Finding my way in life.
Understanding my finances
My current situation
I am 20, single, and currently live at university. I have a part time job that pays about £540 per month. Most of this is spent on socialising, phone bills and transport.
I also have a student loan and an overdraft. I struggle to budget and often do not have any money left at the end of each month, meaning I regularly use my overdraft.
I will be finishing university in the next couple of years and hope to get a well-paid job at the end of my course.
- Short Term – understand my pay slip and budgeting.
- Medium Term – understand how best to pay off my overdraft.
- Long Term – start saving into a Lifetime Individual Savings Account (LISA) for a house deposit.
What I need
I think that I would benefit from further financial education on topics such as:
- Understanding the breakdown of my pay slip
- What is National Insurance?
- Why saving early will benefit my future.
- The Renting vs Buying a house dilemma.
I would also like access to a budgeting tool to make sure I don’t miss out on any social events.