize bonds with it etc.. I do not need immediate access to it.
I'm hoping not to have to touch my savings for the next 5 years or so unless I decide to purchase a house - realistically speaking though, would it be possible for me to get a mortgage with just having E400 per week income, even though I'll have at least 40k in savings?
Income/Outgoings: (Per Week)
Income = E300
Rent = E0
Food/Drink = E80
Phone/Broadband = E25
TV = E10
Pet = E10
Entertainment/Miscellaneous = E40
At the moment I'm trying to save E100-150 per week. Currently this is just going into my current account, are there any good savings accounts out there atm where I should be lodging this?
I don't drink or smoke, but does any of my outgoings look excessive? Anywhere I should be cutting back?
I know I'm not in dire straits or anything atm, however my income is below minimum wage and I want to make the most of it and continue to save.
All comments are greatly appreciated!
Thanks everyone!
I'm currently a student and I would love to get some advice on how to manage my funds better, if anyone could point out any areas I could improve on that would be great, all opinions and feedback would be greatly appreciated! Thanks!
Age: 25
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: 15,600 (However this should hopefully be increasing to 20,800 by the end of next year)
Annual gross income of spouse: N/A
Type of employment: e.g. Civil Servant, self-employed: Student
In general are you:
(a) spending more than you earn, or: No
(b) saving? Yes
Rough estimate of value of home: N/A
Amount outstanding on your mortgage: N/A
What interest rate are you paying? N/A
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Not always - however I have recently set up a DD so it will be paid off in full from now on
If not, what is the balance on your credit card? 500
Savings and investments: approx. 40,000
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: N/A
Life insurance: No
What specific question do you have or what issues are of concern to you?
I'd like to know how I can best manage my funds, at present I have E300 per week, by late next year this should increase to E400 per week.
I'm looking to take driving lessons this year, buy a car, insure and tax it etc.. I'd just like to know that I should be able to afford the running costs of owning a car.
Also, I'd like to know how to best manage my savings (~40k) I don't know whether to invest it, leave it in a deposit account, buy prize bonds with it etc.. I do not need immediate access to it.
I'm hoping not to have to touch my savings for the next 5 years or so unless I decide to purchase a house - realistically speaking though, would it be possible for me to get a mortgage with just having E400 per week income, even though I'll have at least 40k in savings?
Income/Outgoings: (Per Week)
Income = E300
Rent = E0
Food/Drink = E80
Phone/Broadband = E25
TV = E10
Pet = E10
Entertainment/Miscellaneous = E40
At the moment I'm trying to save E100-150 per week. Currently this is just going into my current account, are there any good savings accounts out there atm where I should be lodging this?
I don't drink or smoke, but does any of my outgoings look excessive? Anywhere I should be cutting back?
I know I'm not in dire straits or anything atm, however my income is below minimum wage and I want to make the most of it and continue to save.
All comments are greatly appreciated!
Thanks everyone!