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How to earn £50,000 in 5 years Watch

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    I know this may sound too ambition but I really want to save £50k in 5 years. The problem is i am working only part time some weeks I work full time i am looking for a better job at the moment. What tips would you give? I am living with my parents so i have no bills or rent
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    What are your incomings and outgoings?
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    you either need to raise your income or reduce your expenditure.
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    (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.
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    (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
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    (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.
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    (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!
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    (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
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    (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?
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    (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
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    (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.
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    (Original post by SophieSmall)
    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.
    Yeah but there is still mortgage left on it which i will have to pay when they transfer it or might just sell house and go to a cheaper place
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    You need to save £833 a month.

    Easily doable with a full time job and minimum outgoings.

    If you can get a job with a salary of 19k (£1323 a month after tax), and take away the £833 you're left with £490 to live off which if you're loving rent free at home is a tidy fee.

    You could also try matched betting which is a safe and fairly easy way of increasing your monthly income.


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