In our How I Manage My Money series we aim to find out how people in the UK are spending, saving and investing money to meet their costs and achieve their goals.
This week we speak to Matilda Taylor, 24, who lives in Brixton, London, with her boyfriend, who is 25 and works as a management consultant. Matilda is working in her dream job as a children’s nurse in the NHS, but makes extra money via an app working at events. She thinks she would need a six-figure deposit to buy her own home and can’t see herself getting on the property ladder until she is over 30.
Monthly budget
My monthly income: I earn around £1,720 per month after deductions from my job as a children’s nurse in the NHS. I also make between £200 to £550 a month from my work via Pioneering People.
My share of the monthly outgoings: Rent, £1,000 – our rent is £2,000 in total; council tax, just under £100; utility bills, around £95; mobile phone, £15; student loan from salary, around £100; money into cash ISA, this varies a lot, but generally around £20 to £50 a month when possible; money into work pension, around £200; holidays, eating out and socialising, around £300, but often lower. As a couple, we spend about £200 per week on groceries.
I grew up in London and my parents worked as management consultants. I studied nursing at university and got a job as a children’s nurse at an NHS hospital earlier this year. I really enjoy it and my take-home pay from this job is about £1,720 per month.
On top of my full-time job, I have a side-hustle, which I started earlier this year. I take on work via Pioneering People, which matches me for different short-term jobs near where I live. I work at events and help set them up and serve drinks. The lowest I’ve been paid for an event was about £13.50 per hour. The pay comes through really quickly. I try to do a few events and jobs each month and my side-hustle adds around £200 to £550 per month to my income. In this day and age, it’s normal for people, particularly Gen Z, to have a side-hustle.
The extra money from my side-hustle is really useful, particularly in a cost of living crisis. I don’t have to worry so much about my monthly expenses and bills. If I’m going to people’s weddings or heading away on holiday, I don’t have to scrimp and save so much any more.
I am currently renting a one-bedroom flat with my boyfriend. The rent is £2,000 a month and I pay a share of £1,000 per month. I’d have a very different life if our rent wasn’t so expensive. Our landlord has mentioned that a future rent increase could be on the cards, which is very worrying.
As I’ve only recently started working full-time, I haven’t even thought about owning my own home just yet. It’s not on my agenda. I think I would need a six-figure deposit and can’t see myself getting on the housing ladder until I’m over 30. At the moment I’m enjoying my work and home life, and try not to get too stressed about the future.
I don’t put aside a lot of money in savings, but do have a cash ISA with Barclays, which I try to add £20 to £50 a month to when I can. I’d like to be able to add £100 to £200 to it every month. I like to keep my savings, including my cash ISA, in easy access accounts, so I can take the money out if or when I need to.
As I’ve only recently graduated I haven’t thought much about my pension or how much money I might need in it by the time I retire. The NHS pension is good, but I know I will need to increase my contributions to my work pension as I get older. I add about £200 a month to my work pension now. Having an auto-enrolment scheme in place is a good idea.
I’ve only recently started my job at the hospital and am keen to save money where I can. I’m hardly ever at home, so that helps us save money on utility bills! I used to get a coffee on the way to work each month, but stopped doing this. I enjoy travelling a lot, but always search for the best deal available.
Money is important to me, as I feel it is to everybody living in London. It’s expensive here, but there is also so much to do and explore with the money that you do make. My job as a nurse is so important to me that I would not replace it with a career which would enable me to make more money. I’m glad I can work in my dream job while earning a little extra money on the side.
In terms of financial goals, all I want to do at the moment is travel more. When I get annual leave I like to do city trips around Europe and understand more about different countries’ culture, history and food.
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