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 Matthew Walker-Mills, 25, who lives in Nantwich and works as a Search Engine Optimisation (SEO) executive. Matthew adheres to a strict budget and is careful about how he spends money. He faces paying off nearly £70,000 in student debt. Matthew believes he would need at least £300,000 in pensions for a comfortable retirement.
Monthly Budget
My monthly income: I take home £1,850 per month from my full-time job as an SEO executive. I work for an e-commerce sports equipment retailer. My annual gross pay is about £27,500 a year.
My monthly outgoings: Rent, £700; council tax, £135; groceries, £140; gas and electric, £70 to £120; broadband via mobile hub hotspot, £20; car fuel, £150; Now TV, £2.99 a month deal for one year; sim-only mobile contract, £24; money into stocks and shares ISA, £250; money into regular cash savings account, £250; money into workplace pension, £91; padel, £13 a session. I pay for water on a quarterly basis, at about £150 per quarter. My car insurance is £438 for the year. I’m not a member of a gym and prefer walking outside. I do a lot of my own cooking and try to avoid takeaways.
