In our How I Manage My Money seriesOur goal is to discover how individuals in the UK are managing their finances through spending, saving, and investing to cover expenses and reach their objectives.
This week we interview Chigekwu Agu, 39,who lives in Londonwith his wife and two children. Chigekwu relocated from Nigeria to the UK and struggled with higher expenses and establishing a credit record. Hethinks rental costs in London's prices are too high and they want to purchase a house in Kent.
Monthly budget
My monthly income:I am employed as a customer service representative at Tasty African Food, a company based in London. My responsibilities include dealing with both in-person and online customer orders, handling phone calls, processing payments, and making sure customers get the service they have paid for. I also assist in preparing traditional African dishes and pastries in the kitchen. I earn approximately £2,000 per month. Previously, I worked as a support worker for individuals with additional needs, but I left this position recently. My wife is employed in the care sector and has her own source of income.
My monthly outgoings: Some of my costs, including rent, groceries, and electricity, are shared with my wife. My payments are as follows: rent, £750; council tax, £130; groceries, £150; gas and electricity, £45; water, £53; broadband, £50; mobile phone, £37; subscriptions, £20; money saved and invested, £500; money contributed to pension, £60; expenses on dining out, day trips, clothing, and hobbies, £100.
I was raised in Enugu, Nigeria, where life wasn't consistently straightforward. There were persistent issues related to security and politics. My spouse and I had discussed the idea of relocating to a different place and beginning anew for quite some time.
The choice to depart became unavoidable following the tragic passing of my mother-in-law in Nigeria while she was returning home from work. When we sought assistance from the Nigerian authorities, we were required to pay money merely to initiate an investigation. That was the point when we realized we needed to seek a better life elsewhere. We arrived in the UK in 2023 with nothing but hope and belief, and through God's mercy, we succeeded.
The monetary difficulties we encountered upon our initial move to the UK were significant. We had no relatives in the country, no credit record, and very limited funds.Securing employment and a place to reside was not straightforward.Landlords requested pay stubs, employment contracts, and bank statements, none of which we possessed.
It costs considerably more to reside in the UK compared to Nigeria. In Nigeria, I was accustomed to paying with cash for all purchases, and basic necessities such as food are far less expensive.
In the beginning, I took a position at a warehouse, while my wife worked in a caregiving role. My job was only part-time, making it hard to cover rent. Living in shared housing would have been challenging since we had kids. We had to plead to find somewhere to live.
I currently work as a customer service representative, and my monthly net income from this job is approximately £2,000. In addition to my full-time position, I'm launching my business, ChopNow. There are numerous excellent African restaurants in the UK, but they aren't always available on major food delivery platforms. Through ChopNow, I'm aiming to make African cuisine more accessible and easier to order.
I have always been cautious with my finances, yet every bill seemed like a huge challenge when we initially moved to the UK. I have successfully improved my credit history and score through Loqbox. Additionally, I use Loqbox to maintain financial discipline. I carefully plan all expenses ahead of time, including future rent, school-related costs, groceries, and bills.
I am currently depositing £500 into aseparate cash savings account and putting money into my business whenever I can.
We are currently renting a one-bedroom apartment in London. I pay £750 each month towards the rent. Having a secure place to reside is very important. We now have a real home, which is a significant achievement for us.
The cost of renting in London is extremely high and keeps increasing. This poses a significant difficulty, especially for working families who are struggling to manage daily expenses while also saving and planning for their future objectives.
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Owning a home is a goal I have. I hope to live in Kent eventually. It's quiet, great for families, and close enough to London. I wouldn't mind living anywhere outside of London. Considering the current real estate market, a good family home in Kent would likely cost between £350,000 and £400,000.
I am contributing £60 each month to my workplace pension. Although I understand the importance of saving for retirement, my current focus is on launching ChopNow. Once my business expands, I will be able to pay more attention to pensions. It's still a matter of taking things one step at a time.
If I have the chance to retire early, I would definitely take it. However, I understand that I must first achieve financial stability before even thinking about it. I don't think the UK state pension will be enough to support me in my later years, so I need to make sure I have additional savings and investments set up.
Money offers freedom and should not only focus on covering all expenses. It empowers you to create, contribute to others, and support your family. I don't intend to pursue a particular yearly income.
I simply aim to establish a venture that offers me and others around me chances for growth. I aspire to transition from being an employee to running a business on a full-time basis.
I hope my experience inspires other newcomers that even when things seem impossible, success is achievable. Through patience, education, and the proper resources, there's always a path ahead.
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