‘Desperate’ house owner on £55k-a-year says ‘I’m working to outlive’ in assist plea

A “desperate” homeowner has turned to social media to plead for help and advice on how to manage their finances.

They revealed that they are “struggling” to make ends meet in the cost of living crisis – despite earning a £55k-a-year salary. In a thread on Reddit, the user shared their dilemma in the UK/PersonalFinance group, which attracted almost 1,500 comments.

The post was titled: “How are people surviving? I make £55k and I am struggling? Any thoughts appreciated.”

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They went on to say: “Take home £2900-ish. Mortgage – £1,400, home insurance – £16, car – £260, car insurance – £27, Council Tax – £146, heating – £130, shopping, food, cleaning etc – £350, supplements and medication – £90, TV, internet, licence etc – £80 – which is £2,500.

“So I am left with £400 for all activities, holidays, repairs etc etc. I recently had to replace my boiler and it took me 3 months to cover the cost. So I was looking at improving my salary and everything I earn above 44k is deduction 60% at source.

“Student loan – 9% NIXC (National Insurance Contribution) – 2% Tax – 42% Private Pension – 7%.

“So to get an extra £500 a month and make my life easier I need to earn an extra 15k a year? 55k to 70k? Which isn’t going to be easy at all to do.

“Just feeling a little desperate, I am working to survive.”

The post added: “For clarity, my house which is a massive mortgage is a 2 bed, end terrace very close to Glasgow centre, it’s nothing spectacular by any means.

“Any tips on how I get to a better position would be ideal.”

Many rushed to have their say with some offering helpful suggestions and lifestyle changes.

One replied: “Everyone’s struggling at the minute. Near half your income on a mortgage is a lot, but unlikely much to be done in that space.

“To reframe this, you have £400 of spare cash each month, you’re doing better than the average. Many households are juggling between energy or decent food. If you’re concerned about cutting back on holidays, you are absolutely fine.”

Another added: “Your mortgage is extremely high for your income though isn’t something you can do much about.

“You can’t afford a car on finance due to the extremely high mortgage, you need to be driving £3k used cars.

“Supplements and food seem very high for a (assumed) single person? Should try cutting this down.

“Only big trigger you have other than selling the car is getting a lodger. The first £7,500 a year is tax free, which will effectively split your bills in half.”

One person wrote: “You’re not struggling, you’ve made lifestyle choices that have resulted in you having £400/mo disposable income (which, by the way, many people would consider quite good).

“If you want more disposable income so you can take more holidays then it almost goes without saying that you need to sacrifice making more expensive choices in other areas.

“For example, have your heating on less. Shop more frugally. Forget the supplements. Only a very lucky few don’t live to a budget, but what you allocate where is your choice.”

While one added: “We’re all struggling man, I need new socks without holes, my boxers on the last bit of thread and toothbrush looks like it been through 2 centuries….. maybe it has.”

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