It’s an almost nightly experience. I get in bed and spend a good hour or so staring into the darkness around me – lying awake, thinking how my life is going nowhere fast.
Surely this isn’t my fault? In school I did my best, I work hard at my job and I’m just doing what everyone else around me is doing. So why do I feel so unfulfilled? However, my situation is entirely one of my own making.
Each month is the same story. I passively go to work each day, wait until the end of the month to get paid, pay all my bills, then spend the what’s left on items I don’t really need and then I try and survive until next payday. Seldom did I save any money, why would I not spend my hard earned cash on something I want right now?
Of the many faults with my generation, I think the most grievous is the need for instant satisfaction. Want a new computer? Just get it on credit, want some new clothes? Just use a credit card. It’s this thinking that has got me into the situation I’m now in. I work, not for the future, but just to survive now.
This situation not only causes anxiety, but also means both me and my partner are trapped. Neither of use can choose to leave our jobs, jobs that neither of us find enjoyment or satisfaction in! Well starting today I’m going to make changes – starting with creating this blog and holding myself accountable.
While this first post may seem like starting on a downer, that’s not my intention. I want to be realistic about where I’m starting – that way when I look back from a better place it will taste all the more sweeter. So let’s see where we are today 1st September 2018.
- We have £0 in savings as a family
- We have thousands of pounds of credit card debt
- I have arounds £1,500 of consumer loan debt
- We both work in minimum wage jobs that barely cover the cost of our monthly bills
Currently our combined monthly income is £1,650 vs our outgoings of £1,550 – that’s a whopping 94% of our monthly income!
This isn’t a good situation to be in, especially as a 30-something year old couple with a 4 month old son. While we’re surviving month by month, we certainly wouldn’t be able to cope with any emergencies, or even to go on a family holiday in the future.
What’s the Goal?
So today I want to layout my plan for turning my life around. On the 1st September 2019 I want to achieve the following:
- Have a £500 emergency fund
- Have a £500 personal savings
- Have paid off all consumer loans
- Vastly reduce our monthly expenditure compared to our monthly income – ideally reducing the percentage to below 60%
So one year from today I will create a follow up post showing my progress towards these goals, I look forward to seeing you then.