Author: Rob

Millennials are not as Awful as the Media brands them

~ Rob

They are so many ridiculous misconceptions about us. Millennials, or those born between the 1980s and the year 2000 seem to get lots of criticism from the older generations.

Students seem to get bad press and treated with contempt by parts of society. Which I touched on in a past post stereotyping us students.

There are many misconceptions about the student life. We are branded as lazy, spoilt, ungrateful and have easy lives with no idea of the stress of adulthood.

Don’t tell me that when I find myself under the pressures of juggling assignment deadlines, a stack of reading to do, a part-time job to go to plus the cooking and cleaning, bills to pay, fitting in a social life and blog writing. Trust me there is lots to get stressed about. I wish I could do nothing all day and not have to get into debt for studying and working hard.

People seem to think you need a family to support, a full time job, an illness, poverty or a relationship breakup to feel stressed and burned out. I’ve had both of these and in today’s modern world the youth experience worry and stress.

The young are at the most risk of stress, sleeping disorders and mental distress. We are the generation with plenty to be anxious and panic about. Living standards are declining as we are destine to earn less than the older generations, we are building up crippling debt for our education, the job market is bloodthirsty and we may never get on the housing ladder and buy our own home. On top of this our NHS and public services are in dire straits and the environment and planet we live on is fighting for survival.

Students don’t all live in squalor and their own filth. Yes, we like to party, order takeout food, sleep late to recover from hangovers but the next day we are capable of cleaning up the beer cans and empty pizza boxes.

Most students are hygienic and can clean themselves and the kitchen. If anything it may be your student accommodation that’s crumbling and not up to standard with mould growing in the back bedroom window and the broken boiler that makes the shower run cold. Not all student accommodation you rent is up to the standard of Hilton Hotels. If you are looking for a place to rent then read my student accommodation tips.

Further education and university teach us life skills, how the real world works and how to look after ourselves and others. Being a student and remaining in education many of us are juggling studies and jobs. It’s not an easy life full of first world problems. We are hardworking and trying to plan our futures and opportunities. Whilst studying and meeting assignment deadlines we are earning a living with part time jobs to pay the rent the bills.

Students and our youth are often dismissed, forgotten and their voices unheard. Millennials are marginalised by the system and political views. We want a better future and one of hope. We want a fair society where our nurses, carers, teachers and the vulnerable and homeless are cared for. A society that doesn’t care where you come from, where you were born or the colour of your skin. A society and system based on justice and what you can contribute to your community and the world.

Don’t criticise us for wanting to challenge the system to combat racism, sexism, xenophobia and fighting to preserve nature and the planet. Don’t criticise us for wanting to do things differently and enjoy the freedom and rights that the older generations fought for.

Millennials’ want to be in control of they own lives and understand the impact our actions have on the world. We want to make our own rules and decides, not play by the terms and conditions set by giant corporations and outdated Baby Boomers viewpoints and policies put in place years ago.

The elite and generations before us seem to fear change and are stuck in the past and old ways. They don’t want us to speak out or take over the world that they control. They don’t want to reform laws and the current system because it works for the few and not the many. They want to keep us tied down and treat us like leftovers. They don’t want us to gain knowledge, information and power that could disrupt their agenda and rock their boats.

So many people make sweeping generalises about us. We are not lazy, weak, snowflakes or wasting our lives on a degree. We don’t play the victim, we are the victims of a world and toxic media that seems to want us to fail.

I believe that everyone has a voice, and the digital age can help us reach out and share our opinions and ideas. Thanks to social media and blogging we can speak up and speak out. Millennials are far from perfect, but we are adapting and learning how to manage in an uncertain and cruel world.

We need fresh ideas, new technologies and reform that helps everybody flourish and grow. We want a new normal and get rid of the old and outdated theories and concepts of how society should function in a kinder and more civilised world.

I’m not naive about the challenges or suggesting that all suffering, problems and conflict will end. People will always fight for power, control, money and the TV remote. The message is that mindsets and systems need to change to make improvements to how the global economy benefits everyone, that our physical and mental health are looked after and we address the impact that humans have had on the environment and wildlife.

Despite all the popular misconceptions, Generation Y and Z are the people that are going to change the world. The one’s that are going to have to deal with future issues clean up the mess and deal with the environmental damage of past generations before us. The Millennial future is a better future for society and the planet.

Labour’s ‘Freedom to Buy’ Mortgage Scheme

~ Rob

Labour has unveiled a new initiative aimed at increasing homeownership, dubbed the “Freedom to Buy Scheme.” This program is set to be a lasting fixture, unlike the temporary Mortgage Guarantee scheme introduced in 2021, which is due to expire by mid-next year.

The government’s role in this scheme is to partially back home loans, thus motivating financial institutions to present deals requiring lower deposits.

Under the current arrangement, financial institutions can secure a government-backed guarantee for a portion of the mortgage, providing a safety net for the government to absorb some losses if, for instance, a borrower defaults and the sale of the repossessed property doesn’t cover the mortgage balance.

The scheme is designed to boost lenders’ confidence in offering high loan-to-value mortgages, enabling buyers to secure homes with just a 5% deposit instead of the standard 10%. Labour projects that this permanent scheme could assist over 80,000 young individuals in becoming homeowners within the next five years.

Details on how Labour’s “Freedom to Buy Scheme” will differ from the existing one are yet to be clarified, with the exception of its permanence. The current scheme has specific criteria: the property must be your primary residence in the UK, valued at £600,000 or less, not newly built, and you must opt for a repayment mortgage, not interest-only, meeting the lender’s standard affordability checks.

It remains uncertain whether participation for lenders will be optional or mandatory. It’s crucial to note that the terms of a 95% mortgage under this scheme are identical to those offered independently, with the distinction only affecting the lending institution.

The scheme primarily benefits those who can manage monthly mortgage payments but struggle to save for a substantial deposit while renting. Applicants must pass affordability assessments to ensure they can handle the mortgage payments beyond just affording the initial deposit. Typically, these mortgage deals are pricier, favouring higher-income earners, and become more affordable with larger deposits.

Should the regulations stay unchanged, many first-time buyers in high-cost areas like London, where even modest homes can range from £800,000 to £1 million, may find themselves ineligible for the scheme.

A significant hurdle for prospective homeowners is the steep rise in property prices over the past decade, inflating the required deposit amounts. As of May 2024, Halifax reported the average UK house price at £288,688, meaning a 10% deposit would be £28,800, while a 5% deposit would require at least £14,400.

The Formula for Being a Grownup

~ Rob

I’ve haven’t figured it out yet. That secret formula to been a grown up. It’s probably in a book I haven’t read or maybe I was hungover and off sick the day they gave that lecture. Life is far easier as a kid. You can use your imagination to live your dreams in an afternoon. When you hit your 20’s reality suddenly bites.

I’ve “legally” being a grown up from age 18. In adulthood you expect things to work out, get better. No one can tell you what to do, you can vote, drink alcohol and sign important documents like a tenancy agreement.

Being grownup isn’t that cool or wonderful because you have to make your own decisions and take responsibly for the outcome. That dream job isn’t what you thought, you’re single, lonely with no love interest, dear friends get promotion and move away, your finances are a mess and screwed by debt, the flat is a bombsite, you have to hold down a job and then pretend life is going well on social media to keep up appearances.

You probably feel it wasn’t supposed to be this way. They is even have a name for this. It’s called a Quarter Life Crisis – https://en.wikipedia.org/wiki/Quarter-life_crisis.

When you look at the goals you planned to accomplish at by age 25 it’s likely to be disappointing. You aren’t the CEO of the company, a millionaire playboy, happily married with 2 kids or playing professional football.

You expected being grownup to be something different, the time of your life. Instead it’s all stress and balancing relationships with people and things you love and hate. Life is tougher. It turns out we are expected to multitask and balance everything.

We try our best but it is just not possible……

How can we be so perfect and compete with our hero’s and the myths we see in the media and our old childhood dreams of what we thought our life’s would turn into?

How can you stay positive, look on the bright side when we can’t even hit the piss pot? How can we take back control of our lives, meet our ambitions and stop this feeling of failure, of not meeting our own expectations of adult life?

We put too much pressure on ourselves to have it all figured out and have our lives mapped out and on track by 25. I’ve discovered that’s a load of bollocks. Anxiety and insecurity are part of the deal. You can’t plan the rest of your life in an afternoon like you did when you were aged 8.

You might meet the woman of your dreams at the restaurant…..

Or you might not.

It’s OK if you’re single and don’t have a partner yet. Being single isn’t such a bad thing. You don’t have to find “the one” in your twenties. The wild sex and relationship goals can wait a while.

Be patient. Be grateful you don’t know what’s going to happen or life would be very dull. It’s all unknown and it’s natural to fear the unknown.

If you want to get through your quarter life crisis simply admit you have no idea how to be a grownup right now. Lap it up. You’re still learning. You haven’t figured out your life just yet. Don’t panic neither have I. I’m as clueless, frustrated and lost as you are.

I like the idea of making your own path. What makes it hard for people in their twenties trying to follow their passions is you can’t be true to yourself if you don’t know who that is yet.

There are ways to tell when you’ve become an adult. You have to look after yourself, look after others, try bring some order to the chaos and do your own dusting. There are no tidy answers. Twenty-something adult life is messy, we can all feel lost. Sometimes I feel grown up sometimes I’m a immature spoiled little brat.

This website started out of student boredom and loneliness, as it has grow so have I. You’re not grown-up until you been around the block, experienced a little of life’s challenges. Don’t treat it as a setback because you feel you’re not moving forward.

Obstacles and pain are a part of life, yet you can grow from it. You’ll need to make some changes and choices in your life. You can make 20 Changes in 20’s whatever age you are. And while being young and stupid is always easier, being older and still being stupid will bring the same results no matter what age you are.

Please be patient with yourself and you’ll find out who you are and what you really want.

Creating Your Own Monthly Budget

~ Rob

Knowing how to create a budget is the most vital financial skill that will help you on your way to financial freedom. In my experience good money management always starts with a budget.

The idea of a monthly budget is to track your spending. Using a budget is the best way to get your financial house in order and find out where you money is going. The first time you sit down to run your budget numbers can be daunting and painful. If you’ve never written a monthly budget in your life this post will explain how to write one and hopefully help you stick to it.

Why Should You Learn How to Budget?

It will help discipline you to put your money in all the right places.  A budget is designed as a plan for your income and outgoings and to make sure you live within your means. See it as a financial tool so you know where your money is going and then decide and workout where you really want it to go.

Tracking your money is the first step to taking control of it and working out a plan to deal with your debt, saving, investing and fun money. I think if you monitor your spending more closely you’d see spending patterns that could reduce your monthly expenses.

How I write mine will vary to yours. I can write my monthly budget in around 10 minutes or less thanks to practise. My budgets shows the intended budgeted amount and how much I spend each month in the actual column. Using the leftover column can show at a glance where the budget was on track and where my finances went overboard.

Your budget doesn’t need to a boring task and track every penny, it will give you an a rough idea of what you spent in each category. See it as a tool to help you see where your money goes so you can have better control over your money. Budgeting skills help avoid the temptation to go over budget and gives you a sense of accomplishment.

My budget has a Budgeted, Actual and a Leftover column. You don’t have to do it that way but the leftover column  makes it easy to quickly see if the figures are over or under in each area. Budgets are personal thing so let’s get started and do what works for you.

I started my first budgets by writing them out on paper however I recommend using a spreadsheet program to do the calculations for you. You can design your own spreadsheet or use old fashion pen and paper. The important thing is to start tracking your money and keep your budget on the straight and narrow.

When you start budgeting you can take control of your money. This is my step by step guide to creating a budget that works for you:

Net Income (Take Home Pay)

How much money you end up with after the pension and taxes. This will be easy if you are on a fixed yearly salary for others who are paid overtime, commissions or who are self employed your monthly take home pay will vary and I recommend budgeting on the monthly average.

Note: If you not in your company’s pension scheme yet then investigate joining.

Fixed and Variable Expenses

Fixed expenses that you have to pay every month and usually don’t change. Put these in first. For example rent/mortgage, energy bills, water, council tax, insurance, Internet access.

Variable expenses that you have include food, clothes, petrol, entertainment, birthdays gifts/Christmas presents or any other odd expenses that crop up.

Debts

Next are any debt repayments excluding mortgage that you have to make on credit cards, loans or borrowed cash from other places. Add it to the budget and make sure you have a debt repayment plan you to get your debts to zero as soon as possible. If your total required budget is close or over your take home net income you need to find a way to lower your expenses or make more money or both.

Savings

When your budgeting is working you should have money left over to save and invest for the future. Set some saving and investing goals for your retirement, emergency fund, holidays and other things you want to save for. The percent of income you save on each saving goal up to you. I suggest saving at least 15% of income for your retirement.

Monthly budgeting tips:

Creating a budget doesn’t mean that all of your money troubles are cured. Once you have a budget consider it a work in progress that evolves with your finances. Budgets aren’t meant to be set in stone and never reviewed or looked at again.

Think of a budget as a monthly snapshot of income, spending, saving and investing and the leftovers are for enjoying yourself. Being on a budget doesn’t mean a life of not having fun, going out or been so strict with money it makes you unhappy. All it means it you know when to say “Yes” and when to say “No” because you have planned your money in advance. A budget should help set you free and help you live in harmony with your cash flow.

Of course if you are struggling with debt repayments then use your budget to help you tackle and clear that debt by:

  • Workout the minimum you need to live off and use the rest for any debt repayment and saving.
  • Investigate where you can cut back costs and save money so you can do the most with the money you have.
  • You can live on a lot less and save a lot more if you increase your income. When you get that pay rise save the money or use it for debt.
  • Lastly your budgeting will fail if you don’t do your best to stick to it and stop the random spending.

Learning how to budget can help you unearth and free up some spare money or reveal your money troubles. Budgeting may bring you discomfort, it may be shocking to see how much is lost and wasted on debts, silly spending sprees and expensive services. Yet do not despair you’ll find out where you cash is going.

Even “sad budgeting” will let you see the happy bigger picture and find out your true money facts. I have faith that you can do it and create a budgeting system that works for you.

Trust me that having a budget is the key to and the starting point for financial freedom. Keep your budget simple, updated and workable for you. You may not enjoy your budgeting right now but it will get better and be worth it in the end.