In our "How I Manage My Money" seriesOur goal is to discover how individuals in the UK are managing their finances, including spending, saving, and investing, to cover their expenses and reach their objectives.
This week we interview Said Onyemauwa, 23, a university student residing in Birmingham alongside his brother. Said is currently renting a place.discovers the idea of home loansUnattractive. He intends to leave the UK following his education and, although he does not contribute to a pension, is concerned about lacking sufficient funds in his later years.
Monthly budget
My monthly income:I earn approximately £788 each month from my part-time position at Nando’s. I also make between £30 and £40 a month by selling clothing on Vinted, although this amount fluctuates. Additionally, I receive £340 per month from a student grant provided by Austria. My student maintenance loan in the UK amounts to £3,100 every three months. I work as a Generation Z consultant for Imagen Insights and occasionally receive payment for offering insights to companies.
My monthly outgoings:Rental, utilities, and water costs amount to £485, which my sibling also covers with the same amount; internet service is £15; mobile phone expenses are £10; food shopping totals £70; train fares cost £80; volleyball club subscription is £15; savings typically range from £50 to £100 each month; dining out and takeout meals are around £60; and bowling activities cost between £30 and £40.
I was raised in Austria and, unlike many others, I received considerable education on finances and money management during my childhood. I studied at a business high school in Vienna from the ages of 15 to 19.
I found Austria uninteresting and relocated to the UK for my bachelor's degree in 2021. I am currently pursuing a master's in future media at Birmingham City University.I am covered by a student financial aid package.and get £3,100 each quarter as a maintenance loan.
While I study, I earn additional income through my part-time job at a Nando’s restaurant. I greet customers as they enter the restaurant, serve them, and clean tables, and I occasionally work at the cash registers. I like working at the restaurant because the company doesn't treat employees like numbers.
I earn approximately £788 each month from this job, although the amount changes based on the number of shifts I work. I consistently take on additional shifts to make more money when possible.
The rise in living expenses has become more severe since I arrived in the UK, especiallywhen it pertains to service charges. Austria is costly, however in the UK, the expenses for electricity, gas, and water appear to increase continuously. As a student, it's challenging to manage finances effectively when the cost of all items keeps changing.
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When I initially arrived in the UK, I used to spend significant amounts on takeout meals. I have had to reduce this considerably and now only order one per week at maximum. Additionally, I plan my meals three or four days ahead to make sure I don't make spontaneous purchases at the supermarket.
I'm living in a flat in Birmingham with my brother, who is also a student, and I pay £485 each month for my portion of the rent and utility costs. I don't envision myself staying in the UK for another 10 to 15 years, so the thought of purchasing a property here isn't appealing to me.
I don't particularly like the idea of owning property and find mortgages unattractive. They come with high interest rates, and I don't want to be stuck paying one for 30 to 40 years while being tied to a single home. Additionally, the expenses related to maintaining a house are quite significant.
I have no interest in purchasing a house in Austria and intend to relocate to other countries for work and living. Even if I had a high income, I believe I would still choose to rent for now. I might consider buying an apartment in my late thirties.
I'm not contributing to a pension, but if I were part of one,I might probably decline it.It is generally advisable for most individuals to enroll in a pension, but I still find it not beneficial given that I don't intend to remain in the UK for an extended period.
The thought of not having sufficient funds for my later years worries me. I don't wish to find myself in my seventies and have to return to work because of financial constraints. That's why I'm concentrating on earning and saving as much as possible right now. My goal is to have £100,000 in my pension fund when I retire.
I have £300 in a cash ISA and aim to add at least £50.a period of one month for a savings accountwith Starling Bank. I have £1,600 saved up.
Although I am cautious with my expenditures, I like to use my money for playing volleyball, spending time with my friends, and going bowling.
I am strongly driven by financial gain. Although happiness can exist without it, money contributes to a more fulfilling lifestyle. I also prefer not to rely on others for financial support.
After I graduate, I hope to work as a social media manager or content writer. I aim for an annual salary of £70,000. Although earning more is always beneficial, the effect of entering higher tax brackets can be considerable.
I also don't wish to be in a job that causes me to overwork. I aim to keep a healthy balance between work and personal life. Once I complete my studies, I plan to relocate to Belgium or the Netherlands.
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