Lifestyle

How I Save: The 21-year-old marketing manager in Nottingham earning £22k with £4,500 saved


Noah is a 21-year-old marketing manager earning £22,000 (Picture: Metro.co.uk)

There’s a lot of guilt, shame, and panic around the topic of money.

You don’t have enough, you’re spending it ‘wrong’, and you’re kept awake by worries of what exactly will happen if something goes wrong and you need to rely on the measly £400 in your savings account.

We need to get an open conversation going around money. It can have such a negative impact on our mental health, and our collective weirdness around money keeps us all silent, meaning those struggling might not ask for help.

Our weekly series, How I Save, is part of that conversation.

Each week we share how a different person saves and spends their money, then get some expert advice on how they (and we) can save better.

This time we’re nosing around the personal finances of Noah (not his real name), a 21-year-old marketing manager living in Nottingham.

How Noah saves

I earn £22,000 a year. In my savings account right now I have £4,500.

I’m saving for a new house!

The main way I save is cutting down on monthly outgoings and watching what I spend on a day-to-day basis.

I don’t really struggle with saving, but occasionally the need to impulse-buy gets the better of me.

How Noah spends

Monthly expenses:

  • £450 in rent
  • £119 in council tax
  • £56 electricity
  • £32 water
  • £37 phone bill
  • £61 TV, Internet, Phone (Sky)
  • £6.80 Life Insurance
  • £15 contents insurance
  • £34 professional studies
  • £7.99 Amazon Prime
  • £130 vehicle finance
  • £100 car insurance
  • £10 breakdown cover
He’s always been good at saving (Picture: Ella Byworth for Metro.co.uk)

A week of spending

Monday: Every Monday morning I like to treat myself to a coffee from the coffee shop near work – it’s a little tradition. I get a medium latte for £1.60.

In the evening I spend 50p on a hazelnut chocolate bar. My partner loves this cheap hazelnut chocolate, so I swung by on the way home from work to buy her some.

Tuesday: A new Sky remote for £20. Our remote had broken so we needed another one. I’m exactly happy about this expense but I don’t think my partner could survive without TV.

I was hungry on the way home and got a Mars bar to last me – 60p. I enjoyed it and didn’t feel too guilty.

I spend £23 on a public transport card for the week. I get public transport to work as it’s a lot cheaper than driving.

Wednesday: £5 on a new screen protector, as my old one on my phone had lost its stickiness.

£3.20 on a pot of coffee, as the office ran out so I replaced it.

I go out for a few after-work pints with colleagues and spend £7.80 for two Hop House beers.

Thursday: I spend £6.50 on street food. I feel a bit guilty about this one. The city centre had some food stalls and I had some for lunch rather than pasta from the previous evening.

Friday: Sky movie rental, £4.80. Not a common purchase, but we’d seen a film advertised and rented it on Sky.

Saturday: £35 on an Aldi shop, consisting of a lot of meals that can be cooked in bulk – this allows me to save some for work the following day.

I also spend £24 on a pub meal. It’s our weekly tradition of having a meal out on a Saturday lunch, accompanied by an alcoholic beverage each.

Sunday: I didn’t spend anything. It was a lazy day.

Total spent this week: £132



How Noah can save

We spoke to the experts over at money tracking app Cleo to find out how Noah could save better.

Note: the advice featured is specific to one individual and doesn’t constitute financial advice. Especially on a London budget.

You are, without a doubt, smashing it.

To have one fifth of your annual salary in savings at the age of 21 is impressive. And proof that setting aside £200 a month builds up pretty quick.

But the price for being this organised is that you have guilt pangs when you spend 60p on a chocolate bar.

Main vice

It’s travel. Notice you’re dropping over £354 a month – without petrol?

If you’re using this to access your gig work, then it’s a net loss of £150 a month. What I’m saying is: give up on your hopes and dreams because they’re bleeding you dry.

Buying on finance is a necessity for some, but we know it’s not the cheapest way to get yourself wheels.

Where you’re going wrong:

I have a suspicion that you’re naturally good with money (wonder what that feels like).

So to everyone else: here’s how to hack yourself to be more like Noah, if you’re not on your own team.

Schedule in some fun

When you’re trying to save money, the first thought isn’t usually ‘I’m going to make sure I waste £15 a week!’ But it should be.

Noah’s got some sweet routines going: a Monday morning coffee and one pub lunch. This adds up to £25.60 a week, but likely stops him impulse splurging on more treats. You’re not going to turn into a different person who suddenly can resist coffee for the next fifty years.

Big food shops

You know this. I know this. Everyone knows this. Acting on it isn’t always easy for the chronically disorganised.

Large grocery shops save you so much more cash than buying out. Here’s just more proof for you. Open your eyes and your Tesco delivery account.

Dream big (ish)

First I laughed. Then I googled house prices of two bed flats in Nottingham. Noah could already set down a 10% deposit for a two bed flat in Nottingham. Having a achievable goal in mind = good shout. (Does not apply for London, obviously. Sorry)

Spending plan:

Yeah, I’m actually just going to leave this blank. You’re totally in control. Keep it up, Noah. For everyone else, here’s proof you can save money on an intro salary.

How I Save is a weekly series about how people spend and save, out every Thursday. If you’d like to anonymously share how you spend and save – and get some expert advice on how to sort out your finances – get in touch by emailing ellen.scott@metro.co.uk.

MORE: How I Save: The 27-year-old PR in Leeds earning £32k a year with £5,000 saved

MORE: How I Save: The 25-year-old writer who earns £23k a year and has £800 saved

MORE: How I Save: The PR account manager in Nottingham who earns £24.5k and has nothing saved





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