Welcome to Cash Matters: GLAMOUR’s once a week dive into the world of financing. We’re talking all things individual finance, from having rights in the workplace to professional home mortgage suggestions as well as saving for your initial residence, to ISAs and managing debt, to assist encourage you to make far better options.
Now even more than ever before it’s crucial to understand our money, yet so many people feel as if we do not have a handle on it– or even worse, feel distressed and scared concerning cash. Each week, a lady in a distinct scenario will offer us a straightforward breakdown of her funds, and also our professional will certainly inform her easy suggestions on precisely just how to tackle it.
Take a seat, and also let’s talk concerning cash …
To submit your own anonymous moneydiary as well as get leading professional ideas customized to you, merely fill out the type at the base of this web page. As well as don’t forget to join GLAMOUR’s brand-new Facebook team, Money Matters, formore unique money content.Siobhan is a 32-year-old paralegal for a law firm in Leeds.
She copes with her partner in a one-bedroom level, which they lease with each other. She gains around 26k a year and also has actually taken care of to enhance her savings by splitting the”rent on the house”with her companion. Siobhan is eager to get her own property, which she describes as a”terrifying thought.”She’s looked at home costs in Leeds as well as does not think she can manage to look for a mortgage without her companion’s support.
Neither Siobhan neither her companion is specifically interested in marrying and the main point quiting them from considering buying a home is the concern that
they may split up. Right here, she shares her cash diary … MY ACCOUNTS Bank account: ₤ 2345 Savings account: ₤ 5466 MY INCOMINGS Annual income pre-tax: ₤ 26,000 Annual income post-tax: ₤ 21,178 Monthly wage pre-tax: ₤ 2166.66 Monthly wage post-tax: ₤ 1764.83 Various other inbound payments: N/A MY OUTGOINGS Rent/mortgage: ₤ 500 monthly( I pay ₤ 250 )Bills: ₤ 200(I pay ₤ 100)Splurges: I invest regarding ₤ 60 on takeaways per week.
Other: N/An Any kind of student loan/credit cards/overdrafts and so on: My superior pupil financing equilibrium is ₤ 31,000. MY MONEY THOUGHTS My worst cash practice: Ordering takeout rather than preparing the food I’ve already bought!My greatest money concern: Not having the monetary security to acquire a residence on my own.My monetary hopes for the future: Not needing to worry about just how I’m mosting likely to afford a house.
Current money state of mind: You don’t need to purchase It really feels practically shocking to state, but you don’t need to get a home. The suggestion that home ownership, an extremely pricey financial commitment, has been marketed to us as ‘the following natural step’is exceptionally purposeless. Yes, it can be an actually great way to build equity in something and also decrease the quantity you pay on rent, however if
your rental fee is fairly low as well as
you’re not sure whether your companion is the ideal individual to get with, after that I would not hurry this decision.If you’re not sure …