Money Stories #3
combined Salary: £60,000
Local Government, Hairdressing & Rental iNCOME
I started out as an apprentice hairdresser at 16. I bought my first house at 19, an ex council house for £70k in need of a lot of repairs and gradually did bits to it as I could afford it. I had a horrible relationship that ended in domestic violence, and vowed never to give up my house, as my safety net. When I met my new partner and eventually wanted to buy a family home around 4 years ago, I moved back home for two years, rented my house out and got another job as well as hairdressing. After 6 months, I switched and got a full time office job while still hairdressing evenings & weekends to allow us more borrowing power than my self-employed wages alone.
THINGS I NOW KNOW #1
Buy a house as soon as physically possible. It doesn’t matter what it looks like inside (as long as the basic facilities are in place!). Save as much as possible as quickly as you can, and use every tool available to you (help to save, help to buy, LISAs). I also rented two rooms out to afford to live on my own.
THINGS I NOW KNOW #2
Look at your income, make changes, budget & stick to it! I use the 50:30:20 model for easy budgeting. Second hand shops & Freecycle can be great for getting almost anything second hand - even my (beautiful Heinz 57) dog is from a local rescue centre instead of an expensive breeder.
THINGS I NOW KNOW #3
Side hustle & say yes to new opportunities! I started out as a hairdresser at 18. After buying our home, I still work full time, rent my house out and do hairdressing part-time. I now work in homelessness as a financial inclusion officer & utilise what I’ve learned every day to try & help others.
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