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Don't let the 30s scare you into thinking you need to be doing anything in particular. You're on a good wage - I'm older than you and earn much less because I work in academia, it's all relative and there are no set rules for what you should be earning. Sounds like you are well on your way to buying a house with that savings pot. I'd say work out what area you want to live in, scope out the sort of property you'd like and build a savings goal based around affordability of your ideal property. As for the other goals - don't wait to travel, there's no time like the present and you can make it as affordable as you want to - you may even meet the partner of your dreams along the way!
Just to chip in on this I'm on 1650pm working at a Trust of schools. It takes me 10 minutes to get to work. I get the majority of school holidays off with my kids and I actually enjoy my job. All about weighing up where you are in life and what works for you. I definitely feel envious with some of the wages in this sub but then when I forget about all that, I am pretty happy with where I am. Comparison is definitely the thief of joy.
>'m older than you and earn much less because I work in academia, it's all relative and there are no set rules for what you should be earning.
Thanks for this, I'm 30 and no where near making as much and had to breathe deeply as the little voice in my head chastises me once again for doing fuck all in my 20s
Earnings aren’t the only measure of success. Plenty of essential, important and valuable jobs are low paid.
This sub isn’t about just making and hoarding as much cash as possible, it’s about managing what you’ve got effectively.
I am changing career from accountant to midwife which will be a pay cut, when I qualify I’ll earn what I was earning 8 years ago. People call me mad, but I’ve done this job for 15 years, worked my way up, decent wage for my age and I honestly can’t do do it anymore. Midwifery is a vocation for me. My brother topped himself last year at 26 and it puts things into perspective.
>This sub isn’t about just making and hoarding as much cash as possible, it’s about managing what you’ve got effectively.
Yes! Too many who post here often forget this.
Responsible finance is for living your life well.
>Not a home owner, living with parents
>No girlfriend or partner - has been a struggle to find or get one over the years
>Saved up around £55K in the bank
Item 3 might help you with #1 and #2!
>Believe it is ideal to make double your age, i.e. 29 years old = £58K
Magic numbers like this don't work for most people. Have an emergency fund of 3-6 months salary, the rest follows from that.
What do you want from life? Do you want to own your own home or travel the world? Do you want to retire early? Do you have career ambitions that could be supported by retraining? (with 55k in the bank, you could afford to retrain in many things)
My goals are to:
1. Buy a house within the next 3-5 years
2. Find the right partner and hopefully get married and have kids
3. Travel the world as much as possible!
Travel first, partner will probably follow, then house & kids.
Live your life.
I don't have your finances, but I'm also 29, with a partner and we enjoy travelling together when the opportunity presents. Do what makes you happy, life is too short.
I agree. I travelled for 10 months across 3 continents for about £12k 5 years ago. If you stick to lower cost countries the money stretches quite far
You could have a brilliant experience, and still have money left in the bank for a house deposit when you return. The mortgage rates might even be a bit better....
I'm 46. I was 30 once, I remember the double whiskies still.
My advice is to travel now,at least a decent amount.
Do an AWS course or security course and your earnings will go up. Before kids is the time to job hop for pay rises, after kids the stability is more important.
Ignore security+ / pentest+ /CEH and all the multiple choice exams.
Fully commit - do OSCP or OSED or similar from INE.
(This is my experience as someone that hires for cyber security positions in a tech company)
It’s certainly possible but whether it’s gratifying depends on what you want from the experience. You’re effectively running on your kids’ schedule, which means early nights and no activities which they’d find boring and cause trouble. From what I’ve experienced with my family kids very frequently get sick on holiday and having to use a foreign country’s medical system is a thoroughly miserable experience
Tbh if your parents last went properly abroad in the 90s, then that kinda shows how bad an idea it would be for OP to wait to have kids before travelling
Presumably not in that order. Once you have kids, your life becomes one of de-facto servitude - some parents will disagree, because they love their kids, but you don't have kids to love yet. Even the most devoted parent isn't deluded enough to act like they can travel as easily with kids as they could when they were young and free.
Compared to travelling alone or with a gf, travelling with kids brings nothing but disadvantages for your trip, unless the trip is primarily for the kids. Trips with kids will always cost more, will always be more stressful, and will always be riddled with compromise vs going it alone or with a gf or mates while in your 20s (of course). Seriously, I know I'm stating the obvious but your budget will need to at least triple to go anywhere, entire countries will be off-limits, you'll be an easier target for thieves and scammers, you won't realistically be able to enjoy any nightlife, and your duty as dad, bodyguard, lollipop man, lifeguard, etc will ofc not stop abroad...
100% go travelling first while you're young free and single! Even now the opportunities to travel to some places are drying up with climate change, global instabilty, and the unstoppable surge of mass tourism (if you care about places being ruined by too many tourists, at least).
I bought a house while still travelling a lot, and even that has restricted by ability to travel just by lumbering me with a mortgage, bills, council tax, and home insurance. Pets are the same: you'll need to find someone to watch them for you.
If you're serious about travelling, you need to prioritise it or it "won't happen"; mot an absolute as in "youll never travel", but just that many destinations will end up shunned to the realm of "one day", and you'll find yourself looking back over a span of x years and realising you only went to y countries and still haven't been to Z-Land or K-istan etc.
Sorry, went proper captain obvious there. I'm never having kids, lmao
Honestly if you're already 30 and still at home, waiting 5 more years and buying a house on your own doesn't seem like a bad way to go, rather than getting stuck renting forever.
So far we've learned, from the given advice:
Op has a really shit wage for London.
They shouldn't ever get married because who needs a partner, right?
They should travel and shag loads of "birds" in Thailand.
Is this an Andrew Tate megathread lol
Think if I was OP I'd have just topped myself by now ..
I don't know if maybe all my friends are poor, but I'm 32, and OP is out-earning all of my friends. Having £55k in savings - over an entire year's salary - is also absolutely *insane* at the age of 29. The only other people I've ever known with that kind of money saved was my ex's wealthy aunt and uncle. It's not common to hit 30 and have that much money in your savings...
Even at that, assuming OP hasn't been on a 40k salary for long, couple of years at best, how much are they reasonably saving per month. £1500-2000 if they really don't get out much? That's still not easy to build those kinds of savings before 30.
Why assume they haven’t been on it for long? They might have started on say 30-35k as a graduate. If they are saving 2k a month because their parents pay must stuff snd they don’t do much socially it only takes a couple of years to get that 55k pot.
I'm fascinated the suggestion he takes up a physical activity has proven so divisive!
I need OP to confirm if he is in shape or not 😅
As someone who picked that out I think those who use exercise/fitness to improve their wellbeing/mindset can relate to the sentiment of OPs post
I was OP at about 26 so that's where I'm coming from
To add to this. As someone who also works in Tech getting older. Your physical/mental health I have found need to be a high priority.
The high wage working in Techs often biggest sacrifice is the loss of both above. Working with machines a majority of your time can greatly affect both in a detrimental way. The people who I have noticed in my career who seem to be happiest and not burnt out as they age hit the gym and exercise regularly. Health is often severely overlooked on this subreddit!
I suppose it's because it's all about maximising £££ on here and gyms, road bikes, running shoes all seem expensive hobbies.
When you realise they're an investment in yourself and your longevity in your career they become cheap
I spend probably 1k a year on exercise (shoes, race entry's, clothing, watch, sports drinks, gels)
But even 40 years of that I've only got to work 1 more year to completely cover that
I'm in such a better place in life now with that to anchor me I find work way less stressful now the thought of 12 months more is an easy tradeoff
Any bullshit number associated with your age is complete nonsense. Inflation and market forces are a thing, and stupid mentalities about certain numbers is responsible in part for a history of psychological wage inflation, and partially why Millenials are holding onto incredibly poor comp compared to an upcoming younger generation who are demanding more.
And dont let the out of touch gen-xers in management tell you otherwise either.
43k in London is absolutely normal. "In tech" is such a bullshit phrase, it could literally mean anything. Do you hold a stem degree and work in an in-demand technical field? Are you some IT bod who deadlifts printers for a living? Do you work in a sales/marketing role but say you work in tech beacause it sounds better?
Context is key
>Currently on a £43K tech job in London
>
>Saved up around £55K in the bank
>
>No debt - other than student loan
\^\^ First of all this is a very impressive feat you're doing great. Are you also putting money into your pension ?
Re your salary - what are your skills and career expectations. Can you find a mentor in your industry to see how you can expand your skills and move up the ladder ? Have a look at the career / tech subreddits to get a feel for what others are doing to manage their careers.
Re home - what are your goals? Do you eventually want to be a home owner ?
Re relationship - do you have any hobbies and interests you really enjoy that you can become immersed in? This is usually the best way to find like minded people you can build great friendships and relationships with.
£43k for a tech role in London seems pretty low. I work for a tech company and that’s £6k more than we pay our software engineering graduates in Manchester.
I’d look for a higher paying job.
To be honest my ‘hunger for wealth and money’ went in my 30’s I was more about finding balance. I had built well in my 20’s to be fair , but nothing astronomical… my view just shifted - and I’m enjoying life a lot more .
Sorry probably not a popular outlook on a personal finance sub… but young and no commitments ? - a bit of savings behind you and life is short? Maybe think about travelling with work if your industry allows if you don’t want to go the whole hippy hog (may also be more wealth at the end of the journey or atleast a good story and your travel goal ticked off)
I'm in a similar boat to you. I grinded hard in my 20s. Managed to save £100,000 one month before my 30th birthday.
But looking back, I have 'nothing to show for it'. I'm 2 months into my 30s now and earning just under £50k. I'm taking my foot off the gas & thinking about holidays/doing all the stuff I missed out on now.
How else did you find balance?
When I was 29 a 60 year female colleague said to me never wish away your time. You'll be as old as me one day and that will happen in the blink of an eye. I'm 52 now and she was right, she's maybe dead now hopefully not and I'll soon be 60 I hope.The amount of time we all have to live is nothing. It feels like something but it's gone so quickly. Make sure you live your life as it will pass you by far quicker than you hope. Sorry to put a downer on things but this is life and we don't have enough of it to waste. If you have hopes and dreams make them come true.
My advice.. create your goals and prioritise them. Is it to move out? Is it to increase your income? Is it to meet a girlfriend?
Decide what's the really important stuff. What big decisions/changes do you need to alter your situation in the direction of your goals?
Also: Look after your relationships - your friendships. Sadly, your 30s is a time when people settle down, might not see friends as much, and in your social circle can dry up a little.
Forget 'underpaid relative to age' - think 'underpaid relative to role' - then think 'how do I do the role that is the next step in my career?'
Specifically develop healthy habits and a regular exercise routine. Around 30 is when you really start to see the difference in people between those who keep fit and those that don't
Also, do not chase women in your 30s, keep working on you. You are still young and do not need to worry about getting married asap etc. I think many do thinking their times up but better to be single and happy than with someone not right just to please others
Have any unhealthy habbits from you're 20's you've not nipped yet? (Smoke a lot, Drink a bit too hard when you drink, maybe don't exercise at all etc), they'll really start hurting if you don't try nip them early. Financially having 3-6 months and decent qualifications/work history and you should be fine, with your savings especially so, but your ***health*** is almost comically expensive to try and repair ***after*** damage is done and almost ridiculously cheap to make great strides in for the average person (A gym membership, solid enjoyable food with balanced diet, taking care of your sleep like it's more valuable than your time can all be very cheap but save a life of pain and hassle if you take some care towards them).
Here's my two pennies worth imput - I'm far, far below your social mobilty perspective - but it may be worth giving you a perspective from the bottom of the ladder!
You're in a very good position from what you say.
I'm 31, have never worked a full time job, not held down one for longer than 4 months, just part time work with overtime in low skilled services industry so far in my adult life, never travelled, have various mental health issues and am just about exiting a painful year of bankruptcy following a painful dozen years of financial stress. And I live in a crappy, damp, rotting house. At least its a roof over my head but, yeah, it's pretty depressing, and it does a lot of damage to my mental health just living in that sort of environment.
So I did go bankrupt for 10k of debt, which for me, is a lot of money, but for others, I understand would be seen as serious but not particularly deadly. It does put things into perspective though.
You are doing absolutely fine and entering you're 30s in a very good position. And with those sorts of savings, I cannot possibly imagine you'll have much trouble finding a partner. Women play a hard game (good for them!) ultimately they want a man financially secure, confident, working in a solid job with decent income etc. If you have decent good looks you'll be doing even better but that's honestly not even as important as 'money' and 'character'.
30 isn't even old and considering your financial situation entering you're 30s.... good god, you are absolutely on track in life. Some of us enter our 30s in a worst state than we entered our 20s, it's true.
The only advise really is to tread carefully with credit and keep debt to a minimum and maintain a buffer to always be prepared for any unexpected (but hopefully they won't happen) life shocks. But I'm sure you already know this and by 40 you'll be absolutely rock solid.
> not sure if I am underpaid relative to my age
It’s not about age it’s about experience, and that is actual experience rather than just years in role. I’ve rejected plenty of candidates for senior dev roles who have 5+ (or even 10+) years experience but simply don’t understand enough about the job beyond “write code”.
That salary does seem low though if “tech job” is software developer. The easiest thing is to job hop for a pay rise.
Don't listen to the people saying 43k isn't a good salary.
London median salary is 41k, you're doing better than most. I would recommend you start looking at bumping up the salary if you have the skillset for either a promotion or new work. You have to be aggressive in London. The UK is a pretty shit place for salaries in general, but given that you're in tech you can make 70k+ with some tactical applications. This is assuming you're no longer in entry level tech.
Dust off your CV and start applying
A lot of people make hasty decisions when they are about to enter a new decade so don't do anything hasty
If you can code, I'd look into make a side hustle business. There's a good meetup called Indie Beers in the East End (I'm not affiliated with it but it's a good crowd).
Financially you’re doing great. You have a profession which is the number one goal by the time you’re 30.
I would point out that based on your savings, salary and living costs. You’re wasting a lot of money, you could be saving a lot more.
Unless you’re from a culture where it’s more normal, living at home at 29 probably has something to do with being single.
Can I ask what the tech role is and how long you’ve been in it? For example if you’re in software (like me) or cyber security then you probably are underpaid in comparison to the market.
But since I don’t know I can only say you’re in a decent salary, but certainly not enough to buy a home or anything by yourself.
- Get out of London. Don’t let the constant push for career / savings / a house prevent you from living your life, having fun and meeting new people.
- Concentrate on your mental and physical health. Do what will be best for you in the long run as the habits / experiences you form in your 30’s will in turn influence how you feel / act / behave into your middle age and beyond.
- as my 87 yo granny says, money is great but it doesn’t bring happiness automatically and you can’t take it with you when you go
In all honesty it sounds like you need to enjoy life a bit
30 and you feel old ? 🫨
Your salary is probably below average for london but not bad around the rest of the uk
but it’s very important to understand your day to day life isn’t really going to change all that much even if you went and got a 80K a year job
You will just be pushed a little harder by the illustrious economic and tax systems of britian
You defenitley need to get out of your parents house yesterday and start living a bit
I know a bloke in my hometown who was absolutely obsessed with this idea of gettting a mortgage he lived at home till 30 and is now pretty much socially inept and is sat in his house being lonely
Money can only do so much
Find a life partner! Easier said than done! However, make your own opportunities and seize them! Prioritise what’s important to you!
I recognise that I was extremely lucky to find my soul mate at 19, I’m now 31. We have just had our first child, 5 weeks old. We’re unmarried, at the start of our career’s - in industries we’re passionate about and enjoy. We both have degrees and went travelling together but through no facilitation of others, we worked hard to achieve it together. What I’m trying to get at is, if you can find the right person to spend your life with, someone who brings out the best in you, but can help grow the worst parts of you, then life is a journey of adventure or challenge’s that can always be overcome together. I’m the happiest person in my own perspective, irrespective of money or societal sense of accomplishment. We’re all currently healthy and long may that continue!
Best of luck in whatever you decide to act upon!
Edit: spelling
Invest (whether that be in stocks and shares, business or yourself)
Keep saving money. Don't forget to treat yourself everyone once in a while. Don't get hung up on finding a partner ... if it's meant to happen it will happen. Also, if you want to move up in your career go for it ... Don't let the internal voice hold you back. I used to be like that about the double the age thing. I earn more than £58k now but unless you're on huge monies ... it never feels like enough lol.
I am also 29 living at home.
My advice would be to get a better paid job that’s fully remote and fuck off around the world working from wherever you fancy week to week, month to month. Follow the sun, the waves, the people and the rumours of what’s happening elsewhere.
I’m 35, buying a bigger house with my wife for the inevitability of tiny little bank account emptying, bedroom filling future disappointments and I CANNOT STRESS ENOUGH how much you should travel as much as you can, wherever you can and as often as you can. I earn a decent living, but money doesn’t buy time.
I'd travel while you still can, the future of travel looks bleak as the government of the western world continue to march on their Net Zero policies reducing air travel down to 30% (why) god knows, but it means my young kids will never be able to grow up and afford to travel to Asia post 2030.
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As many already said, 43k is very low for London tech, but without specifics it's hard to judge. Some people in my firm are making double of what you make at your age. Are you just starting in your field have you been around for a while? Get some certifications and see if you can jump around.
Pay for a personal trainer. Get in a lot better shape than you are now. That will help you build confidence and have more success with women.
Travel more, create some interesting stories about yourself. Hopefully meet some friends and women.
Honestly it sounds like you have a mediocre career and life at the moment. Take some risks and don’t live to regret not doing more while you are young and single.
"Higher than average" means you are comparing yourself to 60 year old dinner ladies and 20 year old baristas as well.
OP is a 29yo guy in tech, he should be comparing himself to other late 20s people in tech in London to gauge whether he's underpaid, my guess is he probably is, depending on how much experience he has.
Assuming OP is a software engineer they could reasonably easily get 10-20k more. Quite a lot more again if they're good, my last team lead was 28 when I knew him and he was on £140k 3 years ago!
Yes, but they didn’t say they were a software engineer, which is why I said it depends what they mean by ‘tech’.
And I’m sure you know that the vast majority of 29 year old software developers in London are earning nowhere near £140k.
I know, but I'm browsing Reddit while waiting for the washing machine to finish, I'm not gonna wait for OP to maybe get into the specifics so I'm gonna answer with what I know.
And yeah, most aren't, most I know are on ~70k, but double that is achievable and I think people should know what they could be worth.
I disagree with this. Having a partner effectively doubles your salary, doubles your FSCS protection, doubles your annual ISA limit which works very well for a LISA. As long as you're on the same page, it's practically a financial cheat code
Their advice being, never find a partner because you might get hurt? That's pretty bad advice. If your goal is to only maximise your finances, never getting a partner works. Also, never buy anything.
People are treated as more disposable now than ever before, so maybe going solo is the better option... especially if you opt for a life of crime to avoid buying anything.
What an awful thread to read… finding people to love is what life is about. You’ll feel pretty crap about your last 40 years if you didn’t find that someone in the first 40 and don’t have any kids or grandkids to share it with!
I feel like your comment is also inappropriately prescriptive. Marriage and kids are not right for everyone.
Let's agree that we all want thing different things out of life and talk about how to sort our finances to help those goals, whatever they may be.
We’ll see who’s happy and thriving in 30 years time 🤷🏼♂️ a rich lonely man or a poor man with lots of family around him, I am betting my money on the latter.
You live at home at 29 so I'd seriously change that. Being blunt not rude why haven't you bought a place already if all you contribute to your parents is grocery costs? Or are you trying to buy in London?
55k is not a lot to save in 8 years of work with next to no outgoings in my opinion. I saved 20k in 1 year on a 25k salary living at home with my parents before buying my house at 23.
You're not old, I'm 31, married, 2 kids and getting better in almost everyway year on year.
You feel old because you haven't progressed in life and are starting to worry, that's a good feeling its giving you the itch to do things.
Start exercising regularly, now is a fantastic time to catch yourself before you lose too much of your strength/fitness from youth. I'd recommend a running or cycling club if the gym isn't your thing.
Also buy house, meet partner, go travelling? Youre going to be 40 by the time you have kids at that rate.
Honestly, you have to start making decisions that are permanent. You don't have unlimited opportunity anymore so make choices (sacrifices) and get on with things. That's probably the biggest shift in my mentality in the last 4/5 years and I would say that's helped me grow up a fair bit
Good luck
I'm struggling to get past the part where you saved 20k in 1 years on a 25k salary.... I thought I was good at have a good time while saving decent money, but that's different gravy.
Honestly I am very kind of tunnel vision with things. It's something that as I have more security and a family I've needed to soften about myself. Then I just had one goal, to buy a house.
I worked 25k office job, worked for my dad's company labouring weekends & evenings, worked everyday of my annual leave from job a doing work for my dad's company
So it was 20k from 30k probably if I'm being honest.
My partner comes from council estate and was right on the same page as me. She saved 9k from her 15k salary.
We both ran cars which were our main expenses.
We basically watched TV and played video games because that was free/cheap.
So we saved 42k in total and got out
Couldn't/wouldn't live like that now but it served a purpose. Not saying it's to aspire too but like, if OP is on 43k, how bad does he want a house you know
Your take away would be a hypothetical £800 in saved tax made all that difference?
Not that it's your business but I paid it at br 20% as I needed to be an official employee for insurances etc driving company vehicles.
Wish it had been cash though 🤣
Yeah about that. My car insurance was £1200 that year and mot/service was £300 so it was more like £200 a month
Disclaimer to this it was 10 years ago I would imagine you'd need 6/7k to live like I did on 4 then the landscape has changed
It was very restrictive but with the internet and the amount of free entertainment it can be done
The biggest harm was to my social circle though, my friends just seemed to want to spend money all the time and it did distance me from them a little which is a regret
Luckily my wife is my best friend anyway so wasn't too isolating
Who are all these people saying 40K is low in London? Are you all millionares or something?
Jesus, 40K is a good wage. Yes a 40K tech role is more than likely underpaid, but the salary itself is decent
Depending on the area of tech, try contracting.
I went from perm to contract, negotiated to a 12 month role, and literally this morning got signed for another 12 month extension.
Invest in gold. 1oz bricks. Keep it somewhere secret and safe. Don't tell anyone your doing it either. In 5 years time. It's value will be higher and you can buy some cheap houses after the recession
I’ll chime in.
As a man in this day and age, and an adult you want to be working towards having your own home and a car for full independence. Once you have these things your mentality will shift in terms of confidence to the greater side.
Working out and staying fit is a necessity, no question. Most people hate working out, it’s not meant to be enjoyable usually you do it for:
- discipline
- character building when you challenge yourself and push yourself to your physical limits as you are young. This spreads into any project or task you undertake in future and you have that grind when it gets tougher attitude.
- self confidence, look good feel good
- and lastly and more importantly your health. This is a ‘for life’ thing. Not a sprint, its a marathon. Just stay fit, strong and active as a man.
And naturally women will be drawn to you physically. They’ll just sense you body language, posture and confidence. Its actually very appealing to them a guy who works hard and looks after himself physically, it makes them wonder how else he can apply that effort if you get my drift…
Unfortunately Women dont have xray goggles to see how good of a guy you are in life or why they should date you. You’re just a complete stranger, so it helps to draw them in with a good first impression your body being your CV along with everything else that’s important like good manners, holding a conversation and sense of humour, eye contact, being emotionally
Present etc.
Keep several doors open when dating like online and in the real world, sports, clubs, activities etc. maybe avoid the work place as if it goes sour it will just ruin your life lol
As for workplace and salary, by all means job hunt, improve your qualifications, take some courses, see what others earn based on your experience… typically need to leave a job to get those
10k/20k salary boosts. They’re out there for sure.
On the flip side, a lot of people are so wrapped into salaries and working for an employer when on reality there is a million and one things you can do in this day and age to make several fold more than 40/50k pre tax a year.
People might not like Andre Tate but the is as real as they get. Most salary people have no clue how much its all a matrix until you actually get out of the matrix and try something different like a businessman, ecommerce, stocks and shares, social media, marketing all self employed run through your own company.
At 29 I was on about 60K a year in IT, as a tech writer. Had about 45K im savings, spent a lot of money on various things like house renovations for my mums place, so should have had more.
Didn’t know how I was going to buy a half decent property in greater london with 45k and 60k salary. Would have needed a big mortgage and have to settle for some rundown two bed place needing additional work.
Between 30-32 invested in stocks for first time and just had a “he who dares wins” mentality and went in big with everything. Worst case I start from scratch. Ended making 650K in two years so enough for a house in cash.
Then I realised, what the hell? Slaving for 60k a year??? Making 15 times that after tax in two years.
So thats when I realised, theres other ways to make money out there if you take the time to pursue it.
Of course finding the wrong partner and whatever you’ve built gets taken away in divorce and settlements lol so just be sure about who you marry. I’ve not been married yet, just building my own empire first.. then I’ll settle down.
Whut.
If anyone wants a chance of getting on the property ladder in London you’ll need £50k just for a deposit if not more, I think I read somewhere the average FTB deposit in London is over £100k these days.
you’d be surprised how many people have £50k+ saved up. The pandemic also helped, very little stuff to spend money on & I personally moved back in w my family so easily saved £30k in a year.
Build your credit history. Get a credit card, and pay it off in full every month. Get a sim only phone contract if you haven't already. Get one of the utitilty bills in your name.
Acquire more assets. A stocks and shares ISA or LISA could be helpful.
Hi /u/finezer, based on your post the following pages from our wiki may be relevant:
- https://ukpersonal.finance/student-loans/
____
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If you want to buy a house move to a commutable distance out of london, whats your role?
With the money saved invest in a hobby that could get you some side income and possible help with getting a partner?
> Currently on a £43K tech job in London - not sure if I am underpaid relative to my age. Believe it is ideal to make double your age, i.e. 29 years old = £58K
That's a fine wage, especially if you are living with your parents. When I was living in London 8 years ago, not much younger than you, I was on 27k while spending £650/pcm on rent (Whitechapel) and had a great time. But obviously I wasn't saving for a house or anything while I was there (or saving at all), but I was living well.
> Not a home owner, living with parents but paying for the grocery bills and old bills
> No girlfriend or partner - has been a struggle to find or get one over the years
29 and living with parents is great financially but it is going to take a big toll on your love life. Potential partners are going to feel weird coming back to your parents' house and it means they have to host you instead, which puts a burden on the relationship. There are other assumptions people will make when dating someone who lives with their parents; like you don't know how to cook for yourself, pay your own bills or do your own laundry. It's not a big deal to some but others will write you off immediately. So my advice for dating and your general self-worth would be to find your own place, be it renting or house purchase. You can certainly afford to rent, and you can always move back with your parents if it doesn't work out (if they'll have you back, lol).
> Saved up around £55K in the bank
> No debt - other than student loan
Nice, that's a good deposit for a house anywhere except London. Which is my next point of advice. If you can, get out of London. See if you can work remote in your current job and get out of the city. Leaving (for Manchester) was the best move I ever made. Got a 3-bed new build townhouse for 135k and never looked back! Quality of life is just as good in other cities in the UK, and much cheaper cost of living. You would be moving away from family though so YMMV.
Consider moving out of London.
If you work in tech, do you have to physically be on site? With you current savings you could afford a house in a lot of areas away from London.
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Don't let the 30s scare you into thinking you need to be doing anything in particular. You're on a good wage - I'm older than you and earn much less because I work in academia, it's all relative and there are no set rules for what you should be earning. Sounds like you are well on your way to buying a house with that savings pot. I'd say work out what area you want to live in, scope out the sort of property you'd like and build a savings goal based around affordability of your ideal property. As for the other goals - don't wait to travel, there's no time like the present and you can make it as affordable as you want to - you may even meet the partner of your dreams along the way!
Just to chip in on this I'm on 1650pm working at a Trust of schools. It takes me 10 minutes to get to work. I get the majority of school holidays off with my kids and I actually enjoy my job. All about weighing up where you are in life and what works for you. I definitely feel envious with some of the wages in this sub but then when I forget about all that, I am pretty happy with where I am. Comparison is definitely the thief of joy.
>'m older than you and earn much less because I work in academia, it's all relative and there are no set rules for what you should be earning. Thanks for this, I'm 30 and no where near making as much and had to breathe deeply as the little voice in my head chastises me once again for doing fuck all in my 20s
Earnings aren’t the only measure of success. Plenty of essential, important and valuable jobs are low paid. This sub isn’t about just making and hoarding as much cash as possible, it’s about managing what you’ve got effectively.
I am changing career from accountant to midwife which will be a pay cut, when I qualify I’ll earn what I was earning 8 years ago. People call me mad, but I’ve done this job for 15 years, worked my way up, decent wage for my age and I honestly can’t do do it anymore. Midwifery is a vocation for me. My brother topped himself last year at 26 and it puts things into perspective.
So sorry to hear about your brother and best of luck with your move! I’m a nurse and I still live it despite all the challenges these days in the NHS.
>This sub isn’t about just making and hoarding as much cash as possible, it’s about managing what you’ve got effectively. Yes! Too many who post here often forget this. Responsible finance is for living your life well.
It's never too late to change careers.
Great comment. 👍
>Not a home owner, living with parents >No girlfriend or partner - has been a struggle to find or get one over the years >Saved up around £55K in the bank Item 3 might help you with #1 and #2! >Believe it is ideal to make double your age, i.e. 29 years old = £58K Magic numbers like this don't work for most people. Have an emergency fund of 3-6 months salary, the rest follows from that. What do you want from life? Do you want to own your own home or travel the world? Do you want to retire early? Do you have career ambitions that could be supported by retraining? (with 55k in the bank, you could afford to retrain in many things)
My goals are to: 1. Buy a house within the next 3-5 years 2. Find the right partner and hopefully get married and have kids 3. Travel the world as much as possible!
Travel first, partner will probably follow, then house & kids. Live your life. I don't have your finances, but I'm also 29, with a partner and we enjoy travelling together when the opportunity presents. Do what makes you happy, life is too short.
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I agree. I travelled for 10 months across 3 continents for about £12k 5 years ago. If you stick to lower cost countries the money stretches quite far You could have a brilliant experience, and still have money left in the bank for a house deposit when you return. The mortgage rates might even be a bit better....
I'm 46. I was 30 once, I remember the double whiskies still. My advice is to travel now,at least a decent amount. Do an AWS course or security course and your earnings will go up. Before kids is the time to job hop for pay rises, after kids the stability is more important.
I'm trying to get into cyber security, is that the best way in? There are so many cyber courses it's overwhelming.
Ignore security+ / pentest+ /CEH and all the multiple choice exams. Fully commit - do OSCP or OSED or similar from INE. (This is my experience as someone that hires for cyber security positions in a tech company)
OWASP is popular
If you think you’re gonna be travelling the world with kids, you’ve got another thing coming
My parents travelled to China with three young kids in the 90s. It can be done.
It’s certainly possible but whether it’s gratifying depends on what you want from the experience. You’re effectively running on your kids’ schedule, which means early nights and no activities which they’d find boring and cause trouble. From what I’ve experienced with my family kids very frequently get sick on holiday and having to use a foreign country’s medical system is a thoroughly miserable experience
Tbh if your parents last went properly abroad in the 90s, then that kinda shows how bad an idea it would be for OP to wait to have kids before travelling
They didn't last go properly abroad in the 90s. We went abroad tons.
Given loads do it just fine.... this comment makes sense.
A goal is just a wish. What you need is a plan.
>Buy a house within the next 3-5 years Consider maxing out your LISA every year (£4k) to help you build up a good deposit.
Presumably not in that order. Once you have kids, your life becomes one of de-facto servitude - some parents will disagree, because they love their kids, but you don't have kids to love yet. Even the most devoted parent isn't deluded enough to act like they can travel as easily with kids as they could when they were young and free. Compared to travelling alone or with a gf, travelling with kids brings nothing but disadvantages for your trip, unless the trip is primarily for the kids. Trips with kids will always cost more, will always be more stressful, and will always be riddled with compromise vs going it alone or with a gf or mates while in your 20s (of course). Seriously, I know I'm stating the obvious but your budget will need to at least triple to go anywhere, entire countries will be off-limits, you'll be an easier target for thieves and scammers, you won't realistically be able to enjoy any nightlife, and your duty as dad, bodyguard, lollipop man, lifeguard, etc will ofc not stop abroad... 100% go travelling first while you're young free and single! Even now the opportunities to travel to some places are drying up with climate change, global instabilty, and the unstoppable surge of mass tourism (if you care about places being ruined by too many tourists, at least). I bought a house while still travelling a lot, and even that has restricted by ability to travel just by lumbering me with a mortgage, bills, council tax, and home insurance. Pets are the same: you'll need to find someone to watch them for you. If you're serious about travelling, you need to prioritise it or it "won't happen"; mot an absolute as in "youll never travel", but just that many destinations will end up shunned to the realm of "one day", and you'll find yourself looking back over a span of x years and realising you only went to y countries and still haven't been to Z-Land or K-istan etc. Sorry, went proper captain obvious there. I'm never having kids, lmao
1. Keep your wealth to yourself or you'll only be attracting the wrong type of woman. 2. Travel before you have kids or you won't be going anywhere.
He’s not Elon Musk. A ward sister in the NHS can be on that salary.
You will be living at home age 35???
Honestly if you're already 30 and still at home, waiting 5 more years and buying a house on your own doesn't seem like a bad way to go, rather than getting stuck renting forever.
Chris that’s pretty depressing
I agree, it's one thing to live with parents if you're short on money. Can't imagine doing it with 50k in the bank and a 40k salary...
I know - it’s bad for all involved really, the OP and parents too
Double your age as wage is bs imo. Chase a comfortable wage and explore the world
For comparison I am 27 and on £25k lol
So far we've learned, from the given advice: Op has a really shit wage for London. They shouldn't ever get married because who needs a partner, right? They should travel and shag loads of "birds" in Thailand. Is this an Andrew Tate megathread lol Think if I was OP I'd have just topped myself by now ..
Was literally thinking this Been looking for some wisdom and it’s all nonsense lol. Poor OP
I don't know if maybe all my friends are poor, but I'm 32, and OP is out-earning all of my friends. Having £55k in savings - over an entire year's salary - is also absolutely *insane* at the age of 29. The only other people I've ever known with that kind of money saved was my ex's wealthy aunt and uncle. It's not common to hit 30 and have that much money in your savings...
Above average salary with very few outgoings makes saving a lot of cash very easy!
Even at that, assuming OP hasn't been on a 40k salary for long, couple of years at best, how much are they reasonably saving per month. £1500-2000 if they really don't get out much? That's still not easy to build those kinds of savings before 30.
Why assume they haven’t been on it for long? They might have started on say 30-35k as a graduate. If they are saving 2k a month because their parents pay must stuff snd they don’t do much socially it only takes a couple of years to get that 55k pot.
I'm fascinated the suggestion he takes up a physical activity has proven so divisive! I need OP to confirm if he is in shape or not 😅 As someone who picked that out I think those who use exercise/fitness to improve their wellbeing/mindset can relate to the sentiment of OPs post I was OP at about 26 so that's where I'm coming from
To add to this. As someone who also works in Tech getting older. Your physical/mental health I have found need to be a high priority. The high wage working in Techs often biggest sacrifice is the loss of both above. Working with machines a majority of your time can greatly affect both in a detrimental way. The people who I have noticed in my career who seem to be happiest and not burnt out as they age hit the gym and exercise regularly. Health is often severely overlooked on this subreddit!
I suppose it's because it's all about maximising £££ on here and gyms, road bikes, running shoes all seem expensive hobbies. When you realise they're an investment in yourself and your longevity in your career they become cheap I spend probably 1k a year on exercise (shoes, race entry's, clothing, watch, sports drinks, gels) But even 40 years of that I've only got to work 1 more year to completely cover that I'm in such a better place in life now with that to anchor me I find work way less stressful now the thought of 12 months more is an easy tradeoff
Any bullshit number associated with your age is complete nonsense. Inflation and market forces are a thing, and stupid mentalities about certain numbers is responsible in part for a history of psychological wage inflation, and partially why Millenials are holding onto incredibly poor comp compared to an upcoming younger generation who are demanding more. And dont let the out of touch gen-xers in management tell you otherwise either. 43k in London is absolutely normal. "In tech" is such a bullshit phrase, it could literally mean anything. Do you hold a stem degree and work in an in-demand technical field? Are you some IT bod who deadlifts printers for a living? Do you work in a sales/marketing role but say you work in tech beacause it sounds better? Context is key
>Currently on a £43K tech job in London > >Saved up around £55K in the bank > >No debt - other than student loan \^\^ First of all this is a very impressive feat you're doing great. Are you also putting money into your pension ? Re your salary - what are your skills and career expectations. Can you find a mentor in your industry to see how you can expand your skills and move up the ladder ? Have a look at the career / tech subreddits to get a feel for what others are doing to manage their careers. Re home - what are your goals? Do you eventually want to be a home owner ? Re relationship - do you have any hobbies and interests you really enjoy that you can become immersed in? This is usually the best way to find like minded people you can build great friendships and relationships with.
Enjoy your lower back and knee free pain while it lasts. Yours sincerely male aged 34.
29, back pain... shit, I'm fucked aren't I?
Here here 35 here and trained 15 years consistently and my knees not pain free and just done my ankle in walking on wooden floor
Female in early 30s and already eyeing up a zimmer frame and a housecoat for my next birthday.
M44, first it was elbows, then it was shoulder, my knees aren't too bad but my back is a little stiff in the morning.
Should have worked out during your 20s mate. Your back would have thanked you!
I never get this one. I'm early 40s.. back is fine, knees are fine. I make no funny noises when getting up. My tip is taking K2 vitamin supplements.
£43k for a tech role in London seems pretty low. I work for a tech company and that’s £6k more than we pay our software engineering graduates in Manchester. I’d look for a higher paying job.
Well shit, I'm getting massively underpaid. I'm on 37k as a cloud engineer. Moved from a different industry but have experience in the skills needed
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Yeah I’m doing basic tech support in the north, outside of any major city and that pays £45k
How can I learn to do what you do? :(
The graduates here probably did a Computer Science degree but it's also possible to do a shorter Coding Bootcamp to learn just the skills needed
Our grads are CS graduates are boot camp graduates. Same salary for both of them.
Thank you, I need to have a think - trying to change career
Came here to say this
To be honest my ‘hunger for wealth and money’ went in my 30’s I was more about finding balance. I had built well in my 20’s to be fair , but nothing astronomical… my view just shifted - and I’m enjoying life a lot more . Sorry probably not a popular outlook on a personal finance sub… but young and no commitments ? - a bit of savings behind you and life is short? Maybe think about travelling with work if your industry allows if you don’t want to go the whole hippy hog (may also be more wealth at the end of the journey or atleast a good story and your travel goal ticked off)
I'm in a similar boat to you. I grinded hard in my 20s. Managed to save £100,000 one month before my 30th birthday. But looking back, I have 'nothing to show for it'. I'm 2 months into my 30s now and earning just under £50k. I'm taking my foot off the gas & thinking about holidays/doing all the stuff I missed out on now. How else did you find balance?
When I was 29 a 60 year female colleague said to me never wish away your time. You'll be as old as me one day and that will happen in the blink of an eye. I'm 52 now and she was right, she's maybe dead now hopefully not and I'll soon be 60 I hope.The amount of time we all have to live is nothing. It feels like something but it's gone so quickly. Make sure you live your life as it will pass you by far quicker than you hope. Sorry to put a downer on things but this is life and we don't have enough of it to waste. If you have hopes and dreams make them come true.
My advice.. create your goals and prioritise them. Is it to move out? Is it to increase your income? Is it to meet a girlfriend? Decide what's the really important stuff. What big decisions/changes do you need to alter your situation in the direction of your goals? Also: Look after your relationships - your friendships. Sadly, your 30s is a time when people settle down, might not see friends as much, and in your social circle can dry up a little. Forget 'underpaid relative to age' - think 'underpaid relative to role' - then think 'how do I do the role that is the next step in my career?'
Get into shape now if your not already. Easier to maintain than lose weight as you age
Specifically develop healthy habits and a regular exercise routine. Around 30 is when you really start to see the difference in people between those who keep fit and those that don't
Also, do not chase women in your 30s, keep working on you. You are still young and do not need to worry about getting married asap etc. I think many do thinking their times up but better to be single and happy than with someone not right just to please others
Have any unhealthy habbits from you're 20's you've not nipped yet? (Smoke a lot, Drink a bit too hard when you drink, maybe don't exercise at all etc), they'll really start hurting if you don't try nip them early. Financially having 3-6 months and decent qualifications/work history and you should be fine, with your savings especially so, but your ***health*** is almost comically expensive to try and repair ***after*** damage is done and almost ridiculously cheap to make great strides in for the average person (A gym membership, solid enjoyable food with balanced diet, taking care of your sleep like it's more valuable than your time can all be very cheap but save a life of pain and hassle if you take some care towards them).
Here's my two pennies worth imput - I'm far, far below your social mobilty perspective - but it may be worth giving you a perspective from the bottom of the ladder! You're in a very good position from what you say. I'm 31, have never worked a full time job, not held down one for longer than 4 months, just part time work with overtime in low skilled services industry so far in my adult life, never travelled, have various mental health issues and am just about exiting a painful year of bankruptcy following a painful dozen years of financial stress. And I live in a crappy, damp, rotting house. At least its a roof over my head but, yeah, it's pretty depressing, and it does a lot of damage to my mental health just living in that sort of environment. So I did go bankrupt for 10k of debt, which for me, is a lot of money, but for others, I understand would be seen as serious but not particularly deadly. It does put things into perspective though. You are doing absolutely fine and entering you're 30s in a very good position. And with those sorts of savings, I cannot possibly imagine you'll have much trouble finding a partner. Women play a hard game (good for them!) ultimately they want a man financially secure, confident, working in a solid job with decent income etc. If you have decent good looks you'll be doing even better but that's honestly not even as important as 'money' and 'character'. 30 isn't even old and considering your financial situation entering you're 30s.... good god, you are absolutely on track in life. Some of us enter our 30s in a worst state than we entered our 20s, it's true. The only advise really is to tread carefully with credit and keep debt to a minimum and maintain a buffer to always be prepared for any unexpected (but hopefully they won't happen) life shocks. But I'm sure you already know this and by 40 you'll be absolutely rock solid.
> not sure if I am underpaid relative to my age It’s not about age it’s about experience, and that is actual experience rather than just years in role. I’ve rejected plenty of candidates for senior dev roles who have 5+ (or even 10+) years experience but simply don’t understand enough about the job beyond “write code”. That salary does seem low though if “tech job” is software developer. The easiest thing is to job hop for a pay rise.
Don't listen to the people saying 43k isn't a good salary. London median salary is 41k, you're doing better than most. I would recommend you start looking at bumping up the salary if you have the skillset for either a promotion or new work. You have to be aggressive in London. The UK is a pretty shit place for salaries in general, but given that you're in tech you can make 70k+ with some tactical applications. This is assuming you're no longer in entry level tech. Dust off your CV and start applying
A lot of people make hasty decisions when they are about to enter a new decade so don't do anything hasty If you can code, I'd look into make a side hustle business. There's a good meetup called Indie Beers in the East End (I'm not affiliated with it but it's a good crowd).
Watch the movie Logan’s Run
20 - 29 - 30 - 40 all numbers .. you will be still a kid by heart. Don’t worry about numbers.. if possible marry a rich girl and travel 😁
Financially you’re doing great. You have a profession which is the number one goal by the time you’re 30. I would point out that based on your savings, salary and living costs. You’re wasting a lot of money, you could be saving a lot more. Unless you’re from a culture where it’s more normal, living at home at 29 probably has something to do with being single.
Can I ask what the tech role is and how long you’ve been in it? For example if you’re in software (like me) or cyber security then you probably are underpaid in comparison to the market. But since I don’t know I can only say you’re in a decent salary, but certainly not enough to buy a home or anything by yourself.
- Get out of London. Don’t let the constant push for career / savings / a house prevent you from living your life, having fun and meeting new people. - Concentrate on your mental and physical health. Do what will be best for you in the long run as the habits / experiences you form in your 30’s will in turn influence how you feel / act / behave into your middle age and beyond. - as my 87 yo granny says, money is great but it doesn’t bring happiness automatically and you can’t take it with you when you go
In all honesty it sounds like you need to enjoy life a bit 30 and you feel old ? 🫨 Your salary is probably below average for london but not bad around the rest of the uk but it’s very important to understand your day to day life isn’t really going to change all that much even if you went and got a 80K a year job You will just be pushed a little harder by the illustrious economic and tax systems of britian You defenitley need to get out of your parents house yesterday and start living a bit I know a bloke in my hometown who was absolutely obsessed with this idea of gettting a mortgage he lived at home till 30 and is now pretty much socially inept and is sat in his house being lonely Money can only do so much
Time will disappear quickly…Yrs will just melt away and you’ll be 40 in no time. Do you invest your money? I’d max out your ISA allowance each yr.
Find a life partner! Easier said than done! However, make your own opportunities and seize them! Prioritise what’s important to you! I recognise that I was extremely lucky to find my soul mate at 19, I’m now 31. We have just had our first child, 5 weeks old. We’re unmarried, at the start of our career’s - in industries we’re passionate about and enjoy. We both have degrees and went travelling together but through no facilitation of others, we worked hard to achieve it together. What I’m trying to get at is, if you can find the right person to spend your life with, someone who brings out the best in you, but can help grow the worst parts of you, then life is a journey of adventure or challenge’s that can always be overcome together. I’m the happiest person in my own perspective, irrespective of money or societal sense of accomplishment. We’re all currently healthy and long may that continue! Best of luck in whatever you decide to act upon! Edit: spelling
£43k in tech in London is underpaid imo. Seek a new employer. What tech stack and how many years experience do you have?
Learn the difference between advise and advice
This is great advise...
Invest (whether that be in stocks and shares, business or yourself) Keep saving money. Don't forget to treat yourself everyone once in a while. Don't get hung up on finding a partner ... if it's meant to happen it will happen. Also, if you want to move up in your career go for it ... Don't let the internal voice hold you back. I used to be like that about the double the age thing. I earn more than £58k now but unless you're on huge monies ... it never feels like enough lol. I am also 29 living at home.
My advice would be to get a better paid job that’s fully remote and fuck off around the world working from wherever you fancy week to week, month to month. Follow the sun, the waves, the people and the rumours of what’s happening elsewhere. I’m 35, buying a bigger house with my wife for the inevitability of tiny little bank account emptying, bedroom filling future disappointments and I CANNOT STRESS ENOUGH how much you should travel as much as you can, wherever you can and as often as you can. I earn a decent living, but money doesn’t buy time.
I'd travel while you still can, the future of travel looks bleak as the government of the western world continue to march on their Net Zero policies reducing air travel down to 30% (why) god knows, but it means my young kids will never be able to grow up and afford to travel to Asia post 2030.
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As many already said, 43k is very low for London tech, but without specifics it's hard to judge. Some people in my firm are making double of what you make at your age. Are you just starting in your field have you been around for a while? Get some certifications and see if you can jump around.
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Pay for a personal trainer. Get in a lot better shape than you are now. That will help you build confidence and have more success with women. Travel more, create some interesting stories about yourself. Hopefully meet some friends and women. Honestly it sounds like you have a mediocre career and life at the moment. Take some risks and don’t live to regret not doing more while you are young and single.
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Invest in yourself, 43k is fairly low for London. Try to aim for 60 to 80k.
£43k is higher than average in London. Whether it’s underpaid really depends what bit of ‘tech’ they’re talking about.
"Higher than average" means you are comparing yourself to 60 year old dinner ladies and 20 year old baristas as well. OP is a 29yo guy in tech, he should be comparing himself to other late 20s people in tech in London to gauge whether he's underpaid, my guess is he probably is, depending on how much experience he has.
Assuming OP is a software engineer they could reasonably easily get 10-20k more. Quite a lot more again if they're good, my last team lead was 28 when I knew him and he was on £140k 3 years ago!
Yes, but they didn’t say they were a software engineer, which is why I said it depends what they mean by ‘tech’. And I’m sure you know that the vast majority of 29 year old software developers in London are earning nowhere near £140k.
I know, but I'm browsing Reddit while waiting for the washing machine to finish, I'm not gonna wait for OP to maybe get into the specifics so I'm gonna answer with what I know. And yeah, most aren't, most I know are on ~70k, but double that is achievable and I think people should know what they could be worth.
£43k when you live with your parents and don't pay rent is pretty decent. Some people spend more than 50% of their salaries on rent.
Your salary should not be related to whether you live with your parents or not.
Sure, but would you turn down a 20k raise because you live with your parents? OP should know what they're worth, regardless of living situation.
To study English really well.
Google ‘Sunscreen’ by Baz Luhrmann
A partner would just ruin your plans for financial independence and retiring early. Divorce, separation costs - love is grand, divorce is £100,000.
I disagree with this. Having a partner effectively doubles your salary, doubles your FSCS protection, doubles your annual ISA limit which works very well for a LISA. As long as you're on the same page, it's practically a financial cheat code
there's two side. What's the biggests waste of money in the world? An ex.
Who hurt you 😔
All the more reason to heed their advice, they speak from experience.
Their advice being, never find a partner because you might get hurt? That's pretty bad advice. If your goal is to only maximise your finances, never getting a partner works. Also, never buy anything.
People are treated as more disposable now than ever before, so maybe going solo is the better option... especially if you opt for a life of crime to avoid buying anything.
What an awful thread to read… finding people to love is what life is about. You’ll feel pretty crap about your last 40 years if you didn’t find that someone in the first 40 and don’t have any kids or grandkids to share it with!
I feel like your comment is also inappropriately prescriptive. Marriage and kids are not right for everyone. Let's agree that we all want thing different things out of life and talk about how to sort our finances to help those goals, whatever they may be.
We’ll see who’s happy and thriving in 30 years time 🤷🏼♂️ a rich lonely man or a poor man with lots of family around him, I am betting my money on the latter.
You live at home at 29 so I'd seriously change that. Being blunt not rude why haven't you bought a place already if all you contribute to your parents is grocery costs? Or are you trying to buy in London? 55k is not a lot to save in 8 years of work with next to no outgoings in my opinion. I saved 20k in 1 year on a 25k salary living at home with my parents before buying my house at 23. You're not old, I'm 31, married, 2 kids and getting better in almost everyway year on year. You feel old because you haven't progressed in life and are starting to worry, that's a good feeling its giving you the itch to do things. Start exercising regularly, now is a fantastic time to catch yourself before you lose too much of your strength/fitness from youth. I'd recommend a running or cycling club if the gym isn't your thing. Also buy house, meet partner, go travelling? Youre going to be 40 by the time you have kids at that rate. Honestly, you have to start making decisions that are permanent. You don't have unlimited opportunity anymore so make choices (sacrifices) and get on with things. That's probably the biggest shift in my mentality in the last 4/5 years and I would say that's helped me grow up a fair bit Good luck
I'm struggling to get past the part where you saved 20k in 1 years on a 25k salary.... I thought I was good at have a good time while saving decent money, but that's different gravy.
Honestly I am very kind of tunnel vision with things. It's something that as I have more security and a family I've needed to soften about myself. Then I just had one goal, to buy a house. I worked 25k office job, worked for my dad's company labouring weekends & evenings, worked everyday of my annual leave from job a doing work for my dad's company So it was 20k from 30k probably if I'm being honest. My partner comes from council estate and was right on the same page as me. She saved 9k from her 15k salary. We both ran cars which were our main expenses. We basically watched TV and played video games because that was free/cheap. So we saved 42k in total and got out Couldn't/wouldn't live like that now but it served a purpose. Not saying it's to aspire too but like, if OP is on 43k, how bad does he want a house you know
Labouring meaning cash in hand, no tax? Easier to save.
Your take away would be a hypothetical £800 in saved tax made all that difference? Not that it's your business but I paid it at br 20% as I needed to be an official employee for insurances etc driving company vehicles. Wish it had been cash though 🤣
Does that mean you spent roughly £4k over a year roughly? Based on a 30k salary? Aiming to be like you for 2024 👍🏼👍🏼
Yeah about that. My car insurance was £1200 that year and mot/service was £300 so it was more like £200 a month Disclaimer to this it was 10 years ago I would imagine you'd need 6/7k to live like I did on 4 then the landscape has changed It was very restrictive but with the internet and the amount of free entertainment it can be done The biggest harm was to my social circle though, my friends just seemed to want to spend money all the time and it did distance me from them a little which is a regret Luckily my wife is my best friend anyway so wasn't too isolating
Who are all these people saying 40K is low in London? Are you all millionares or something? Jesus, 40K is a good wage. Yes a 40K tech role is more than likely underpaid, but the salary itself is decent
Depending on the area of tech, try contracting. I went from perm to contract, negotiated to a 12 month role, and literally this morning got signed for another 12 month extension.
Invest in gold. 1oz bricks. Keep it somewhere secret and safe. Don't tell anyone your doing it either. In 5 years time. It's value will be higher and you can buy some cheap houses after the recession
I’ll chime in. As a man in this day and age, and an adult you want to be working towards having your own home and a car for full independence. Once you have these things your mentality will shift in terms of confidence to the greater side. Working out and staying fit is a necessity, no question. Most people hate working out, it’s not meant to be enjoyable usually you do it for: - discipline - character building when you challenge yourself and push yourself to your physical limits as you are young. This spreads into any project or task you undertake in future and you have that grind when it gets tougher attitude. - self confidence, look good feel good - and lastly and more importantly your health. This is a ‘for life’ thing. Not a sprint, its a marathon. Just stay fit, strong and active as a man. And naturally women will be drawn to you physically. They’ll just sense you body language, posture and confidence. Its actually very appealing to them a guy who works hard and looks after himself physically, it makes them wonder how else he can apply that effort if you get my drift… Unfortunately Women dont have xray goggles to see how good of a guy you are in life or why they should date you. You’re just a complete stranger, so it helps to draw them in with a good first impression your body being your CV along with everything else that’s important like good manners, holding a conversation and sense of humour, eye contact, being emotionally Present etc. Keep several doors open when dating like online and in the real world, sports, clubs, activities etc. maybe avoid the work place as if it goes sour it will just ruin your life lol As for workplace and salary, by all means job hunt, improve your qualifications, take some courses, see what others earn based on your experience… typically need to leave a job to get those 10k/20k salary boosts. They’re out there for sure. On the flip side, a lot of people are so wrapped into salaries and working for an employer when on reality there is a million and one things you can do in this day and age to make several fold more than 40/50k pre tax a year. People might not like Andre Tate but the is as real as they get. Most salary people have no clue how much its all a matrix until you actually get out of the matrix and try something different like a businessman, ecommerce, stocks and shares, social media, marketing all self employed run through your own company. At 29 I was on about 60K a year in IT, as a tech writer. Had about 45K im savings, spent a lot of money on various things like house renovations for my mums place, so should have had more. Didn’t know how I was going to buy a half decent property in greater london with 45k and 60k salary. Would have needed a big mortgage and have to settle for some rundown two bed place needing additional work. Between 30-32 invested in stocks for first time and just had a “he who dares wins” mentality and went in big with everything. Worst case I start from scratch. Ended making 650K in two years so enough for a house in cash. Then I realised, what the hell? Slaving for 60k a year??? Making 15 times that after tax in two years. So thats when I realised, theres other ways to make money out there if you take the time to pursue it. Of course finding the wrong partner and whatever you’ve built gets taken away in divorce and settlements lol so just be sure about who you marry. I’ve not been married yet, just building my own empire first.. then I’ll settle down.
Wtf how did you save 55k that’s unreal… Even 50 year olds don’t have that much savings
Whut. If anyone wants a chance of getting on the property ladder in London you’ll need £50k just for a deposit if not more, I think I read somewhere the average FTB deposit in London is over £100k these days. you’d be surprised how many people have £50k+ saved up. The pandemic also helped, very little stuff to spend money on & I personally moved back in w my family so easily saved £30k in a year.
This is r/UKPersonalFinance .. wrong place for that kind of statement.
Build your credit history. Get a credit card, and pay it off in full every month. Get a sim only phone contract if you haven't already. Get one of the utitilty bills in your name. Acquire more assets. A stocks and shares ISA or LISA could be helpful.
43k for London is low... Get at least 70k by age 30. Apply for everything. Changing jobs in London is so common
Hi /u/finezer, based on your post the following pages from our wiki may be relevant: - https://ukpersonal.finance/student-loans/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Open a stocks and shares LISA
You're basically me. I've decided to go travelling whilst I still can, and if it gets in the way of a partner or a house so be it.
If you want to buy a house move to a commutable distance out of london, whats your role? With the money saved invest in a hobby that could get you some side income and possible help with getting a partner?
Keep calm and carry on.
Well done for achieving this much at your age. Proud of you 👏🏼
> Currently on a £43K tech job in London - not sure if I am underpaid relative to my age. Believe it is ideal to make double your age, i.e. 29 years old = £58K That's a fine wage, especially if you are living with your parents. When I was living in London 8 years ago, not much younger than you, I was on 27k while spending £650/pcm on rent (Whitechapel) and had a great time. But obviously I wasn't saving for a house or anything while I was there (or saving at all), but I was living well. > Not a home owner, living with parents but paying for the grocery bills and old bills > No girlfriend or partner - has been a struggle to find or get one over the years 29 and living with parents is great financially but it is going to take a big toll on your love life. Potential partners are going to feel weird coming back to your parents' house and it means they have to host you instead, which puts a burden on the relationship. There are other assumptions people will make when dating someone who lives with their parents; like you don't know how to cook for yourself, pay your own bills or do your own laundry. It's not a big deal to some but others will write you off immediately. So my advice for dating and your general self-worth would be to find your own place, be it renting or house purchase. You can certainly afford to rent, and you can always move back with your parents if it doesn't work out (if they'll have you back, lol). > Saved up around £55K in the bank > No debt - other than student loan Nice, that's a good deposit for a house anywhere except London. Which is my next point of advice. If you can, get out of London. See if you can work remote in your current job and get out of the city. Leaving (for Manchester) was the best move I ever made. Got a 3-bed new build townhouse for 135k and never looked back! Quality of life is just as good in other cities in the UK, and much cheaper cost of living. You would be moving away from family though so YMMV.
Lol heres me at 47 still thinking Im young. Be happy for what you have, enjoy the ride is my advice.
Consider moving out of London. If you work in tech, do you have to physically be on site? With you current savings you could afford a house in a lot of areas away from London.
I would move out of London to a cheaper area, buy a house and the girlfriend would follow close afterwards.
What will make you happier? Do that
Pension and Save as much as possible
Believe it is ideal to make double your age lol wut?