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 Urwah Chaudary, 23, a student living in a one-bedroom rented flat in Chelmsford while studying for a master’s. Urwah’s rent has increased and she is struggling to keep on top of her finances. Urwah brings in some money by working in a call centre and doing ad hoc food deliveries for an app. She also borrows money from her father and partner.
Monthly Budget
My monthly income: I have about £1,600 to £1,800 coming in each month. This comes from a few different sources, namely my job as a careline co-ordinator in a call centre, food delivery work for an app and loans from my dad and partner. The amount of money I have coming in from any work varies a lot each month.
My monthly outgoings: Rent and water, £1,200; groceries, about £70, electric, £40, petrol for my car, around £20. My partner pays for my mobile phone and broadband package. He also covers the cost of my car insurance. I add £5 to £10 a month to a cash savings account when I can. I’ve stopped spending money on things like eating out, day trips or holidays.
I am studying for a master’s in psychology at the University of Roehampton. I’ll be submitting my thesis in September and will graduate in January next year. I received a £15,000 student loan, which covers the fees for the course.
While studying, I am working as a care co-ordinator in a call centre on a zero-hours contract. The hours I do vary a lot. Sometimes I do five hours a week, but in other weeks I can do 20 hours or so.
To build up my income further, I also do ad hoc food deliveries for an app. Again, the amount of income I make from this varies considerably and can be anything from about £3 to £10 or more per delivery.
I live in a one-bedroom flat in Chelmsford and find it hard to keep on top of all the bills. My rent is £1,200 per month, having recently been increased from £900 a month. My landlord suggested that his mortgage costs were going up and inflation was high. I do think more financial help should be available for students who are renting. Landlords should be required to give tenants more notice when increasing people’s rent.
With a large portion of my income going on rent, I often feel financially drained. I’ve had to cut back my spending on groceries significantly and always double-check that I am only buying what I absolutely need to. I’m vegetarian, which helps keep my food costs down. I’ve cut out takeaways and eating out. I have to borrow money from my father and partner, and this can be up to £300 to £400 a time. My partner is currently paying for things like my mobile phone bill and broadband.
I’ve not been able to go on holiday since 2021, and even that was just two days in Budapest. I’d love to go to Switzerland by train, even if it was just for a few days.
Owning my own home one day would give me a real sense of achievement. I’m not keen on busy areas so wouldn’t want to live in London. I’d prefer to be somewhere with countryside views because I love being out in nature. I imagine I’d be looking to spend around £250,000 to £300,000 on my first home.
It’s hard to say when I will be able to get on the property ladder, but I’d like to do this when I am 27 or 28. I am aiming to save up a £20,000 deposit, but this seems a long way off at present. I’m not able to save a lot or regularly, but when I can I add £5 to £10 per month to my savings account with Nationwide.
Money worries have a huge impact on my mental health. When I know I have enough money to get me through the month, I feel relaxed, stress-free and happier about life. When I don’t have enough money, I feel low, stressed and upset about life. My sleep and appetite can be affected. It affects my self-esteem too.
In the future, I plan to work as a psychologist in the private sector. I’d like a good work-life balance and am not convinced a job in the NHS would be for me. While the NHS is brilliant, the hours can be gruelling. As well as being able to buy my own home, I just want to have enough money to be able to afford a decent lifestyle. I want to be able to travel, manage my bills and outgoings and be comfortable financially.
Want to take part in How I Manage My Money? Email money@inews.co.uk