I may earn 100k but i rarely have spare at the end of the month.
Then you are wasting money somewhere. My bet is that you have debts and you don't know how to clear them. The answer is simple -
you clear them a penny at a time. You don't need a million pounds - you need to get rid of all those debts.
I cannot even begin to imagine how I would burn through over £8,000 each and every month! That's crazy! That means that your household is leaking money like a sieve!
Most people in debt only look at the mortgage and then give all kinds of magic reasons why they must have all those other debts - leased cars, furniture on the never-never, stupid phone contracts, credit card debts, Sky, Netflix - and on and on and on and . . .
Step one - only shop at Lidl. If Lidl doesn't have it - don't eat it. If you want a new tool such as a cordless drill or whatever, wait until it is available at 'Middle of Lidl'. We only shop at Lidl and not because we are poor but because the food is BETTER! It also means that we can shop faster and save time and we all know what time is! (If you price up the time spent/wasted schlepping around Sainbury and Morison's at, say, £20 an hour, you begin to realise just how wasteful most shopping journies really are!) And definitely no home deliveries!
Step two - impulse buys - we are still with food here - no snacking and no boozing by anyone. Musli for breakfast (no more Jumbo Minty MacNugget-Pops!) and an evening meal. No crisps, no chocky bars, no comfort food. If you must have alcohol, brew it yourself, it's dead easy to do. If you or the wife smoke - stop. The same applies to pets - dry stuff from Lidl only. No magic gunk out of tins.
Step three - cars! Any new leased cars in the driveway can go back to the dealership. As you will be doing all the shopping after work and the kids can take the bus to school, the wife does not need a car. And she'll be far too busy baking bread, brewing beer, looking after the autistic child and running an online business to be wasting time shopping. Buy a good, used Diesel estate for cash. Servicing and repairs are best done by your local 'Stig-with-a-Spanner'. No more visits to dealerships!
Step four - all the rest! No more subscriptions for anything! No Netflix, no Sky, no iPhone contracts, no online contracts for newspapers. All that has to go! No club memberships - or indeed anything else that costs money every month. If someone wants a mobile phone, a £20 burner phone and a £10 pay-as-you-go card work better than some fancy smartphone. Holidays are camping holidays in the Highlands - much more fun for the kids than some ghastly hotel in Spain, or worse still, some Egyptian concentration camp with complimentary beer, wine and diarrhea.
Step five - the mortgage! Now that we have stripped out about £25,000 of useless nonsense, getting rid of the mortgage is the family's number one priority! Yes, the whole family! It's no longer only on your shoulders, the whole family must now take responsibility for actually getting the old finances into shape. That means paying off that mortgage so that you retire without the Sisyphean task of meeting monthly payments for anything other than basic utilities. My 30 cents worth would be to release equity by moving to some remote part of Scotland so that the kids can enjoy a tertiary education without running up £50,000 in student debts. Just make sure that they study proper subjects with which they can actually earn a living, so no Music Technology, Philosophy, Media Studies, Film and TV, or any pseudo-vocational rubbish like that!
Can it be done?
I know a guy who worked for an investment fund. He too had a six-figure income and he too was struggling to make ends meet. In 2008 the fund collapsed and there were no more jobs in investment banking. He moved his family to a cottage outside of Inverness and started an appliance repair business. He is now debt-free and happy, grows much of his own food and has time for hobbies and for life in general.
So yes, it can be done!
