A Millennial Speaks out

Windofchange

http://www.thedailymash.co.uk/features/the-spending-diary-of-a-millennial-who-doesnt-live-in-london-and-therefore-doesnt-matter-20180129143358

westernpromise

The Daily Mash's account seems closer to the way most people actually did lived when I was that sort of age, and still do in most places. Eating out (except at Pizza Hut or KFC) and taxis were simply not done. I still perceive taxis as too expensive.

Now students take Ubers to get to lectures and wonder why they're skint.

If that woman is on £40k a year she could borrow £160k and it would cost her £769 a month to repay it. This is about the same as her current rent and bills. So the maximum mortgage she could get is affordable compared to her rent. Her take home's about £2,400, so I really don't understand why, with £1,600 a month of that left over, she's not saving £1,000 a month so as to have a £40k deposit together in 3 years. At that point, she can afford a £200k property, which would get her 1 or 2 beds in somewhere like Eltham or Forest Hill, or something like this:
http://www.rightmove.co.uk/property-for-sale/property-60029782.html

When I was in my twenties, with 15% base rates (mortgage rates were higher), at one point my disposable income was 2/3rds of 1% of the gross. If she lived on the same proportion, she'd have £20 a month. That I would consider hardship, but somehow she's burning through £1,600 a month with nothing much to show for it.

She just doesn't want it enough.

Out,_Vile_Jelly

I live in London and am older than this writer, but don't earn hugely more. I bought a 2 bed Zone 4 house four years ago on this single wage, with no help from mummy & daddy (other than my dad buying me a bucket and stepladder as he got really excited about the DIY).

-I've taken a packed lunch to work every day of my life pretty much. Went with colleagues to a place called Five Guys for lunch recently; rubbish veggie burger, chips and drink cost over a tenner. If idiots are spending money in trendy places like this every day, then they deserve to be poor.

-I buy most of my clothes from charity shops. Today I'm wearing French Connection trousers (50p), a pure silk Massimo Duti blouse (£1) and a pure cashmere jumper (£4).

-I've saved 10% of everything I've ever earned, even when I was on rubbish wages.

-Got a taxi in London maybe 5 times in over 15 years. It's London; there are night buses!

-I don't do tech. Don't have a smartphone, don't have a fancy telly; entertainment is library books, sport on the radio and a £5 monthly subscription to Cinema Paradiso.

-I have loads of friends, loads of hobbies and consider that I get the most out of London life compared to many who just spend their evenings watching Netflix and tweeting about it.

I get seriously bored with people who think the only possible London life is to get Ubers everywhere, eat out for every meal and have shopping as your main hobby, and moaning about how expensive a famously expensive city is as your second hobby.

Some excellent free/nearly free stuff available:

Sign up to the Ian Visits newsletter: https://www.ianvisits.co.uk/london-museums/ for unusual and little known gems ie Croydon Airport

Gresham lectures: https://www.gresham.ac.uk/attend/

Science Museum Lates: https://www.sciencemuseum.org.uk/see-and-do/lates

Cheapo tickets to the National Theatre for moaning millennial under 25s: https://www.nationaltheatre.org.uk/entry-pass

Drivel like this is insulting to the many Londoners struggling on low wages in jobs far less cool than journalism.

economic

Out,_Vile_Jelly wrote: »

I live in London and am older than this writer, but don't earn hugely more. I bought a 2 bed Zone 4 house four years ago on this single wage, with no help from mummy & daddy (other than my dad buying me a bucket and stepladder as he got really excited about the DIY).

Funny my dad is exactly the same!

suki1964

I treated myself to breakfast the other week in a posh cafe which had opened in my tiny farming town. Usually if I have breakfast out its £4 for 7 items and free filter coffee , unless they run out and you get instant but like £4 foe a meal that does you all day, who's complaining?

So into the posh cafe and I order a black coffee and poached eggs on toast and they asked if I wanted any extras. I thought they meant red sauce, turns out they meant avocado :eek: Even the manager gets in on the act telling me the Avos are really good and creamy and I'm like why would I want avocado for breakfast on toast? £2 extra for the avocado :eek: They are always on reduction in Tesco for 10p as it seems no one eats avocado on toast around here

Needless to say I didn't have avocado and I have to say I feel all the better for for it

I also bought my first home in London by never eating them either

Out,_Vile_Jelly

economic wrote: »

Funny my dad is exactly the same!

Mine was genuinely surprised when I wasn't really thrilled by my first visit to Wickes.

An awful lot of Londoners really are tiresome; articles like this just reinforce the stereotype.

economic

Out,_Vile_Jelly wrote: »

Mine was genuinely surprised when I wasn't really thrilled by my first visit to Wickes.

An awful lot of Londoners really are tiresome; articles like this just reinforce the stereotype.

Yeh i agree. My wages are higher then the average for london and i still cut down on costs as much as possible. Recently i ended my subscription to netflix - never watch it anymore and not impressed by the content.

Silvertabby

I'd love to know how many of these 'it's not fair I can't afford to buy a house in London' moaners smoke.

£10 a day = £300 per month = £18,000 over 5 years.

Herzlos

I think it's absurd that people are expected (or looked down on for not) living like paupers for their first working decade if they're expected to get on the property ladder.

Then there's the fact if everyone under 35 did that and stopped spending unnecesary money the economy would utterly implode - almost nothing would be able to stay open (cinemas, bars, clubs, restaraunts, takeaways, shops, car dealerships, taxi firms, night busses).

Why shouldn't it be possible to have some enjoyment out of life and get a house?

People aren't unable to afford houses because they spend £2 on some avocado on toast occasionally - most millenials aren't even going into the coffee shop in the first place. Nor do they all have £40/month phone plans, have multiple tv subscriptions and driving new cars whilst getting ubers everywhere.

Lokolo

Herzlos wrote: »

I think it's absurd that people are expected (or looked down on for not) living like paupers for their first working decade if they're expected to get on the property ladder.

Then there's the fact if everyone under 35 did that and stopped spending unnecesary money the economy would utterly implode - almost nothing would be able to stay open (cinemas, bars, clubs, restaraunts, takeaways, shops, car dealerships, taxi firms, night busses).

Why shouldn't it be possible to have some enjoyment out of life and get a house?

People aren't unable to afford houses because they spend £2 on some avocado on toast occasionally - most millenials aren't even going into the coffee shop in the first place. Nor do they all have £40/month phone plans, have multiple tv subscriptions and driving new cars whilst getting ubers everywhere.

I don't think there is an issue with spending a little on luxuries. But in the article the journalist spent £140 eating out, and then on top of that £140 on groceries. IN A MONTH.

Even going to Wagamamas or Nandos twice a week you wouldn't spend £140 eating out.

I have one friend - who is the same age as myself and doesn't pay rent - goes to the pub every weekend. Drinks for 4-5 hours. I dread to think how much he spends.

Enjoy life in moderation.