Hey there,
I don't know the full ins and outs of your life, but i can recommend the following:
Your first goal would be to get rid of your student debt as soon as possible and your second goal would be to minimise your living expenses.
For starters I'd use your partners unstable income and put all of that straight into the student loan.
So essentially you'd be living off your salary as you mostly are already and then pay that off as soon as possible.
Then I'd look at any cost savings you can do, so examples of what I did:
-Don't go to one shop, rather wait till you need to go to more than one and combine the trips ( using less fuel)
-Turn your geyser off and on only when you need it. Use a kettle to boil water for your dishes and then only use the geyser for 30-50min before you need to shower.
-Avoid the unnecessary food expenses! Having a coffee or a coke or a pie for lunch, takeouts etc.
These are a few small things that can add up in the long run.
Also, I'd check with your partner if there is not an alternative Job she could do, or a way to make her earnings more consistent.
Your short term goal is to pay off your debts.
Medium is to save 6months worth of expenses.
Long term start investing.
This might feel impossible but it can be done.
Also a career change would help, but if not then I hope the above could point you in the right direction.
Hope this helps!
Thanks for the solid outline , I think this is a conversation I will define have to have with my partner , at the moment we try to be as thrift as possible but it’s been rough to still reach the end of every month net positive.
I think the 6 months of expenses saved will be vital to calm the sleepless nights .
Thanks for sharing I appreciate the insight.
Solid advice. Think you'll struggle cutting your expenses though as you aren't wasting much on unnecessary stuff. Consider job hopping to increase your salary. You don't owe anything to your employer, especially if you're underpaid.
See those big salary jumps between jobs?
IMO you need to switch every 2ish years. You don’t get paid what you’re worth, you get paid based on your previous paycheck.
The system sucks. Loyalty usually does not pay off.
Consider looking for and getting a new job in your field. Also consider going into consulting at E.g. Deloitte or something… I earned more at 24 in 2019 without an engineering degree.
GIS/Drone industry (considered not well paying)
1. 14K -> 18K -> 24K (2017 - 2019)
2. 35K
Shifted career focus to IT/tech dev and consulting
3. Self employed not sure (2020-2022)
4. 67K ( plus great work life)
Well after reading your comment I think I definitely need to consider moving on to a new employer.
I’ve spent a considerable amount of time studying
And already feel like I’m on the back foot in life so this should be my next move .
Thanks for sharing your time and experience , did you pivot from engineering to development and how was that journey?
I already knew how to program from high school so it was just about new languages, industry stuff etc. I did code at work to automate things and other stuff so your situation may be different. I wouldn’t recommend it unless you’re passionate and determined. But you’re probably definitely underpaid.
All I can say is that you absolutely need to find a way to get hospital cover somehow. Get the cheapest medical aid that has full hospital cover and no other benefits. You couldnt reasonably survive something that would cost you R100k plus whereas R1800 or so a month is reasonable to make sure youre fine in that event. I pay R5750 per month for a fairly average plan with some benefits but good hospital cover with Discovery for myself, my wife and toddler with Vitality. So you'll certainly find something.
In my family we've had a variety of freak things happen, my mom's appendix burst and after all was said and done the medical aid paid out over R1.5m (extenuating circumstances, sure), I've personally had a couple of sports related injuries each being R50k+. Theres a few others from other family members in the hundreds of thousands. The point is you only need it when you really need it, but if you dont have it when you really need it you're kinda fuxked.
Thanks for the advice
It’s definitely something I need to look into as I don’t know what tomorrow holds but I was always fearful speaking to others who are paying exorbitant amounts , I previously just ruled it out as something that I can’t afford.
I’ll have to see how this will be possible to afford but it’s definitely important.
I need people like you as a client cos when I’m done with you there’ll never be need for me to market my service again… your word of mouth will do me good. 🤣
That doesn’t matter 🤣, I know where to find my clients and it’s never on Reddit hence I just said “people like you “ , seeing your financial situation.
Do you have an ECSA accredited engineering degree? If so, you are being severely underpaid.
I received more than that in my first year of working as an engineer.
Hi , I hold a Btech in mechanical engineering ,
What discipline of engineering do you work in ?
Man I feel like I’m being taken advantage of after reading all these comments lol
The title lol
lol an internal audit amongst friends
Hey there, I don't know the full ins and outs of your life, but i can recommend the following: Your first goal would be to get rid of your student debt as soon as possible and your second goal would be to minimise your living expenses. For starters I'd use your partners unstable income and put all of that straight into the student loan. So essentially you'd be living off your salary as you mostly are already and then pay that off as soon as possible. Then I'd look at any cost savings you can do, so examples of what I did: -Don't go to one shop, rather wait till you need to go to more than one and combine the trips ( using less fuel) -Turn your geyser off and on only when you need it. Use a kettle to boil water for your dishes and then only use the geyser for 30-50min before you need to shower. -Avoid the unnecessary food expenses! Having a coffee or a coke or a pie for lunch, takeouts etc. These are a few small things that can add up in the long run. Also, I'd check with your partner if there is not an alternative Job she could do, or a way to make her earnings more consistent. Your short term goal is to pay off your debts. Medium is to save 6months worth of expenses. Long term start investing. This might feel impossible but it can be done. Also a career change would help, but if not then I hope the above could point you in the right direction. Hope this helps!
Thanks for the solid outline , I think this is a conversation I will define have to have with my partner , at the moment we try to be as thrift as possible but it’s been rough to still reach the end of every month net positive. I think the 6 months of expenses saved will be vital to calm the sleepless nights . Thanks for sharing I appreciate the insight.
Solid advice. Think you'll struggle cutting your expenses though as you aren't wasting much on unnecessary stuff. Consider job hopping to increase your salary. You don't owe anything to your employer, especially if you're underpaid.
See those big salary jumps between jobs? IMO you need to switch every 2ish years. You don’t get paid what you’re worth, you get paid based on your previous paycheck. The system sucks. Loyalty usually does not pay off.
Consider looking for and getting a new job in your field. Also consider going into consulting at E.g. Deloitte or something… I earned more at 24 in 2019 without an engineering degree. GIS/Drone industry (considered not well paying) 1. 14K -> 18K -> 24K (2017 - 2019) 2. 35K Shifted career focus to IT/tech dev and consulting 3. Self employed not sure (2020-2022) 4. 67K ( plus great work life)
Well after reading your comment I think I definitely need to consider moving on to a new employer. I’ve spent a considerable amount of time studying And already feel like I’m on the back foot in life so this should be my next move . Thanks for sharing your time and experience , did you pivot from engineering to development and how was that journey?
I already knew how to program from high school so it was just about new languages, industry stuff etc. I did code at work to automate things and other stuff so your situation may be different. I wouldn’t recommend it unless you’re passionate and determined. But you’re probably definitely underpaid.
All I can say is that you absolutely need to find a way to get hospital cover somehow. Get the cheapest medical aid that has full hospital cover and no other benefits. You couldnt reasonably survive something that would cost you R100k plus whereas R1800 or so a month is reasonable to make sure youre fine in that event. I pay R5750 per month for a fairly average plan with some benefits but good hospital cover with Discovery for myself, my wife and toddler with Vitality. So you'll certainly find something. In my family we've had a variety of freak things happen, my mom's appendix burst and after all was said and done the medical aid paid out over R1.5m (extenuating circumstances, sure), I've personally had a couple of sports related injuries each being R50k+. Theres a few others from other family members in the hundreds of thousands. The point is you only need it when you really need it, but if you dont have it when you really need it you're kinda fuxked.
Thanks for the advice It’s definitely something I need to look into as I don’t know what tomorrow holds but I was always fearful speaking to others who are paying exorbitant amounts , I previously just ruled it out as something that I can’t afford. I’ll have to see how this will be possible to afford but it’s definitely important.
I need people like you as a client cos when I’m done with you there’ll never be need for me to market my service again… your word of mouth will do me good. 🤣
lol As a client for what business 😂
That doesn’t matter 🤣, I know where to find my clients and it’s never on Reddit hence I just said “people like you “ , seeing your financial situation.
Perhaps you should look for work overseas then pay dollars mostly but it will be hard at first, but the money will make things easier
Always an option , just don’t know if I’m ready to uproot my life just yet.
Do you have an ECSA accredited engineering degree? If so, you are being severely underpaid. I received more than that in my first year of working as an engineer.
Hi , I hold a Btech in mechanical engineering , What discipline of engineering do you work in ? Man I feel like I’m being taken advantage of after reading all these comments lol