Information:
Age - 17 Location - Scotland Finances - £15,000 in a current account with little to no interest, £3,000 in a savings account that was locked for a year, I receive it at the end of this month with 2% interest. A government started account with roughly £3,800 and little to no interest that is locked until I am 18 in May. I also have a Help to Buy ISA account, which basically the government gives me an extra 25% of the money saved when I go to buy my first house, with a maximum bonus of £3,000.
My overall “net worth” is then roughly £25,000. With £18,000 of that accessible with in the next month, £3,800 accessible in the next 9 months. And then a further £4,000 in my HTB ISA including the 25% bonus.
I currently work part time in retail earning £9 per hour, for 13.5 hours a week minimum. Meaning I earn £121.50 a week. Although I try to do as much overtime as I can although I do have school.
I also received my qualifications from school last Tuesday and I am in the process of contacting schools and universities to see the possibility of me taking a gap year and working full time until this time next year.
If this were to happen I’d be working roughly 32.5 hours a week so I would be earning £292.5 a week, before national insurance and tax, which is roughy £20 a week.
The problem is the “halls”, the place the university lets us stay at, cost roughly £600 a month, although I would only be there for about 9 months a year, and I would only plan staying there for the first year and getting an apartment afterwords.
As a young man, with a slightly inflated ego and trying to impress everyone and having massive dreams and ambitions I have also decided I want my first car to be an Audi A3, for various reasons. Although the cheapest reasonable one I can find costs £14,000 and insurance is about £4,000 a year.
So between spending £18,000 to £20,000 a year for a car, to then needing £5,400 just to stay at university before books or before “socialising”. I also plan to continued to invest £200 a month into my HTB Isa so it will be maxed out when I complete uni, 6 years from now hopefully.
I would like to work through university to further myself financially but I don’t want to sacrifice my education either so I am not sure what I should do and what else I should think about?
Sorry for the extremely long post,
Thank you in advance,
Kindest Regards.
Submitted August 08, 2020 at 09:26PM by Kustom-L https://ift.tt/31yrgeH
