Over 40 & Just hanging on to the end of the property ladder

Hockey said it, get a good job, that pays good money.

He could have said it like this, get a basic full time job, most of them, even in places like coles pay 50k, then you can have a second part time.

 

To start at the very beginning .... Get that CC debt paid off. Toss every cent you can spare at it. Only buy what you absolutely must until that debt is gone. And then only use the CC if you can pay it off each month.

You own your home, so you are streets ahead of many people your age.

Look at the suggestions given already to pick up some extra income.

Good luck!
Marg

 

I agree with what others have said about age.We are constantly re-inventing ourselves nad starting over. Humility comes just that bit easier with age. No comparisons. Set the goal and see what happens.

 

My 2cents would be don't go looking for the silver bullet to fix it all (ie selling the house) that may lead you to rash decisions and further up the creek.

I was in a bad way about 4 years ago, cash flow and business debt, I very nearly bought in Moranbah, which would have fixed my cash flow in one hit and solved my problems......or so I thought. Thank goodness I snapped out of that idea.

I'd listen to others advice and focus income for now.....there's a quote I love....most people over estimate what they can do in a year, but grossly underestimate what they can do in 10.

 

Start a savings plan like this

 

Sounds like Nobal.

 

From all the suggestions so far :

1. As per @Xenia said, selling might not be wise
2. As per @Tim & Chrissy ... consider getting a truck license. It's a well-paid sit-down second job
3. As per @Marg4000 says, pay off the credit card first and then focus on the mortgage
4. As per what a few folks have said, consider renting your place out and you being a tenant in something smaller and cheaper. Or stay in your current place and get a boarder.

Simulataneously, have an awareness of what is in your superannuation and how it is performing. If it is performing badly, sniff around for a better fund that has demonstrated better performance. Check back in with us and let us know what the balance in your super is like so we can pitch in more ideas.