In our “How I Manage My Money” series
our objective is to discover how individuals in the United Kingdom manage their finances through expenditure, savings, and investments in order to cover expenses and reach their objectives.
This week, we interview Izzy Bradshaw, 27, an English instructor residing in Weymouth alongside her partner, Jordan, aged 25. Izzy is instructing non-native speakers of English within the United Kingdom prior to relocating to Asia for a minimum period of six months to pursue further educational credentials in teaching. She is presently covering rental costs for
two characteristics and isn’t prepared to purchase a house.
Izzy isn’t contributing to a retirement fund and isn’t certain she’ll ever be able to stop working. All of Izzy’s savings are kept as cash, and she feels intimidated by the concept of investing.
Monthly budget
My monthly income:
I am currently teaching English as a second language at a summer camp in the United Kingdom. With additional hours, I earn approximately £3,000 per month after taxes. My partner works from afar as a software advisor and receives regular earnings.
My monthly outgoings:
I have relocated to Weymouth on a temporary basis, hence I’m covering the rental costs for a shared house in Dorset and an apartment in Sheffield.At the Weymouth house share where I live with my partner, I pay £300 each month for rent and utilities. My boyfriend resides here too and covers £700 monthly towards the rent. He contributes more because I’m also covering the rental costs for a place in Sheffield.
In Sheffield, my monthly rental fee for a two-room shared apartment with a roommate amounts to £525. Additional recurring expenditures consist of: food shopping at £120; local government charges at £88; electricity and water bills totaling £90; internet service costing £25; phone plan expense of £8; gasoline for my vehicle at £40; commuting via public transit amounting to £100; streaming services such as Spotify and joint access to Disney+, which cost £17.50; saving up £100 in cash along with contributions to different emergency reserve accounts; dining out budgeted at £100; purchases of clothing, personal care products, and home supplies also set aside £100; and weekend excursions ranging between £50 and £70. Annually, my automobile coverage comes to £450.
Raised in Durham alongside my parents and sibling, our household was financially cautious. My mother spent many years working as a local public footpaths officer, while my father took on various roles. We frequently embarked on camping trips within the UK and rarely dined out.
Having attended university in Sheffield, I began my professional journey in education. By the time I turned 22, I had become a certified primary school educator, with an annual salary of £25,000. I experienced symptoms of exhaustion during this position and eventually transitioned into a marketing role within the educational field, accepting a reduction in earnings by £2,000 per year. I have also worked as a substitute teacher, although the revenue generated from this was minimal and inconsistent.
I also recently traveled for five months through Southeast Asia with a companion. The entire journey cost me £5,000, and I set aside £10 per night for expenses.
At the moment, I’m instructing English to international students during a summer program. This position is short-term, and I earn approximately £3,000 per month, which is the most income I’ve ever received regularly. Nevertheless, I understand that funds can fluctuate, and since this job isn’t permanent, I continue to be mindful of how I spend my money.
Frequent travel has shown me how costly life can be in the UK. The high cost of living has led me to reconsider staying here for the long haul. I monitor my expenses carefully and maintain a spreadsheet detailing every one of my monthly costs. It might sound a little geeky, but I actually find it enjoyable.
I’ve always been cautious about spending and believe this habit stems from my parents. When I use money for one purchase, I’m aware of what I must do without. Without a steady income or reliable employment, I need to be vigilant. Last year, I bought tickets to watch Taylor Swift perform, yet even though I’m a big fan, I wasn’t willing to spend £60 on any memorabilia!
My passion for finance, financial planning, education, and exploration inspired me to launch my TikTok account, izzysadventures98, back in 2021. Although I currently do not earn income from it, I love sharing daily posts. I aim to generate revenue from this platform next year, though there’s no certainty about achieving that goal.
I utilize savings accounts through Monzo to allocate money for various purposes. I have a
a pot for travel, one for emergency situations
And another one for weddings I’ll be going to next year. I also contribute around £100 each month into an easily accessible savings account, which currently holds £1,300. I have £12,000 saved up in a cash Lifetime ISA, though this amount came as an inheritance from my grandparents.
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I’m not familiar enough with investing to be sure about putting my funds into something like a Stocks and Shares ISA. I’ve come across articles and watched online videos discussing investments, yet I believe I should have a one-on-one session with an expert who can guide me through the process. The possibility of losing money concerns me, and I wouldn’t want to invest in something without some assurance of returns.
I’m currently covering rental costs for two places. One is located in Sheffield, and the other is in Weymouth, although I’ll only be staying in the second one for a brief time. Me and my partner had been thinking about purchasing a house near the edges of Sheffield, but the latest adjustments to stamp duty have discouraged us and added complexity to the process.
Purchasing a house might pose financial challenges for us, since my partner has limited extra money and I am currently without a consistent income. I’m not yet prepared to settle into a specific area or job, and I can’t envision myself entering the housing market anytime soon.
Since my job is temporary and of brief duration, I am
avoiding contributions to a retirement fund
I don’t remember the precise amounts, but I have approximately £2,500 in one of my previous teaching-related pensions. I’m not overly concerned about contributing more to a pension right now. Eventually, I expect to secure a steady job with consistent earnings, which would allow me to grow my pension fund further. I’m uncertain whether I’ll ever be financially capable of retiring.
In the years ahead, I envision residing and pursuing my career abroad, specifically in an educational position, maybe at an international institution. My aim is to maintain an annual income of £30,000, which would offer a comfortable lifestyle, especially if I’m based in a region with lower expenses compared to Britain.
I don’t wish to have a job that lacks work-life balance and requires me to put in 60 hours each week.
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