What I spend In a Month as a 23yr old in london | my rent, transport & savings

Summary

In this insightful video, the creator provides a detailed breakdown of living expenses in London for individuals in their 20s during 2023. As a self-employed content creator, they share their monthly costs, including rent, bills, groceries, and discretionary spending. The video offers a practical perspective on budgeting using the 50/30/20 rule, highlighting the high cost of living in central London and personal finance strategies such as utilizing a 16-25 Railcard for savings. The creator's experience offers valuable insights for those considering moving to or living in the city.

Takeaways

• 📚 The video is an updated breakdown of the cost of living in London for someone in their 20s in 2023, focusing on the creator's personal expenses over 30 days.
• 💼 The creator is self-employed as a full-time content creator for various platforms like YouTube, TikTok, and Instagram.
• 💡 Skillshare is highlighted as a resource that helped the creator improve skills for content creation and secure freelance work, which contributed to their full-time job after graduation.
• 🏠 The creator lives in a one-bedroom flat in central London, Zone 1, with a monthly rent share of £1,300, which is considered high but aligns with London's median rent.
• 💸 The creator's monthly bills include gas and electric at £46.15, Wi-Fi at £8.50 (expected to rise to £17 after a welcome offer), water at £108, and phone at £16.
• 🛒 Groceries are purchased both online for heavy items and from local, more expensive stores, with a total monthly spend of £21.57.
• 🚶‍♂️ Living centrally saves on transport costs, with the creator using public transport and bikes, spending £57 on transport in total for the month.
• ☕ The creator enjoys coffee and bakery items, but has reduced spending in this area to £52.20 per month.
• 🍽 The creator spends an average of £50.40 on dining out, enjoying the variety of restaurants in London without overspending.
• 🏋️‍♀️ A ClassPass gym membership at £65 per month is part of the creator's regular expenses for fitness.
• 💳 The creator's variable expenses, excluding savings and investments, total £838, while total expenses including savings and investments come to £2,588.

Q & A

What is the main purpose of the video?

The main purpose of the video is to break down the cost of living in London in one's 20s in 2023, based on the creator's personal expenses over the past 30 days.

How does the content creator make money?

The content creator is self-employed and makes money through creating content for various platforms such as YouTube, TikTok, Instagram, and newsletters.

What is Skillshare and how did it help the content creator?

Skillshare is a platform that offers classes taught by world-class creatives. It helped the content creator improve their editing, SEO, and thumbnail skills, which contributed to their success as a full-time content creator after graduation.

What is the 50/30/20 budgeting rule mentioned in the script?

The 50/30/20 budgeting rule allocates 50% of income for needs (bills, rent, utilities, groceries), 30% for wants (shopping, eating out, entertainment), and 20% for future savings and investments.

How much does the content creator spend on rent per month?

The content creator spends £1,300 per month on rent, which is shared with their partner.

What is the average percentage of income spent on rent by an average Londoner?

The average Londoner spends 43.2% of their income on rent.

What is the significance of the 1625 rail card for the content creator?

The 1625 rail card helps the content creator save approximately 33% on every off-peak tube ride, saving them between £20 to £50 each month.

How much does the content creator spend on groceries in a month?

The content creator spent £21.57 on groceries in the past month.

What is the total amount spent on set expenses or needs by the content creator in the past month?

The total amount spent on set expenses or needs is £1,750.

What is the content creator's approach to saving money on eating out?

The content creator saves money on eating out by choosing reasonably priced restaurants, not drinking alcohol, and being a small eater.

What is the total amount spent by the content creator in the past month, excluding savings and investments?

The total amount spent on needs and wants in the past month is £2,588.