How to earn £50,000 in 5 years

What are your incomings and outgoings?

Reply 2

the bear

you either need to raise your income or reduce your expenditure.

Reply 3

Reue

Original post by ineedtorevise127

I am living with my parents so i have no bills or rent

Easily doable then as long as you earn over £10k a year.

Reply 4

OP

Original post by SophieSmall

What are your incomings and outgoings?

Atm only £5k no bills currently at uni I graduate next year hopefully getting a full time work in June 2017 so should hopefully get minimum £16-£18k a year before tax

Reply 5

Original post by ineedtorevise127

Atm only £5k no bills currently at uni I graduate next year hopefully getting a full time work in June 2017 so should hopefully get minimum £16-£18k a year before tax

Okay well clearly at 5k it is impossible to save 50k in 5 years so hopefully you will land a better paid job with more hours soon after you complete university.

Will you still be living at home after June 2017/ are you planning to stay home rent free until you save this money? Because on £16-18k a year bill and rent free you can very easily save this sum of money. Moving out however/ having to pay rent will make this harder. I recommender you draw up a budget spread sheet for likely incomings and outgoings over the next 5 years to get a realistic idea of where money will be going and at what rate you can save.

Reply 6

Speckle

18

Original post by ineedtorevise127

Atm only £5k no bills currently at uni I graduate next year hopefully getting a full time work in June 2017 so should hopefully get minimum £16-£18k a year before tax

Think you can aim for a better salary!

Reply 7

OP

Original post by SophieSmall

Okay well clearly at 5k it is impossible to save 50k in 5 years so hopefully you will land a better paid job with more hours soon after you complete university.

Will you still be living at home after June 2017/ are you planning to stay home rent free until you save this money? Because on £16-18k a year bill and rent free you can very easily save this sum of money. Moving out however/ having to pay rent will make this harder. I recommender you draw up a budget spread sheet for likely incomings and outgoings over the next 5 years to get a realistic idea of where money will be going and at what rate you can save.

I will be with my parents for at least 10 more years the only costs I really have are car costs insurance, petrol which is about 2k a year

Reply 8

Original post by ineedtorevise127

I will be with my parents for at least 10 more years the only costs I really have are car costs insurance, petrol which is about 2k a year

Then there is absolutely no reason you won't be able to reach your savings goal assuming you don't lose your job or have bouts of unemployment.. You're just going to have to show some self restraint and not spend money unnecessarily and budget strictly. You could potentially even save past your goal in 5 years or save it sooner.

Why however are you planing to stay with your parents for at least another 10 years?

Reply 9

OP

Original post by SophieSmall

Then there is absolutely no reason you won't be able to reach your savings goal assuming you don't lose your job or have bouts of unemployment.. You're just going to have to show some self restraint and not spend money unnecessarily and budget strictly. You could potentially even save past your goal in 5 years or save it sooner.

Why however are you planing to stay with your parents for at least another 10 years?

No point in moving to another house imo. My parents are mostly out e.g. back to their home country a lot of the time so there is an empty house. What is the point in moving to a house that I cannot afford when I can stay here for free and potentially in the future build another room for when I get married

Reply 10

Original post by ineedtorevise127

No point in moving to another house imo. My parents are mostly out e.g. back to their home country a lot of the time so there is an empty house. What is the point in moving to a house that I cannot afford when I can stay here for free and potentially in the future build another room for when I get married

Ah fair enough do they own the property and you're hoping to inherit it or buy it off them? I assumed your savings goal was for a deposit on a different house.

Reply 11

OP