- April 29, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Situation and Goals
Hello everyone,
I am a 27-year-old individual residing in a one-bedroom apartment in Birmingham city center with my girlfriend, with whom I share expenses. For the upcoming 2023 tax year, I have managed to save £10k and I am determined to double this amount by December to fulfill my goal of applying for a mortgage. My target property price range is around £180k. It is worth mentioning that I do not have any outstanding student loans or car loans, and I currently do not own a vehicle.
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## Financial Strategy and Retirement Planning
In order to expedite my journey towards homeownership, I made the decision to opt out of my workplace pension scheme. My rationale behind this choice is rooted in my concern regarding the diminishing worker-to-retiree ratio in the UK and my apprehension about potential future financial implications, such as the government resorting to printing more money or increasing the retirement age. While I do value and support the existing pension system, I believe that prioritizing homeownership at this stage in my life is imperative. Once I have secured a property, my intention is to allocate funds towards enhancing my pension contributions.
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## Monthly Budget and Saving Habits
On a monthly basis, my take-home pay amounts to approximately £2.7k. My essential expenses include £500 for rent, £65 for council tax, £35 for electricity (with minimal water expenses), £70 for transportation, and approximately £100 for lunches (accounting for days when I work from home). Additionally, I allocate around £150 for shopping and £100 towards miscellaneous expenses, saving the remainder of my income.
## The Dilemma: Homeownership vs. Quality of Life
Given my strong focus on saving, my spending habits are notably conservative, despite harboring aspirations that I am currently deferring. A financial advisor consultation revealed that my projected monthly loan repayments would fall within the range of £850 – £900. I am now grappling with the decision of whether I am moving too swiftly in my pursuit of homeownership, and whether it would be wiser to bolster my savings for an additional year to attain a more comfortable lifestyle.
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I am eager to hear your insights and personal experiences. Should I adopt a more relaxed approach and savor life’s pleasures, or should I persist in my endeavor to acquire a property despite the accompanying mental strain?
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****** just grabbed a
Hit the pause button for a second.
You’re taken home alone is £2700.
You share expenses but your share is £1030.
You have 10k saved and want it to be 20k for a deposit.
You’ve opted out of a workplace pension and forgo a matched/free contribution from your workplace.
Just for clarification you do know the state pension is different from a private pension? Your assumptions on the future value of pensions ties into state pensions but has little bearing on private pensions. The thing you’ve opted out of.
But regardless. You currently have £1670 saved per month. How much does your girlfriend have?
You could buy a 180k house in 5 months with a 20k deposit. Opt back into your pension and get at least employers matched contributions.
I’m pretty sure you’ll get permanently banned from this sub for opting out of your workplace pension.
Get back in there. Save up via LISAs for 1 year (two tax years). Make that £20k, £25k-ish.
Also, £43k ish at 27 is great. If that salary continues upwards id save towards a bigger deposit and buy in the 300-400k range, personally.
Very silly to be opting out of the pension for this reason…. compounded interest and free money from your employer is a no brainer.
Yeah chill out man, you should go back to paying in to your pension though just to match the employers contribution. Then just continue saving, see how much you can borrow and keep on eye on rightmove to monitor if any houses come up that meet you and your partners criteria, houses aren’t going as hot as they were during COVID so you should be able to view properties at a normal pace
Hi /u/MrReadyGuru, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/financial-advice/
* https://ukpersonal.finance/pensions/
* https://ukpersonal.finance/student-loans/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
What type of employment are you in and what are the details of the pension your employer offers?
What sort of property would you buy for £180k? Would it be you buying alone or you plus girlfriend?
How might your pay develop over the next 5-10 years?