The UK’s economic act in 2024 was mixed to declare the least: while expense boost fell below the 2% target in early autumn – and has been outstripped by annual wage growth of 5.2% – it is on the rise again. Meanwhile, forecasts for the pace of gain rate cuts have been trimmed and businesses have warned they expect an imminent slowdown in activity. As the year nears its complete, people from across the country have shared their budgetary hopes and concerns for the coming year.
‘I’d adore to have a few extra months off with our newborn’
I’m about to commence maternity leave and – after aggressively saving for the last few months – I’m hoping my husband and I have budgeted accurately enough to manage without too much budgetary stress once my turnover drops to standard maternity pay (SMP). We’ve made a huge attempt to live within our means and pay off any debts, so I’d adore to have a few extra months off with our newborn without risking using all of our funds.
Even though the government is raising SMP in April by £3 [a week], it’s still less than half of national minimum wage and likely to be approximately £145 per week after levy, national insurance and retirement fund contributions – a large drop from what we’re used to.
Given expense boost and the extortionate nursery fees I keep hearing about, I’m really worried about having enough to cover the expense of childcare when I leave back to work, or the uncertainty of an unforeseen outlay forcing me to do so early.
For many millennials, it’s just not affordable to have children any more; I recognize we’re the only couple in our companionship throng who desire to and are able to.
Ashley, 33, a marketing specialist from Leicester
‘Hopefully, I’ll pay off my Covid debt’
I’m hoping to finally pay off the hideous debt load I was put in during Covid. Or shift it into “affordable” debt products. To be able to use gas central heating again. To buy a passport.
James, a homeowner working in IT, from Birmingham
‘I aspiration I’ll be able to buy a tiny home’
I aspiration that there is a house worth crash and that, with the money I have, the purchase of a tiny home becomes feasible – without being tied to the uncertainty of ownership extraction and terrifying maintenance charges.
My budgetary concern for next year is that investors will continue to be allowed to buy up smaller houses to trap the less wealthy in eternal debt to landlords and freeholders.
We cannot have a well demand economy when so much turnover goes to housing costs. Nor is it well for population for there to be so much homelessness, resentment and bitterness. Building more houses for them to be bought up by extractive investors, both domestic and overseas, will achieve nothing.
Rose, retired, from Cornwall
‘Without a promotion, I’ll soon have no juice left’
I desperately require a promotion. I’m joyful in my current role but promotion is the only means by which to secure a pay rise that would be even close to covering the boost in the expense of living. Competition is fierce within the ranks of civil servants at delegated grades, as everyone is in the same boat, and there is a distinct lack of decent roles being advertised outside of Whitehall.
I worked very challenging to secure a sufficient financing to buy my flat earlier this year, but service charges are a significant worry.
After taxes, learner loans and essential living costs, I have about £800 disposable turnover left – £600 after depositing for long-term funds. This year’s community sector pay rise worked out at 5.45% for me. It gave me about an extra £50 a month. But turnover levy, council levy and utility statement rises, as well as increased learner loan contributions, cruel that I’m still around £60 per month worse off than this period last year. And this doesn’t even commence to account for other inflationary pressures, or turnover erosion due to frozen levy bands.
I’m beginning to feel like a lemon that’s been squeezed one too many times. If they keep going, I’ll have no juice left.
A civil servant from Manchester in his 30s
‘The complete of remote working means a costly shift’
I aspiration to be able to shift back to the south, ideally without compromising too much on the standard of the house and neighbourhood.
[My concern for next year is that] potential clients are increasingly asking for hybrid or on-site work. My immune structure is compromised and I have successfully worked entirely remotely since the pandemic. But it now seems that clients desire everyone on site, and this is impacting my ability to earn a living.
Andy Hilton, 57, a freelance IT consultant and blood cancer patient from Coventry
‘I worry about Trump’s result on the global economy’
I’m hoping for reduced gain rates – the mortgage is high enough – and desire to look at how I can get more for my money through funds.
I’m generally joyful with how my finances are, have zero debt outside of mortgage and monthly loan card usage, which is low.
My concerns? The result Trump may have on the global economy with his policy ideas. That the financial institution of England gets jumpy about expense boost, and adjusts gain rates up. The truth that there appears to be rampant profiteering by utility companies. And the knock-on result of national insurance increases for employers who will clearly pass that on to us.
A 38-year-ancient paramedic from Leicestershire
‘I aspiration to secure packed-period work to back my household’
I aspiration to secure a reliable source of packed-period turnover to cover my bills, meet my learner loan payments, and have enough left over to finally commence saving. A little bit of extra turnover would allow me to buy my four-year-ancient son a bike he so desperately wants.
Graduating in August with an MSc in Creative Writing will be a huge milestone, and my highest aspiration is that it spurs me on to have a wonderful career in the literary globe that supports myself and my household.
The expense of living has made simply feeding my household and conference rent incredibly challenging. Juggling parenting, university and work is demanding enough, and I spend much of my free period figuring out ways to make ends meet.
Rachel, 28, a packed-period master’s learner and a part-period barista living in Edinburgh with unsettled position
‘Having to pay for private healthcare affects our superannuation planning’
My wife and I both don’t have much of a retirement fund because we spent many years working overseas, in jobs without retirement fund schemes. We do have investments that would be more than enough for a decent superannuation, but – medical costs! My wife has had two carpal tunnel ops this year, nearly a grand each. I require another surgery soon that will be close to three grand. Worst of all, she really needs a knee replacement, that’s going to be £15,000. Having to pay for medical treatment [because of untenable waits to be seen on the NHS] blows a huge hole into budgetary planning.
I’m hoping to be able to reduce working hours a bit more, but that depends on whether we can handle the salary drop and whether my employer would permit it. At our age we require more period to look after each other, and we may not have that much period left.
John, 65, a computer scientist from the Isle of Wight
