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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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The spending habits of a 25-year-old shopper

I’m Saskia Calliste; 25 years old and the newly appointed Assistant Editor of Voice Magazine. I live in West London, and I’m the youngest of three siblings, which means I am the last one left to leave the nest. I work two jobs (practically seven days a week), freelance and run a few creative side hustles as well. I am sharing my spending habits with ‘Money For Life’ to give you an insight into the not-so-great spending of a 25-year-old-shopaholic.

 

Money, money, money

My income for the past six months has come from my day job as a Customer Service Agent. Before that, I worked mostly freelance as a Publishing Assistant, Writer. I work in customer service to support myself during these turbulent times, as lockdown was not kind to freelancers. I get paid weekly, which, although sounds great, makes managing money a bit harder. I’ve noticed an uptake in my spending because, as I get paid again in a week, “it’s no big deal”, right?

 

Starting young

I started earning my own money when I was 16. I was a full-time babysitter/ tutor throughout college, mostly because it took place in the evenings. Being a full-time A-level student, it was important to me to have a good work-study balance. Throughout my studies, I always worked part-time, mainly in telecommunications, because of flexible work schedules. Studying has always been my main priority, and I wasn’t willing to work jobs that would be overly time-consuming.

 

Where does all the money go?

My monthly expenditure is pretty much the same every month. As I get paid weekly, I pay £100 for rent each week. It’s vital for me to help out where I can, to prepare myself for life on my own. I have a pretty serious shopping habit, and it wouldn’t be a stretch to call me a shopaholic. It started when companies like Klarna and Clearpay began to pop up on websites like ASOS and Look Fantastic (my absolute guilty pleasures). Using these ‘Buy Now, Pay Later’ services means that pretty much every week I have to pay back part of a huge shopping haul I did the week before. At times, I’m paying around £50 a week for a £200 haul. In 2018, 18.6% of young adults in the UK, spent £101-200 on clothes – so I am not alone.

 

I’ve been responsible for my phone bill since I was 16. So, once a month, between £50-£90 comes out of my Halifax account for that. I don’t care much about technology; however, I always find myself with the latest phone, hence why it’s a little on the high side. When I work late, UberEATS is often responsible for taking up a chunk of my money. I think that’s something most people my age are guilty of. All of my friends seem to have the same kryptonite… ASOS and UberEATS. I do also love to cook, as I find it therapeutic, so I try to do more when I can for body, mind and wallet benefits!

 

Let’s talk about financial responsibility

I learnt about money from a young age. Raised by a single mum, money was tight, and I was the only person in my house with an affinity for numbers. My mum used to ask for my help to budget, and I just took to it. In high school, I studied business, and it was one of my highest achieving subjects. A successful business is all about expenditure and breaking even, and what I learnt has really helped my own relationship with money. Some people feel uncomfortable talking about money, but my mum and I have always talked about money from a young age, and I think I really benefitted from that.

 

In an ideal world…

I wish we learnt about money management in school. I did because of business, but never in a domestic capacity. It would have been nice to learn how to save, and to know what to save for. I have friends who earn more than I do, and they are making nest eggs for their future house. It’s easy to compare myself and sometimes feel like I missed that memo.

 

One news article said, ‘figures from ONS (Office for National Statistics) show homeownership among 22 to 29-year-olds has plummeted by 10% since 2008 to only 27%. They’re also less likely to have money set aside. In just four years, between 2010 and 2014. The number of twenty-somethings with any savings at all dropped from 59% to 47%’ (The Independent, 2018). I’m 25, so I know I still have time to catch up, but it would have been beneficial to know to prepare early on.

 

What does the future hold?

Right now, I’m saving to be comfortable more than anything. I’ve been in financial struggles before, and I’m saving not to have to ever go without the basics again. Sometimes because I know the basics are covered, I still go overboard with things I don’t need. I’m still learning and I hope that as I get older and have more responsibilities I will get better at saving for the future. It’s just that, when you can’t go out because of, well…COVID, online shopping often seems like a good idea!

 

Chat

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.