Monday, July 3, 2017

New job, hardly any savings, 22 years old


Hi guys,I'm 22 years old (soon to be 23) and have been working in IT since I was 18.I dropped out of college after getting great GCSE results with only my AS Levels (I was going through some tough mental health times). I sorted myself out and then went for an apprenticeship in IT.Since then, i've worked my arse off, learnt a shitload and applied for a job as a 2nd/3rd line analyst. I didn't expect to get an interview (as a 3rd line position is quite senior in the IT field, in terms of systems and support). Long story short, I got the job, accepted it and am due to start on the 31st July.I have approx £2k in savings. I drive and due to my age, my insurance generally takes up approx. £3k so this will need to be paid yearly and is the main expense on a yearly basis. I spend on stupid things hence the reason for my lack of savings.My current salary is £24k and my new salary will be £28k. This is quite a large amount, especially for someone of my age.I want to save up some money so I can eventually:Get a nice car, perhaps a '09 Audi A3 1.6 or somethingPut a deposit down on a houseHave a decent emergency fund so if/when my mum kicks me out, I can go live somewhere niceWhat would you guys recommend? Is there some kind of plan I can put together? I'd ideally like to have at least £10k by the end of this year - I know it's a bit of a big climb but it's something i'd love to be able to do - to prove to myself that I don't have to compulsively spend spend spend on everything I like the look of.FYI - I will be spending approx. £3k for car insurance this year too around september time so I hope that this doesn't make my desire of £10k savings by the end of this year impossible!Thank you! via /r/UKPersonalFinance http://ift.tt/2tET3uS

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