How I Manage My Money: Will Gryba
In our “How I Manage My Money” series, we explore the financial habits of individuals in the UK to understand how they navigate their spending, saving, and investing to meet their expenses and achieve their aspirations.
This week, we feature Will Gryba, a 22-year-old residing with his family in the Wirral, Merseyside. Will works in digital marketing and is keenly focused on investing and saving for his future. He is not in a hurry to purchase a home and believes that the tax rates in the UK are relatively manageable.
Monthly Budget Breakdown
My monthly income:
My gross monthly salary from my position as a digital marketing executive at an SEO agency in Liverpool is £2,166.67. After tax and other deductions, I take home just under £1,800 each month. Additionally, I run a side hustle on TikTok, which generates an inconsistent income ranging from nothing to around £300 monthly.
My monthly outgoings:
- Rent to my parents: £200
- Transport and car insurance: £163
- Petrol: £50
- Mobile phone: £35
- Gym membership: £45
- Boxing classes: £24
- Spotify subscription: £12
- Work pension contribution through salary: £66
- Investments: £300 (sometimes more)
- Savings: £200
With the remaining income, I contribute to groceries, vacations, equipment for my social media ventures, and dining out with my girlfriend or enjoying drinks with colleagues once a month. I estimate my discretionary spending on leisure activities to be around £400 monthly, though this amount can vary.
I chose not to pursue a university degree primarily because I felt it wouldn’t benefit me significantly. At that time, I was in a solid relationship with my girlfriend, whom I’ve been with since I was 14, and I had a good circle of friends. I feared that attending university would lead me to waste time partying rather than focusing on my future. Instead, I opted for an apprenticeship in digital marketing, which allowed me to earn while gaining practical experience without accumulating debt.
Currently, I work full-time as a digital marketing executive, earning just shy of £1,800 monthly. Alongside my primary job, I manage a TikTok channel that focuses on personal finance, sharing my experiences with saving and investing. My goal is to increase my earnings from this side hustle.
My Financial Philosophy
My relationship with money has never been better. I practice what I call the “Goldilocks approach” to my finances. This philosophy allows me to balance the responsibility of saving and investing for my future while enjoying the freedom of my twenties. I spend money on travel, boxing, gym memberships, self-help and personal finance literature, and dining out with my girlfriend, family, and friends.
Each month, I allocate £200 to either my Trading 212 cash ISA, my Moneybox lifetime cash ISA, or my Plum cash ISA. Currently, I have over £8,276 in savings. Additionally, I invest £300 monthly, splitting it between my Trading 212 investment portfolio and my InvestEngine portfolio, which totals approximately £9,519 across my investment accounts. My goal is to eventually allocate £1,000 from my salary into investments each month.
Living at home allows me to save an estimated £500 monthly. Should I move out, I plan to live with my girlfriend, where rent would likely be between £600 and £700, excluding bills. While I do aspire to buy a home one day, I recognize the challenges first-time buyers face in today’s market. Moreover, I prefer the flexibility that renting offers while I figure out my ideal living situation. Eventually, if we decide to purchase a property, I anticipate needing between £40,000 and £50,000 for a 20% deposit.
Saving for my future is a top priority, and I am committed to doing so with a sense of urgency. I focus on boosting my income, making investments, and contributing to my pension. Currently, I add £66 per month to my workplace pension, which has about £1,600 in it. I believe the cost of living in the UK is excessively high, with wage growth not keeping pace with soaring prices, which disproportionately affects individuals living alone.
While I don’t perceive taxes as overly burdensome, I think the allocation of tax revenue is the more pressing issue. If tax funds were utilized more effectively, it could stimulate economic growth, and I believe many people would be willing to pay more taxes if they saw meaningful benefits from their contributions.
Ultimately, I am highly motivated by financial security, opportunity, freedom, and autonomy. I strive to ensure that my future family will not face financial worries and can enjoy a fulfilling life. My aspiration is to attain financial independence, enabling me to pursue my passions without being constrained by employment obligations. My guiding principle is to savor the present while diligently saving and investing for a secure and prosperous future with my loved ones.
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