Millennial Cash

Following on from my last post, I want to share a few pointers to get on the property ladder. But first- consider if you really want to buy a property. The minimum fixed term is 2 years meaning it will be very expensive to try to sell in your fixed term if your circumstances change or you want to move. The drive to travel and to move to faraway places is especially prevalent in our age group and we will only be a 20 something once. So if you think you might want that, don't rush into buying because everyone else is doing it. Plenty of time later to play house. Now if you think you won't want to move and you would like to buy a house, how do you go about doing this. I will write down tips I found useful and I hope you do too. 1) Create a budget. Write down your income and subtract all your outgoings. An example is copied below. Income £1,500.00 Outgoings   Rent £600.00 Phone & internet £50.00 Gas, electricit...

The topic that comes up most in conversation with friends is housing. In the UK, we are sort of obsessed with housing anyway (how many bedrooms, is it detached, don't tell me it has an ensuite as well!) but this is even more pronounced amongst us young. Some of this is cultural and societal. Our parents measured their wealth in terms of the value of their houses so why shouldn't we as well? It has become a marker of success and the main way that British people feel like they accumulate wealth. After all, we don't want to be less successful than our parents. This inherent feeling is difficult to combat but some perspective is required. It is perfectly possible to not own any real estate and still be fabulously wealthy. Imagine someone like Bill Gates selling his house and renting instead. This does not automatically mean he is going to become poor. It is also perfectly possible to own a mansion and still be pretty far from wealthy (anyone heard of cheap credit?). An exam...

I am writing this post as a millennial who is married to another millennial. I, ironically, used to be really irritated by the thrown about term of 'millennial'. We all have different paths in life. We come from different backgrounds, have different dreams and hopes and vastly different circumstances. This means generalising will often be difficult and lead to errors. Having said this, it doesn't mean that we don't share common concerns. My objective is to chronicle my financial journey and share some information I find useful and interesting. So to start with, what are the main areas of concern for a millennial? 1) Housing- anyone who has opened any newspaper in the last decade knows about this one. I am UK based so it's possible it's even more pronounced for us here than elsewhere. There simply aren't enough houses built for a growing population on a small island which impacts affordability (a lot more to come on this later) 2) Employment- with B...