How I Save: Lily Picture: Getty

Lily has managed to put away a hefty clamper of money by sticking to a upkeep and finding bargains (Picture: Metro.co.uk)

How I Save is our weekly serial exploring the ins and outs of money – how we spend it, how we salvage information technology, and why it causes us so much stress.

Each week we ask a different person to talk usa through their approach to saving, then to document everything they spend for a week.

Then we ask an expert for their wisdom on how nosotros can all boost our savings.

Last time nosotros were chatting with a producer in Crystal Palace who managed to stash away £15,000 in lockdown.

Today we're looking effectually the finances of Lily*, 23, who works in the tech sector in London.

How Lily saves:

I earn £33k a year and in my savings account right now I accept £30k in savings (£10k in a LISA, of which £8k is my own and £2k government bonus).

Honestly, I've saved this much money just by loving a good bargain and always searching for discount codes. For purchases like clothes, makeup, skincare and homeware I ever attempt to use discount codes and make the about of watching sale trends to buy at the lowest price.

I didn't abound up with a lot of money and my mum really instilled this into me, but I as well detect it quite fun to grab a bargain.

I budget the very twenty-four hour period I get paid and move money over into (accessible) savings and then I don't actually course it every bit my salary to spend. I just access it if I actually need to.

I am a huge abet of saving, but I know budgeting savings is a super privileged position to exist in and really not possible for anybody particularly those who have been afflicted past furlough or have lost their jobs during the pandemic.

I don't really know what I'm saving for. I would like a house one day in the near future, but the London housing market is really scary and I don't fifty-fifty know how to start to save upwards enough for a decent eolith.

Shared ownership actually does not appeal to me at all, and I do non know the beginnings of investment to brand the almost out of savings. I wish there was an easy way to learn virtually this as I am quite cautious about savings.

I struggle with saving because I love clothes. Seriously, it is my biggest vice.

In pre-pandemic times I loved meeting up with friends and going for drinks and dinner. During the pandemic this has been replaced by take away coffee… my bank account shamed me this calendar month by showing that I had spent over £50 in March at ane coffee shop. I keep telling myself I am supporting local businesses…

I started a new chore days earlier the first lockdown, and I have been and so fortunate to take been able to continue working from dwelling house, which means I am saving on travel, which used to be over £170 a month in London.

I also fall into the shielding category then early on in the pandemic I avoided going out as much as I could, which helped with savings early on.

My partner works in the sound industry, which has been badly hit by the pandemic. He is furloughed but we take been able to still afford rent despite this.

I understand others have not been equally lucky during the pandemic, which is why I have been trying to non leave my local surface area to get cases down.

How much money are you lot spending on takeaway coffees?

£

per

Clear all

Full savings per twelvemonth (£)

How Lily spends:

Monthly expenses:

  • £1,175 a month on rent split between two people (and so £588 each)
  • £120 on other bills dissever between two people (£sixty)
  • £26 phone contract
  • I also have a gym membership but this has been halted for a lot of the pandemic, and then currently £0

Total: £674 a month. I budget £700 in instance bills go upward.

A week of spending:

Monday: I got paid over the weekend and then bills have already moved out of my account and into the business relationship I share with my partner. I likewise have moved £500 immediately into a separate savings over the weekend and so my current account is already looking a bit depleted!

This week starts quite slowly, only my java subscription to Grind comes out today (which I bought in a feeble attempt to spend less on takeaway coffee): £13.50.

An Uber trip from last week comes out of my business relationship: £4.72. I never really used Uber pre-pandemic, but now I will if public transport is looking super crowded. I take had my get-go vaccine dose simply need to withal be careful.

Total spent on Mon: £18.22

Tuesday: A whole bunch of expenses come up out today and striking my bank account hard.

I lose £166 to embrace some pocket-sized dental work I needed a couple of weeks ago (though I might get some of this money back through my work Medicash scheme).

Coin spent at the weekend also comes out of my account: £6.48 on Itsu, £9.25 for java for my partner and a friend on 1 of the (countless) weekend walks, £12.10 on (more than!) java, but this time on coffee beans for the at home coffee stash. I also lose £8.45 to Waitrose for an emergency snack run.

In the evening I do a yoga class through the app Down Dog. This is honestly one of the best purchases I accept fabricated during lockdown to supersede classes at the gym. It cost around £twenty for a yr subscription to all of their apps, including a HIIT app that I also utilize. £0 spent.

Full spent on Tuesday: £202.48

Wednesday: Information technology's hump 24-hour interval, so I care for my partner and I to takeaway costing £eleven.70. I spend £21.99 on amazon on curly-girl haircare since I need to re-stock on products.

I cover the toll of the big Tesco orders each calendar week, which arrives today for £78.59

On the plus side I get 27.98 dorsum from some clothes I returned.

Total spent on Wednesday: £112.28

Th: I treat my partner and I to overpriced coffees for £6.70 in the morning.

In the afternoon I clasp in a HIIT class during my lunch interruption. I apply an app by the aforementioned creators of Downwards Dog and is part of the year-long membership, costing £0

Total spent on Thursday: £6.70

Friday: I besides offset today off with a morning walk and coffee (caffeine is addictive, okay?) £two.ninety on oat latte. That caffeine hit though? Priceless.

At lunch I post a dress I sold on Depop, which costs £3.60 and I walk home past Superdrug and care for myself to a confront mask to start that weekend feeling: £3.97.

Total spent on Friday: £10.47

Sabbatum: TfL charges £3.00 for a trip into London as I travel to meet a friend to take hold of upwardly in over cocktails in a park (swish, I know). On the mode I buy a piece of pizza for £iii.90.

Over the course of the day I accidentally pause one of my friends' fancy cocktail glasses she brought and I immediately purchase a replacement for £21 to her business firm before she can turn down.

I likewise automatically transfer an extra £20 into my Monzo account through a continuing order and into a pocket-size savings pot. I put £20 a month away to acme upwards for presents at Christmas as I love to treat my family unit and December can be expensive. Since this is between accounts I don't actually grade information technology every bit an expense and I can access it any fourth dimension.

Total spent on Saturday: £24.50

Lord's day: I'm a bit hungover and then I buy a takeaway coffee for £2.90.

My trainers are also really destroyed from not being able to do anything else all year but socially distanced walking, so I purchase myself a new pair as a pick-me-upward: £38.47.

I spend the rest of the day binging Netflix (a Sunday necessity), napping (a hungover necessity), and starting on a work presentation for the next week.

This week I overspent slightly, but it always happens the week after payday, since purchases like the haircare products and trainers take been needed for a while and I was waiting to get paid. I besides was expecting the charge for the dental work, which I can always dip into savings to embrace if needed.

Total spent on Lord's day: £41.37

Full spent this week: £415.74

How Lily could save:

We spoke to the experts over at Plum, the smart app for managing your money, to find out how Lily tin put aside more than (and what we tin larn from her spending). Please annotation that tips from Plum do not establish fiscal advice.

Here'south what they said:

Hey, Lily! Thanks for sharing your week with usa.

What a great position to be in at 23. Having £30k in savings is nothing brusque of amazing. Your university budgeting addiction and nose for a bargain has certainly stood you lot in expert stead. Excellent work!

At present permit'south take a closer look at how we tin can go along maximising your money.

Saving

Lily, you're definitely in the big leagues when information technology comes to saving. Although budgeting isn't all that glamourous, it's an essential step in managing your coin that you've proven can work wonders.

You mentioned that yous're non sure how to start saving upwardly for a house deposit, but we'll let you lot into a little underground. You're already doing all the correct things. Making a budget that gives yous the flexibility to set money aside regularly will go a long way towards building up that lump sum.

That beingness said, if saving for a new pad is a chip likewise much right at present, why non fix a goal that'due south a little more fun to achieve? Admittedly holidays aren't exactly on the cards right now, simply it might be nice to set some money bated for a staycation or, cartel nosotros say it, a coffee machine?

If you're feeling very sensible, you lot could fifty-fifty consider creating an emergency fund by moving some money into an easy admission account. Experts by and large suggest that yous have three months' worth of living expenses stashed abroad in this pot in case you need to cover any sudden, unexpected costs.

Once y'all've got your emergency fund ready, and have paid off all immediate high-interest debt, this is the fourth dimension when a lot of people start thinking about investments. To get the ball rolling, you could mayhap have a recollect nigh these two questions. Firstly, is this really the right fourth dimension for you lot to invest? And secondly, what are your investment goals?

Later on those are sorted, it's then a case of doing your research into the different investment options out there, so y'all can notice the one that's right for yous. It'southward always worth remembering though that your capital is at risk if you invest, so don't feel pressured into rushing into anything.

Spending

Lily, you're a very savvy shopper. Hunting downward bargains and using discount codes are all great ways to make the most of your difficult-earned dough.

Nosotros're also in awe of your planning. You clearly know your spending habits very well and accept already started building upwards a dedicated 'Christmas fund' before the big solar day.

While it does sound as though takeaway coffee has become your lockdown vice, it'south important to care for yourself every once in a while. If it takes a quality brew to give you lot that little pick-me-upwards, and so by all means go for it!

Now that things are slowly starting to return to normal though, y'all might want to recall about integrating a dedicated "treat yo' self" fund into your budget.

In money management apps like Plum, you can create Pockets to organise your cash. Setting upwards a 'post-lockdown fun pot' volition mean y'all can get dorsum to dinners and drinks with your friends, while still growing that £30k nest egg.

*Proper noun has been changed.

How I Save is a weekly series near how people spend and save, out every Thursday. If you'd like to anonymously share how y'all spend and save – and get some practiced advice on how to sort out your finances – get in touch by emailing ellen.scott@metro.co.united kingdom of great britain and northern ireland.

If you want more tips and tricks on saving money, as well equally chat about cash and alerts on deals and discounts, join our Facebook Group, Money Pot.

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