Today I’m sharing the sixth installment of my bi-weekly series, ‘Savings Stories,’ where I speak to millennial Londoners about their personal finances. Our personal finances are often kept under wraps, with conversations about money usually kept to a minimum- making it hard to know whether anyone else is going through the same things as you. ‘Savings Stories’ aims to start a conversation about our finances, and lift the lid on millennial spending and saving- is the reason we can’t afford property in London really about overspending on avocados and lattes? I think not.
Millennials have a bad rep when it comes to money management, often accused of being too quick to splurge on the latest food, drink and clothing trends compared to the previous generation- with conclusions being drawn that this is the reason that we find it impossible to save for a mortgage deposit. I personally disagree with this, there is of course a culture built around instant gratification and new media which was not around 20 years ago- which does encourage additional spending- but there are definitely many millennials out there who are making small steps to build a savings account and live a thriftier lifestyle.
This feature will give you a sneak peek into other people’s income, rental, and savings totals- helping you decide if you could make the leap and ask for that pay rise, find a new flat within your price range, or give you that push to start a savings account. It will share the realities of debt, hopefully showing that, if you are in debt yourself, you are not alone.
This week we speak with Victoria*, a 24 year old who is working as a primary school teacher and living in South West London.
Salary range: £20,000-£25,000
Rent: £850 monthly
Living situation: Double room with 4 other housemates.
Total savings: £9318 (Held by parents and invested in by parents).
What are your savings goals? To be able to go on more holidays further away.
Do you set a weekly budget? No (Yes I should be)
Debt total (not including student loan): £2500
How did you get into debt?: By not sticking to budgets, buying things as soon as I want it rather than saving up for it.
What type of debt? Overdraft.
How often do you worry about money? Frequently. Has caused a lot of anxiety.
Be sure to leave a comment below if you have enjoyed reading this post! I will be back in a fortnight with another ‘Savings Story,’ telling a completely different personal finance tale. Although each person featured is living in London, everyone’s story is different, and hopefully you will gain something from each of them- even if you don’t live in London yourself!
*Names have been changed to ensure anonymity.
If you are worried about debt, you can find assistance at Citizens Advice and stepchange, two charities who offer free advice and solutions to help you get out of debt.
If you’re a millennial Londoner and would like to anonymously share your personal finance story, please get in touch with me at firstname.lastname@example.org.