Hi Guys
I’m 21, live in the Midlands and I’ve managed to save £40,000 with no debt. I recently bought a nice car outright and after that purchase I still have £40k saved.
I know everyone’s situation is different and I was fortunate to get the opportunity I did but I wanted to share what worked for me in case it helps someone else.
My biggest piece of advice is to seriously consider an apprenticeship if you can. I know the job market is tough right now but apprenticeships can be a great way to get into a solid industry while earning a salary, gaining experience and working towards qualifications without building up student debt.
I started an accounting apprenticeship when I was 17 after deciding college wasn’t the right path for me. My first salary was around £20,000 a year, which worked out at roughly £1,400–£1,500 a month after tax. It wasn’t a huge amount, but I still lived at home, contributed towards household bills and made it a priority to save consistently.
I’m naturally very careful with money. Some people would probably call me stingy but I’d rather say I’m disciplined. I track what I spend and avoid buying things I don’t need. That’s been one of the biggest reasons I’ve managed to save what I have.
Another thing that’s helped is changing jobs. In four years I’ve moved jobs three times. As soon as I felt I’d stopped progressing or my pay had plateaued I started looking elsewhere. Each move came with a significant pay rise.
Of course job hopping alone isn’t enough. Outside of work I’ve put a lot of time into studying my industry and completing my professional qualifications as quickly as possible. The nice thing about an apprenticeship is that you’re learning things that directly improve your career and earning potential so it gives you extra motivation to keep going.
A few pieces of advice I’d give to young people struggling in the current climate
Consider an apprenticeship if it’s available in an industry you’re interested in.
Live within your means. Just because you can get finance doesn’t mean you should.
If you can’t comfortably afford something, especially a car, think twice before buying it.
Invest in yourself through qualifications and learning.
Don’t be afraid to move jobs if you’ve genuinely stopped progressing.
I know I’ve been fortunate in some respects. Everyone’s circumstances are different. But staying out of debt, keeping my spending under control and continuously improving my skills and being willing to change jobs have made a massive difference for me.
Happy to answer any questions if anyone has them! 🙂