Hi, I'm 23 from the UK, I graduated from university last year and have been working at a decent pay job since. While I was at uni I received basically the max loan amounts plus grants and a bursary (£9000 tuition loan, £3000 maintenance loan, £3000 grant, £3000 bursary, per year for 4 years, 3 years for tuition loan). I rather foolishly took out the max loan each year, because I was under the impression I wouldn't get the grant or bursary if I didn't, and wasn't really thinking about money all that much, so I probably graduated with more debt than I needed to. On the plus side, I came out of uni with a shit load of money, between money from the government and work I did at uni I managed to leave with £20K more in my bank account than when I started, hmmmm.
So now I've been working this job for around a year with decent pay, and I have just north of £30K in my bank account, and earning a net of about £1K savings per month, but 0 idea what the hell I'm supposed to do with this growing sum of money.
The pension scheme at my work is shit - as of April, it will be 3% contribution from my employer and 5% from myself.
I have £40K of debt from university (yikes!), which according to this calculator I will never repay from my automatic contributions before the loan wipes after 30 years.
At the moment my money is literally just sitting in my bank account doing nothing, I assume that's bad, what should I do with it?
Submitted February 27, 2019 at 07:40AM by YulThrowaway https://ift.tt/2Tn3iRy
