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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

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Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.

 

Is there really such thing as a ‘young adult financial crisis?’

I really want to know, do you believe that there is such thing as a ‘quarter-life financial crisis’ or a ‘teenage financial life crisis.’ This has often become a debate between my friends and I and which always takes me back to when I was 22, living on £300 a month and having to go to work sick because I needed the money. The thought of finances back then made me feel uncomfortable and even the thought of learning how to manage money was daunting.  I found all manner of excuses including; “my family doesn’t really have money” or “I don’t know where to start”. However, living on less than £100 per week you have to get smart and learn pretty quickly how to manage your money! With rent, bills and food to put on the table, it seemed near impossible to survive with such little money, never mind wanting to go out and have a social life!

So, how did I do it?

With a lot of reading and patience in myself and some faith. As cliché as it sounds, reading became my gateway to a more stable life and a better sense of mental well-being. I read up on advice forums, blogs and books such as “Think and Grow Rich” by Napoleon Hill which was a massive game changer for me. This book taught me how to budget. A budget chart was something I had NEVER done before and I soon discovered how many apps that are out there for both android and IOS, these apps also let me know when my money needs attention and they have become very personal, nobody else needs to see them but me.

We often treat money as a very private thing don’t you think?

So much so, that I have often spent countless nights worrying about paying my bills and feeling isolated. The embarrassment of not knowing if I would be able to meet the payment date at the end of the month, used to eat me alive.

It’s crazy when you think about it!  We are all so aware of the stresses of things from heartbreak to not knowing what to wear on a night out but we hardly ever talk about money stress. This feels insane when you think just how many people must be going through the same thing.

Everyone looks at your late teens and 20’s as the best, care-free years of your life that I often think money advice and advice about support can sometimes get filtered out.  We can forget that us young people go through these things too and that we all need a bit of help along the way. This exact point links back to my question about the quarter life, teenage life crisis thing!

Don’t feel so bad if you’re not where you pictured yourself to be!

How many of us compare our lifestyles to people we may know or see online, that we end up forgetting that we ALL go through our own stresses? At this age I feel like you need to take advantage of everything as a lesson to learn something important. My advice, take all the free advice that you can get! I certainly do.

If there is one thing I’ve learned throughout my financial journey, it’s not to be fearful of money. I never thought I’d feel on top of my finances and savings. But with a set goal, a plan of action and some handy tips from tools like the MFL budgeting app, you really can take control over your circumstance.

For more tips and advice on money related matters, follow us on all social media @moneyforlifeuk

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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.