Money problems

I’m 26 and would like to start living independently now. I live with family at home and want to know what my options are. I don’t earn much money as of right now, I earn like 12k a year which is basically peanuts. I know this job is not something I want todo forever, and I want to eventually become a teacher and return to uni by next year. I’m also dealing with lots of dental issues and hope to get surgery in the next few years, which I’ll need to save £15K to get the treatments done. Whilst also saving for a house deposit (£20K) and a car (£10K). How am I supposed to afford these measure?… when I currently have £500 left in my current account and £8K in my dental savings and £6K in my housing savings. I budget my expenses, and contribute £100+ to my family every month, I pay for my own phone which is £20 and I spend £30 a month on food for lunch/breakfast etc. But I am afraid it’s going to take forever.

I plan on leaving my current job where I’ve worked for 4 years to get a kickstart my career into teaching before going to uni in 2026 (hoping everything goes well with my application etc), and working another job on top of that to save save save. The student finance would be extremely helpful in that sense as I’d just use a big chunk of that towards my 3 goals. But honestly, I don’t think I’ll be moving out during that time and would still be at home with my family…. Do I need to prioritise one goal before the others, or just continue being frugal and putting majority of my pay-check into those 3 goals?

Reply 1

Admit-One

Universities Forum Helper

The goal for a car definitely needs to be on the back burner. Thinking about dropping 10k on a car when your annual salary is 12k is wild, to put it politely. I imagine most young people spend 3-4k on their first car and then budget the same again for insurance.

Most students living off loans and some PT work save very little, so I think it’s early to be thinking about a house deposit as well. I think you need to decide whether you could stay at home and save quicker for your deposit.

The dental work is a personal thing and I think only you can determine where that falls with your other goals.

Reply 2

Quady

Original post

by Anonymous

I’m 26 and would like to start living independently now. I live with family at home and want to know what my options are. I don’t earn much money as of right now, I earn like 12k a year which is basically peanuts. I know this job is not something I want todo forever, and I want to eventually become a teacher and return to uni by next year. I’m also dealing with lots of dental issues and hope to get surgery in the next few years, which I’ll need to save £15K to get the treatments done. Whilst also saving for a house deposit (£20K) and a car (£10K). How am I supposed to afford these measure?… when I currently have £500 left in my current account and £8K in my dental savings and £6K in my housing savings. I budget my expenses, and contribute £100+ to my family every month, I pay for my own phone which is £20 and I spend £30 a month on food for lunch/breakfast etc. But I am afraid it’s going to take forever.
I plan on leaving my current job where I’ve worked for 4 years to get a kickstart my career into teaching before going to uni in 2026 (hoping everything goes well with my application etc), and working another job on top of that to save save save. The student finance would be extremely helpful in that sense as I’d just use a big chunk of that towards my 3 goals. But honestly, I don’t think I’ll be moving out during that time and would still be at home with my family…. Do I need to prioritise one goal before the others, or just continue being frugal and putting majority of my pay-check into those 3 goals?

You're going to kick-start your career then go to uni...?

There are decent reasons most people do it the other way round.

You're earning less than I did on a uni placement year in 2005. Like 20% less. In nominal terms.

Reply 3

Anonymous

Original post

by Quady

You're going to kick-start your career then go to uni...?
There are decent reasons most people do it the other way round.
You're earning less than I did on a uni placement year in 2005. Like 20% less. In nominal terms.

I mean I plan to get a teaching assistant role to get first hand experience into teaching whilst I apply for the PGCE for the 2026-27 year. Hoping that my salary as a TA would be more than enough to really save.

Reply 4

Anonymous #1

Original post

by Quady

You're going to kick-start your career then go to uni...?
There are decent reasons most people do it the other way round.
You're earning less than I did on a uni placement year in 2005. Like 20% less. In nominal terms.

I mean I plan to apply for teaching assistant roles to get first hand experience into teaching whilst I apply for the PGCE for the 2026-27 year. Hoping that my salary as a TA would be more than enough to really save. Apparently for post grad students it’s £12,167 for the maintenance loan/student finance, divided by 3 academic terms. That money would do me justice whilst at uni to be fair.