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We asked some Money Means readers about how they spend and manage their money each month.

 

Social Media Assistant, female, age 23 from London

 

Living status: Living at home

Salary:

  • £23, 207.00 a year 
  • £1,933.62 before tax
  • £1,569.25 after tax

Student loan: £16.00

Taste Card: automatically taken by employer £5.00

 

Monthly Bills: these are all scheduled to come out between 28th to 6th of every month

Car Insurance

£113.00

Credit Union Loan

£115.00

Mobile Phone Bill

£47.00 it will be £57.00 from next month (new iphone X)

Car Tax

£10.00

Oyster Card

£181.60

Gym

£19.99

Netflix

£7.99

Rent (for mum)

£250.00 (some months I give more but I do a food shop too, which varies in price)

Money left over

£874.67

 

Monthly Personal outgoings:

Hair & Beauty

£84.50

Petrol

£60.00

Money left over

£630.17

 

About me

I live at home with my Mum and younger sister, my older brother moved out a year ago, which meant mum upped my rent payments but I’m not complaining, it helps me manage my money well and is preparing me for when I have a place of my own.

When I was a student, I took out a student overdraft of £1,250, which I am now paying back. I did this by taking out a loan from my local credit union to pay it off in full, and I knew it would help boost my credit rating. I also couldn’t afford to pay out £1,200 so it was the best solution for me.

I have a savings account that I end up dipping into every month, as I do enjoy going out with my friends, family and my boyfriend. Also I’m a bit of a shopaholic so if I see a nice outfit or pair of shoes I do think about purchasing them before I do, but usually give in quickly and get them. So it’s really hard to save properly. I also love holidays so usually my savings goes towards any holiday’s I have planned.

Ideally I want to save for the long term. My biggest goal is to own my own house, even though the prices for a house/flat are ridiculous especially in London. I’d be happy to move just a little outside of London, but prices are still really high and my salary isn’t enough for me to save for holidays and a home so right now as much as I’d love to do both it’s pretty much impossible.

I’m looking into purchasing a new car towards the beginning of next year, as my little Black 58plate Mini Cooper is failing me slowly. I’ve been driving since I was 17 so it’s hard for me to not be without a car. My mum suffers from arthritis so I usually do the food shop at home or pick her up from places. She stopped driving a few years ago after a terrible car accident, but she is keen to get back on the roads soon.

I would say I am pretty good with my money, I just about make my salary stretch until the end of the month, but it is a pain always having to watch the pennies or think about what I’m going to purchase and how buying something may affect me towards the end of the month.

I have a work place pension that I’d love to pay into although it’s not a top priority for me, so I push it to the side.

My biggest aim is to pay off all my debts.

 

My daily expenses for a month:

 

Friday 27th October 2017 (Payday!):

My expenses were:

£1.99 on a granola Greek yoghurt pot from EAT

£20.00 towards a gift for a friends present

£26.98 on Amazon for a birthday gift for a family member

£56.00 on ASOS for a new winter coat (this was originally £60 but was given 10% and free next day delivery from ASOS – Saving me £8.99 next day delivery is £4.99 on ASOS)

£13.00 lunch with work colleagues 

£14.00 Prosecco after work drinks with work colleagues

£20.00 dinner with a friend

£147.99 spent in one day! First day of pay day

 

Saturday 28th October

My expenses were:

£20.00 on dinner with a few friends after an art show

 

Sunday 29th October

My expenses were:

0.00

 

Monday 30th October

My expenses were:

£2.00 red seedless grapes from Tesco

£5.99 Thai Green Chicken curry and rice from POD

£0.89p popcorn from Tesco

 

Tuesday 31st October

My expenses were:

0.00

 

Wednesday 1st November

My expenses were:

0.00

 

Thursday 2nd November

My expenses were:

£30.00 on a birthday cake for my cousin’s girly PJ slumber birthday party

 

Friday 3rd November

My expenses were:

£45.00 for my hair cut, wash and style

£8.00 on decorations for my cousin’s birthday

£6.50 for M&S flowers

£8.00 for a mini Ghost perfume set

£10 towards a Chinese takeaway at the slumber party

 

Saturday 4th November

My expenses were:

£25.00 Dinner with mates

 

Sunday 5th November

My expenses were:

0.00

 

Monday 6th November

My expenses were:

£5.00 Tesco Lunch

 

Tuesday 7th November

My expenses were:

£2.00 Fruit from Tesco apple’s and grapes bag

£6.50 Lunch at the Alice pub with work colleague

 

Wednesday 8th November

My expenses were:

£2.00 Cereal from Tesco

£0.55p grapes bag from Tesco x2

£0.89p popcorn from Tesco

 

Becky's top money makeover tips:

Take advantage of the serious rent-saving benefits of living at home by:

 

Workplace pension

Enrolling in the workplace pension as soon as possible to start building up retirement savings. Ask your employer for more information.

 

Make a realistic savings plan

This helpful tool will help you quickly understand how much money you could save in the short and long term future based on how much you earn and your outgoings. It is great motivation to to help you start managing your money better. Find out your savings potential here.

 

Help-to-buy or Lifetime ISA

Setting aside £100 a month (1/6th of monthly disposable income) in a help-to-buy or lifetime ISA. These come with a 25 per cent Government top-up to help buy a first home. Find out more here.

 

Digital/app based money accounts

Consider using a digital account with a budgeting function, such as Monzo or Loot, to cap spending.

 

Useful budgetting tools and resources

The Money Advice Service (MAS) has loads of useful tools to help people budget and cut back on costs. Find more here.

11/17/2017 12:00:00 AM