Where you stand financially with the rest of the country and why you shouldn't compare yourself to others online

Sure. We were pretty lucky and spend 1 year after graduation living at home with just £100 each to parents. After that year we had saved 10k which was enough for a 5% deposit and fees for a 1 bedroom flat at 175k. We have lived there for 5 years qe could have afforded to upsize for a while but we didn't need the space (though it does get cramped.

Our mortgage costs £500 a month (we took it out over 35 years) though we overpay to £600 a month. Including our mortgage our bills comes to £1600 which also included basic weekly food shop. Our take home salary is £3000 (me £1600 and him about £1400 depending on hours).

So we have £1400 spare each month. For all fun money, all for other than basic supermarket joint stuff, holidays and savings. We don't save a great deal- we each have a loan for our car and as we already have an emergency fund it makes more sense to overpay our loans than to save. I also don't see the point savings loads in our current situation, we are in the process of upsizing to a 2 bedroom place and I pay loads into my pension.

/r/UKPersonalFinance Thread Parent