Finding financial freedom in your 20s is nothing short of a miracle.
The aftershock of student finance (and perhaps all the reckless spending on ASOS because the UNIDAYS code made it justifiable), coupled with a junior salary and increasingly painful London rental prices means that you’re more than likely struggling to make ends meet.
Welcome to your twenties! It’s chaos and it’s brilliant. And nearly everyone’s in the same boat as you.
To see exactly where you sit on the scale of ‘I’m broke’ to ‘I’m a Queen’, the Office of National Statistics have created a calculator so you can see exactly how your income, savings, debts and living situation compares to other twenty-year-olds.
Take This With A Pinch Of Salt
Although we definitely don’t condone falling into the comparison trap (your daily reminder that everyone’s situation is always entirely personal), it is a good way of checking in and seeing how many people are in a similar situation to you.
Remember, everyone’s goals, idea of rich/poor and situation is different. So what works really well for your friends and family, may not work well for you.
Where Do You Stand?
If you do happen to be below the national average and feeling particularly financially stretched (or above the national average and still pretty stretched) it may be worth looking at plans to help you reach your financial goals.
If your debts are swallowing all your disposable income but feel impossible to pay down, take a look at debt consolidation to see if you can pay less interest whilst freeing up more money per month.
If you’re feeling overwhelmed by debt, contact Stepchange or National Debtline.