The Student Room Group

Could i have done better for my age?

Hi, i am 25 and live with parents. I have no uni loans as i never been to uni. I have worked fulltime for the past 4 years with a yearly salary of £16,000. I rarely overspend and buy what i need such as fuel, clothes, food etc. I have saved £28,000 and wondering if i could have done better and saved more? Is this a reasonable amount at my age?

Also, i want a better paying job or make extra money on the side so i can put a big deposit down on a house but have only basic qualifications and no labouring skills.

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Reply 1
Original post by Koolin123
Hi, i am 25 and live with parents. I have no uni loans as i never been to uni. I have worked fulltime for the past 4 years with a yearly salary of £16,000. I rarely overspend and buy what i need such as fuel, clothes, food etc. I have saved £28,000 and wondering if i could have done better and saved more? Is this a reasonable amount at my age?

Also, i want a better paying job or make extra money on the side so i can put a big deposit down on a house but have only basic qualifications and no labouring skills.


Excluding personal circumstances, yes you could have done better.

You didn't go to uni so you've saved £4000 a year on average between 18 and 25. £4000 is good but really your savings rate needs to be higher, especially as you live at home.

Qualifications you can consider are evening classes in IT or accounting, but I don't know how strong you are academically. Either way, many do better now that you're more grown up.

Just be happy with your savings, and keep adding to them. IF you want to study, then study and look after your pounds.

Don't be in a rush to buy, you're going to live until you're 100, there's no need to rush. The normal age to buy now is 30-35. So you're on course :smile:
Original post by Koolin123
Hi, i am 25 and live with parents. I have no uni loans as i never been to uni. I have worked fulltime for the past 4 years with a yearly salary of £16,000. I rarely overspend and buy what i need such as fuel, clothes, food etc. I have saved £28,000 and wondering if i could have done better and saved more? Is this a reasonable amount at my age?

Also, i want a better paying job or make extra money on the side so i can put a big deposit down on a house but have only basic qualifications and no labouring skills.


look at quality trading like buying and selling designer handbags or fine watches
or dealing in old jewellery and scrap gold locally
possibly go to police and baggage auctions like greasbys to get valuable pieces like rolexes, cartier stuff and rare art
You could have done better, judged monetarily, but what is your goal/dream?
To be in paid work, debt-free and with such savings seems to me to be doing very well, in material terms.
As for boosting your income, what are your skills and interests? What can you do well that others might pay for?
I think you're blessed mate.
Reply 5
I want to put a big deposit down on a house. I don't mind continuing working. I have no skills or interests.
The theme of being blessed is a potent one IMO.

To put things in perspective, I have had the privilege of sharing moments with many old people shortly before their death. I've never heard one say they regret not working harder to earn or save money, or to amass possessions.
BTW I'm not a 'Harold Shipman'.
:eek:
Original post by Koolin123
Hi, i am 25 and live with parents. I have no uni loans as i never been to uni. I have worked fulltime for the past 4 years with a yearly salary of £16,000. I rarely overspend and buy what i need such as fuel, clothes, food etc. I have saved £28,000 and wondering if i could have done better and saved more? Is this a reasonable amount at my age?

Also, i want a better paying job or make extra money on the side so i can put a big deposit down on a house but have only basic qualifications and no labouring skills.


£28,000 is pretty good. Yes you could have saved more, but you have to live as well.
Im 25 as well and have saved £37,000, but thats because ive scrimped and saved.
Reply 9
Original post by Koolin123
Hi, i am 25 and live with parents. I have no uni loans as i never been to uni. I have worked fulltime for the past 4 years with a yearly salary of £16,000. I rarely overspend and buy what i need such as fuel, clothes, food etc. I have saved £28,000 and wondering if i could have done better and saved more? Is this a reasonable amount at my age?

Also, i want a better paying job or make extra money on the side so i can put a big deposit down on a house but have only basic qualifications and no labouring skills.


It's a reasonable amount. Not great but not terrible either.

What are you seeking to get out of this thread? You've not actually asked for any advice or discussion.. was it just a subtle brag attempt?
Original post by Koolin123
Hi, i am 25 and live with parents. I have no uni loans as i never been to uni. I have worked fulltime for the past 4 years with a yearly salary of £16,000. I rarely overspend and buy what i need such as fuel, clothes, food etc. I have saved £28,000 and wondering if i could have done better and saved more? Is this a reasonable amount at my age?

Also, i want a better paying job or make extra money on the side so i can put a big deposit down on a house but have only basic qualifications and no labouring skills.


You managed to put away 7 grand a year while earning 16 a year?????? mate at 25 years old you have some of the best financial management skills I've ever seen! invest in stocks or just put massive amounts in a savings account, I reckon by the age of 30 you'll have 6 figures in the bank lol.
Reply 11
Original post by JavaScriptMaster
You managed to put away 7 grand a year while earning 16 a year?????? mate at 25 years old you have some of the best financial management skills I've ever seen! invest in stocks or just put massive amounts in a savings account, I reckon by the age of 30 you'll have 6 figures in the bank lol.


16k salary give a 14k net pay. Wtf did he spend 7 grand a year on whilst living at home?!
Original post by JavaScriptMaster
You managed to put away 7 grand a year while earning 16 a year?????? mate at 25 years old you have some of the best financial management skills I've ever seen! invest in stocks or just put massive amounts in a savings account, I reckon by the age of 30 you'll have 6 figures in the bank lol.


To be honest since they live with their parents and their only expenses are car, food and clothing they didn't do that great.

They spent on average £173 a week. That's more than I spend and I live away from home. (Assuming they were getting 16k post tax, they never clarified) if not then they were spending on average £134 a week which is about what I spend a week living away from home on rent, bills, food, transport ect.

They definitely could have done a lot better since their expenses are a lot lower.
Original post by Reue
16k salary give a 14k net pay. Wtf did he spend 7 grand a year on whilst living at home?!


Living at home? that changes things... but still I know people who have been living at home and working for years and their bank account looks like a skint students' you gotta give this guy some credit and like he said he spent money on food, petrol, probably car insurance as well... I couldn't have put away that much maybe like 3k a year max, the rest woulda been spent on partying lol
Original post by SophieSmall
To be honest since they live with their parents and their only expenses are car, food and clothing they didn't do that great.

They spent on average £173 a week. That's more than I spend and I live away from home. (Assuming they were getting 16k post tax, they never clarified) if not then they were spending on average £134 a week which is about what I spend a week living away from home on rent, bills, food, transport ect.

They definitely could have done a lot better since their expenses are a lot lower.


You people all make me wanna cry! I spend so much in comparison lol
Original post by JavaScriptMaster
You people all make me wanna cry! I spend so much in comparison lol


lol don't cry about it :tongue:

if you're not happy with the amount of money you spend vs save then change your spending habits. It's not hard nor takes very long to set up a good budget plan and change some behaviours here and there.

I managed to save 1.2k this year living away from home (52 weeks of the year) on a budget of 8k. If I can do it, there is no excuse for anyone else with more money and less expenses...though granted I am pretty cheap. But proves it can be done.
(edited 7 years ago)
Original post by SophieSmall
To be honest since they live with their parents and their only expenses are car, food and clothing they didn't do that great.

They spent on average £173 a week. That's more than I spend and I live away from home. (Assuming they were getting 16k post tax, they never clarified) if not then they were spending on average £134 a week which is about what I spend a week living away from home on rent, bills, food, transport ect.

They definitely could have done a lot better since their expenses are a lot lower.


I don't really want to get to 30 and find I have done nothing. It's all well and good being frugal but it feels like being a serf.... -.-
Reply 17
Original post by JavaScriptMaster
You people all make me wanna cry! I spend so much in comparison lol


Party less
Original post by ChaoticButterfly
I don't really want to get to 30 and find I have done nothing. It's all well and good being frugal but it feels like being a serf.... -.-


There's a difference vetween being frugal and generally not being a complete moron with money.

Granted I live very cheaply, but I don't feel like I miss out. Because I live cheaply 70% of the time, I can blow money and go out with my friends and buy crap I want the other 30% of the time. Rather than constantly overspending and never really having any fun and always feeling "skint" there is a happy medium...but I find most people I encounter are just awful with money, unwilling to make any sacrifices and refuse to acknowledge any mistakes or problems in their behaviour.

Short truth is if you're lucky enough to have a jobs and live at home with very few expenses (not charged rent or charged very little) you're a complete fool not to at least try to save a good portion of it. Having savings feels like I massive weight off your shoulders. It doesn't always mean you have to live like a pauper. Just exercise some intelligence.
Original post by SophieSmall
lol don't cry about it :tongue:

if you're not happy with the amount of money you spend vs save then change your spending habits. It's not hard


not hard for you but for me it's...

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