As the title says, I'm 23 years old and have gotten my first real job. Ever since I left university I've been working very menial labour jobs in northern England, living at my parents for very little rent, and without any bills apart from my mobile phone contract. So having spending money was never really an issue, but I have very little savings as what I earned was very low.
I recently met some people who were staying in my local pub on business and became quite friendly with them, turns out they visit quite regularly and I got to know them.
In January of this year I get a phone call out of the blue and it turns out that my friends had recommended me for a job at an engineering company they know of, as a development engineer, so I went for the interview. Then got called back for a second interview. Turns out I got the job, couldn't believe it, very excited.
The pay is more than double what I got in northern England, and the company just had its best year ever and is expanding rapidly so is investing heavily in new employees for its future, now here's the personal finance help I need:
The job is very close to London, and when I've been looking for places to live, I can only find house shares, which isn't a problem, I don't mind sharing for a while, but the problem is that even the lower end properties will cost me 50-60% of my monthly salary. That's a ridiculous amount!
Another thing is I need a car to be able to get around, as the job involves a bit of travel between offices. They will pay travel expenses which I'm happy with, but I have £1500 savings total at the moment to be able to get a car, which doesn't get much in England, and I will need insurance and road tax for it.
I have been to my bank, to see what my options are for a loan and the best they can offer is, £10k over 5 years. With monthly repayments of £200, add that £200 pounds to my rent and bills I'm going to be left with barely anything to live on, let alone try and save.
I know I'm not the only one in this situation, and I know that I have kind of been chucked in at the deep end, and probably being a little melodramatic, but I really want to make this work.
Any help is greatly appreciated, and sorry for any errors, I'm writing this on my phone while on the train down to my new job.
Submitted March 18, 2017 at 09:54AM by davidparry1000 http://ift.tt/2mU67qG
