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  1. #1

    Bristol ERE journal

    Hello from Bristol, UK.
    I found ere some time in the middle of last year and thought it was time to stop lurking!

    I'm 28, male. a web developer by trade (php mostly) and a keen cyclist and martial artist, occasional rock climber.

    I've spent the last few months getting myself back to positive networth, paying off some taxes from an old business and getting myself out of the overdraft. This is the first month I expect to be still in positive net before my salary comes in at the end of the month.

    Yesterday I moved out of my city center flat into a room in a nice shared house a bit further out. There's a bit less space in my room, but more communal area and a garden. The rent is 390 including all bills, taxes and some (pretty slow) internet, which is a saving of roughly 200 a month.

    This should accelerate me into actually having some savings for the first time ever, I was saving about 40% to clear my debts up to now, mostly by taking the money directly at the start of the month, and living within what i had left. No real tracking up to this point.

    Monthly salary is 1,798.03 after tax etc. I’ve been in this job about 2 years now.

    I've set up some spreadsheets to track my spending, so I'll try and post that up monthly.

    As of yesterday, before the rent went out total net worth was 1603.68

  2. #2
    Welcome to another Brit. I hope that this move works well for you and congratulations on digging yourself out from under the overdraft. Looking forward to hearing more about your plans.

  3. #3
    Welcome. How's the PHP demand in bristol? Have you looked at what the average PHP developer salary is there, and how that compares to yours? Might be able to get some raises or apply at another company and get higher starting salary.

    Seems like you could potentially get your savings rate up to 70%, curious what your other expenses are like. Are you in bicycling distance of work? Can you get your food expenses down to 100/mo or better?

  4. #4
    I think there's a fair bit of room for improvement of salary. I've been holding off looking for the last few months waiting for the end of a large project that should beef up my CV. I'm planning to have a look around next month.

    I am in cycling distance (almost entirely cycle path to the office) and always cycle commute. I don't own a car.

    I've been concentrating on reducing fixed monthly expenses for the last couple of months, but social spending (read: alcohol and eating out) has eaten through anything I wasn't transferring out on pay-day. Hopefully committing to track spending this month will have an effect just through paying attention, and then I can optimise further once I've got some numbers.

    This month is looking like it won't be great due to paying deposit on new room and some dispute with the old landlord about the amount of the last one I'm due back. Top

  5. #5
    Something I've left out of my net worth above is my student loan.

    Given the UK student loan interest rate is tied to inflation, and paid directly out of my salary only while I am earning over 15,000 a year, I've always thought of this more like a tax.

    It's currently at 12,000, going down slowly.

    Can anyone see a reason I'd pay this down early?


 

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