Alice Moran is living at home to save money on rent and bills while she studies at university

In our How I Manage My Money series we aim to find out how people in the UK are spending, saving and investing money to meet their costs and achieve their goals.

This week we speak to Alice Moran, 20, who lives in Manchester with her parents, two sisters and their dog. Alice, a university student, says money was a key factor in her decision to live at home while studying. She is not convinced student maintenance loans are high enough. Alice works two part-time jobs and hopes to get a role paying up to £35,000 a year after leaving university. Looking ahead, Alice would like to be able to retire by the age of 60.

Monthly budget

My monthly income: I make between £250 to £1,000 per month from my two part-time jobs. I work as a premium hospitality hostess at football matches and as a front-of-house team member for stadium tours. Both roles are at the same firm. 

I also sometimes make some extra money by doing short surveys or larger projects like consumer insight videos for Imagen Insights, though this is more ad hoc.

Something I look forward to every month is £25 from my grandad. It always comes through on the first of every month with a text saying: “The eagle has landed!”

My monthly outgoings: I’m very fortunate in that my parents always said they would never charge me rent while I am still in education. Public transport, £100 to £250; gym membership, subscriptions to language learning platforms and Canva, £50; socialising, nights out, coffee and eating out, £200 to £400, but this is variable; presents for events like birthdays or anniversaries, £150; shopping, including both for essentials like food and non-essentials, £200; money into cash savings, £200.

I am studying for a degree in cultural creative and media industries at the University of Manchester. I’m in my second year and will graduate in 2027.

Money was a huge factor in my decision to stay at home while at university. Accommodation in Manchester can easily cost £600 to £1,000-plus a month, and I just could not justify spending that when I could commute for much less.

My tuition fee loan is £9,535 per year, and since I live at home, I’m entitled to the minimum £3,907 annual maintenance loan. A large portion of this goes towards commuting to university, as I have to pay for parking or train fares each day I’m in.

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Fortunately, I still have quite a bit of money left over to cover my everyday expenses. It seems quite unfair that the minimum living-away loan in England is only £1,000 more – at £4,915. Part of the reason I didn’t move away is because it would have barely covered my rental costs.

Living at home while studying saves me a lot of money, even though it means I have to make more of an effort to stay sociable and involved in student life. My living costs are much lower than most students.

I would love to purchase my own home one day, as it feels like a major life goal. It’s firmly out of reach for the moment though. The biggest obstacle I have is the rising deposit required and expensive mortgages. These are not easy obstacles for young people to tackle. Ideally, I would like a small house or flat in a nice area of Manchester. I recognise I will need to be realistic for my first property.

The cost of living in the UK is overwhelming at times. Everything from food to transport seems to have gone up dramatically, even in my lifetime. I try to save money by using a discount railcard and bringing lunches from home, though I am often tempted by a meal deal. I regularly buy yellow-sticker items in supermarkets and purchase food via the Too Good to Go app.

There needs to be more support for everyone, not just students and young people. Expanding travel discounts for families, increasing maintenance loans for students and introducing better savings incentives for under-25s would all make a meaningful difference to many people’s lives.

I have a NatWest account and a Monzo one. Both have a feature enabling me to “round up” purchases on my current account, and I put the additional sums into savings. I have also been considering opening a Lifetime Isa in order to start saving up money for a deposit on a property.

I am planning to get my first credit card in the next couple of months so I can start building up my credit score. Each month, I add £200 to a savings account with NatWest. I’d like to explore investing in the future.

I don’t have any money in pensions and am not paying into one. Retirement feels very far away, but I appreciate how important pensions are and plan to start adding money to one when I have a full-time job.

I really hope I find a job I’m still passionate about at 50. Ideally, I’d love to retire early if that’s an option, though I know I’d have to find something to keep myself busy. Retiring before 60 would be the dream.

While I like to save, I do have a big and costly trip planned. I’m planning to go to Australia with a friend next year for about five weeks. A few years ago I went interrailing around Europe. This was my first experience of having a savings goal to work towards. I’m ramping this up to the next level with the Australia trip. We estimate it will cost us each £5,000, including flights, accommodation and spending money. I’ve saved £3,000 to date.

I’m exploring career options, but am interested in the media and creative industries, particularly journalism, marketing or creative campaigns. I understand these are all competitive, so I am involved with a variety of societies and undertake lots of work experience. Hopefully this will ensure my CV gives me the best chance of making it to the interview room.

I am motivated by money, but not for the sake of having it. Money helps create freedom and stability in their lives. When I am a bit older I would like to live in a city I love, be able to travel, have experiences, a good work-life balance and live comfortably without constant stress.

I would like to start a graduate job on £25,000 to £35,000 a year and work my way up from there. I want to build steady savings, buy a house by my early thirties and eventually feel financially secure enough to focus on experiences rather than just expenses.

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