How I Save: The freelancer in London who earns £31k a year and has £12 saved

This one popped up in my Google feed and I’m like “What on earth?!”

So she spends close to £3 per day on coffee while spending £15 per month on her OD, and £10 per month on lottery?

For goodness sake, if you need your OD regularly don’t bank with Monzo in the first instance. Secondly don’t buy an “iced latte” every day if you are in your OD(might make slimming world redundant as well) and drop the lottery.

Oh well, I guess it’s her choice and her life…


How does the advice at the end not pick up on the lottery and overdraft spends? These are clearly unnecessary, and would be the first advice I would give. Coffee adds up, but I get that telling someone to cut their little luxuries like that is probably not sustainable for some people, but I’m certain she could do without a lottery ticket and a silly overdraft fee.

I guess I won’t be taking any advice from Cleo then.


I put £180 a week into my boyfriend’s account, which is my half of rent, gas and electricity, council tax, and other bills. This comes to £720 a month.

Sounds like she’s paying the mortgage… or is London just that expensive for council tax etc.

Obviously depends on what they are getting for it. But £1400 pcm for rent and utilities seems on the lower end for me.

Jesus do people really live like this?! Utterly feckless!


Just saw this being discussed on the monzo forum:

She needs Monzo :stuck_out_tongue: The spending breakdown is a godsend for finding out where the money is going.


Nope mate. That she uses monzo is a big part of her problem…


She’s doing fine, she has a handle on her debt - there’s no point in keeping money in a crappy savings pot when you’ve interest rates on your debt at 20%.

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Encountered similar things myself in the past few years. Was looking into savings accounts but, they truly are pointless. Save £3000 in a savings account to make £45 interest. Balls to that. Cut back on my visits to Pret, curbed the football bets and takeaways. I stick a little into a pot every day and at the weekend I stick it on an accumulator. Better potential than a savings account, though not guaranteed. Don’t have to wait an entire year to get it either.

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Yep. Waste of time. I started putting money into a stocks and shares ISA with MoneyBox over the last 2-3 years. As much as I can afford each month.

I have almost twice the £3,000 you mention. The interest is somewhat more healthy. This is with a moderate attitude to risk. Obviously risk of investments falling, previous performance not an indicator of future earnings etc. etc.


This article i’ve seen similar ones like it, and like all of them, there not telling the whole story. There hiding spending presumably unknowingly. At £700 a month in bills shes doing well for her self. but her spending only accounted for half her remaining money, and half of that was frivolous spending.

Only reason i have savings in cash is because there for a deposit in a LISA. Long term savings are always better elsewhere.

Doesnt moneybox kill you with the fees?

Confirming that the lottery is a tax on stupidity.


£1 per month plus fees associated with funds.

Yep, I’ve heard MoneyBox is not great for fees. Really should look at alternatives.

Only started with it as it was convenient and something better than nothing.

Cheers for the info @Johnny. I’ve never dabbled with investments. I have a fear that the whole thing would go tits up and I’d lose the lot. Perhaps that’s incredibly rare if the risk is relative moderate.

@danmullen, you invested in something a while back didn’t you? You had one for your kids or something and one for yourself. Was it one of the services attached to the Starling Marketplace?


S&P 500 over the last 10 years has increased over 150%

Funds are for long term goals, that’s why they can survive recessions, because you don’t remove the money.


Yes, Wealthify. Doing really well. Around 8.5% return currently. It’s been as high as 10%. I expect with the upturn in the FTSE 100 today it may well go up again.


Nice one, cheers fella. Need to look into more of these things. Football Accumulators do their job from time to time but I still reckon I break even in the long run. At 28 I’ve still got some saving years left in me…I hope :joy:

Thanks to compound interest, the earlier you start the better!