April 21, 2024

‘I’m 22, earn £105,000 and still live with my parents – here’s how I spend my money’

Email money@telegraph.co.uk if you would like to take part in How I Spend My Money. All our subjects are genuine but anonymous.

I have been learning to code since I was about 14 and have always loved the problem solving and creativity involved.

During most of my teenage years, I was making scripts and plugins for Minecraft servers, which gave me a great foundation of knowledge which helped me to excel.

I had my first work experience before university. I created my own speech recognition assistant, and sold the rights to it to a hotel chain experimenting in similar technology.

I went to a decent university where I got a first in Computer Science. As part of my degree, I did a year in industry as a software engineer at an investment bank in London (I was paid £48,000 when I was 20-years-old).

During my final year, I worked for a financial services company in Dubai, which sponsored my dissertation in high frequency trading. I had to remain in the UK for my studies, but they flew me out to Dubai during the holidays so I could work closely with the rest of the team and also experience working abroad.

This work experience was unpaid, but the opportunity was too valuable to decline, and eventually it paid off as it gave me the experience I needed for my current job at a leading investment bank.

I have also been a remote computer science tutor for five years, starting at £25 an hour and increasingly gradually over the years to £80 an hour. I enjoy tutoring because it has taught me lots of communication skills which have helped tremendously in coding interviews, where I need to discuss my thought process while writing code.

I tutor on weekends and in the evenings, where a slow week could only be one hour, but during busy exam seasons I can get up to six hours a week. On average, I usually tutor about two or three hours a week, which works out to about £10,000 annually.

When I was 16, I worked in a warehouse on £4.50 an hour and I remember my target was to graduate into a job that paid £30,000. It has been a bit overwhelming going from that to six figures in just over five years, but it’s something you get used to quickly.

Vital statistics:

  • Age: 22
  • Pre-tax salary: £105,000 excluding bonus (£95,000 as a software engineer, £10,000 from tutoring)
  • Post-tax monthly salary: £5,817.52
  • Student loan: £500 per month after April
  • Pension: 7pc of total earnings
  • Housing costs: £400 per month
  • Subscriptions: Spotify (£11/mo), gym membership (£18/mo), SIM contract (£30/mo), Amazon Prime (£95/year), Uber One (£60/year), Google One (£16/year), Discord Nitro (£8/mo)
  • Monthly savings: £2,000 (Help to Buy Isa, £200; savings account, £500; current account that pays 4.1pc interest, £1,300)

Day 1

I am required to work in the office three times a week. I can choose which days I come in, but I normally try to avoid Thursdays since the commute is noticeably busier – however, I am making an exception as I am meeting a friend after work, so I came in anyway. 

The gruelling hour-long commute had me famished, so I had a cooked breakfast and treated myself to an overpriced apple juice at the canteen, totalling £7.70. 

I also worked up an appetite during my morning meetings, where most of my contributions were limited to nodding in agreement and saying thank you at the end of the call, so I bought a large burrito for lunch, which was £12.95. I enjoy burritos because they don’t feel like fast food, but still seem somewhat nutritionally complete.

After work I met up with a mate. We went to a bar to play pool, and shared some drinks, which came to £52.30 between us. Then we ended the night at a nice Tapas restaurant where we sampled some very reasonably priced Iberico pork and seafood for £73.96, which we also split.

After getting the train home (total return fare was £14.90), I ordered a cab home from the station for £8, but the driver was quite funny so I gave him a tenner and told him to keep the change.

Total: £108.68

Day 2

I worked from home today and made my own food, but after work I went for a £22 haircut to freshen up my fade ahead of a night out in London. 

The train was £9.10, but everything went downhill after this as one of my mates had his car stolen so couldn’t make it. 

After a few rounds of doubles, I was shocked to realise that I had spent £85.48. I left and got an overpriced pizza for £15 at a nearby Italian restaurant and then made the most of my Uber One membership getting a Uber home for £48.51.

Total: £180.09

Day 3

I felt a little worse for wear this morning, but I went to the gym to wake myself up, stopping by Londis on the way home to pick up some water and fresh toothpaste for £6.96. 

I was going to top up on my Listerine as well, but I categorically refuse to pay almost £6 for a bottle, so I shall wait till I eventually go to Tesco to get it at Clubcard price.

In the evening, I met up with some friends for dinner, which was £17.86 and then a £10.15 train return ticket home.

Total: £34.97

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