Hi Fishes,

I know this is not the right forum to post random messages but I’ve seen some great advice on here, so would like to know how you’d manage your money from the below information and how you’d save?

All ideas welcome :)

£70k total comp
£150,000 mortgage
New Driveway needed and back garden to be done
Current Savings of only £2k after a wedding, home renovation and honeymoon
Expenses have increased due to inflation and rising costs…approx. £1400 on bills etc

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Max out pension or as much as you can (free money)
Walk instead of tube wherever possible (Age 30 or below get a railcard and get 1/3 off fare)
Use Moneybox to round up expenses and invest
Cancel gym and work out at home
Cancel subscriptions you don’t need
Get fixed electric
Shop in wholesale/cheaper from Lidl/Aldi instead of Waitrose
Cool at home vs eating out (dedicate one day to eat out/order in)
Use Monzo/revolut pots to build savings for specific goals such as holidays, Home renovation etc
Start a side hustle if you can (an extra £1-2k) a month can make a big difference

70k is really not enough for a family so I would honestly look for a higher paying job or get my spouse to work: Dual income is necessary if you have kids in the future

likesmart

SC1, could you share some side hustle ideas please?

Property (3-bed terrace) I bought approx. 6 years ago with an inheritance I received. Outside London (Surrey) so value has shot up, but would love to be able to chop away at the mortgage so I can finally move to a dream home.

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Thanks for sharing and awesome where you are at already on the saving/investment front!

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How do you have a £150k mortgage on a £70k salary and all the other outgoings? Pretty awesome! Are you shared ownership/outside London/inheritance/other?

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You’re obviously keen on property so I would do a couple of things: increase mortgage by going interest only (you must have plenty of LTV headroom) to create a savings buffer. Always step one in a financial plan, pension comes afterwards. And think about buying a place to renovate and rent out if you like doing that. With the deposit being cash released from your own home remortgage. Personally I am not a big property fan but if you commit the time and effort, that can be your side hustle. And there are still decent mortgage offers.

Of course

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