In this community story, one of our Financielle members shares her experience of surviving in London on a living wage. From being stuck in her overdraft, to cutting things out, she shares what it takes to finally feel in control of her money with the help of Financielle.
Tell us a little bit about your money journey to date
I took out a student overdraft whilst at uni, and was always dipping in and out of it whilst I was studying and after graduating. In summer of 2022, I got a job in advertising in London, and lived and worked in London for three years total. In this time I was consistently £750-1k in my overdraft and couldn’t figure out a way out of it. Another plan, another trip, another random expense would always come up, and I was useless at saying NO.
It was a 0% interest overdraft so I always told myself it wasn’t a big deal but deep down I felt so guilty. It felt like all of my friends were on top of their money, and I was still stuck in my student overdraft trying to make it to payday without maxing it out. I was also earning London Living Wage which didn’t leave me with much wiggle room after rent and bills so I was struggling.
What was the trigger for you to take back control?
In January 2025, I told myself it was the year I was going to make a change. I had realised I would probably start being charged interest on my overdraft in the summer of 2025, and this triggered a change. I had started listening to the Financelle podcast at the end of 2024, and remember watching a video from Laura about reducing your overdraft £100 at a time which seemed much more attainable!
I started budgeting with the app and tried to figure out ways to build a bigger excess. I knew I had to cut some expenses to get out of ‘Survive’, like social plans, clothes, coffees out – lots of small things that slowly added up. As I started to reduce my overdraft, it felt like a weight being lifted and I was so much less anxious day to day about money. I went onto my bank app each month and lowered my overdraft limit by £200 a month so by July it was closed and I had also built a very small mini emergency fund of £500.
If you want to build your very own emergency fund, check out our helpful guide here
How do you feel trying to navigate living in London with the salary you have?
I think this was the most difficult bit for me! I was spending about 65% of my salary on rent and bills, and this was a small room in a shared apartment so nothing fancy. I loved London as I got to live with my friends and experience the great things the city has to offer, but it was hard to do this on my salary. I feel London Living Wage doesn’t reflect what it really costs, and there is no room for saving or big life goals.
I found it hard, I was a designer working at a global agency in central London on amazing brands, but I was underpaid. I asked for pay rises that reflected my progression, but only ever got small increases to match the living wage rising year on year. I know I am not alone in this, as many of my designer friends who also work in advertising were having the same issue, some spending evenings and weekends freelancing to be comfortable. I also know friends who have help from family to be able to keep living in London, but that isn’t a possibility for most and makes the best career opportunities inaccessible.
What has been your biggest money lightbulb moment to date?
I think my biggest money lightbulb moment has been realising how much budgeting and planning ahead reduces my anxiety around money.
I use the Financelle app to budget every month and at first it was a challenge, but now I enjoy the process and it makes me feel set up for the month ahead. I spent so long just ignoring my bank account, nervously hoping I would have enough to make it to the next pay day (I never did!)
Now, I love feeling organised and confident, knowing I can cover everything and make progress towards my money goals every month.
What’s the one bit of money advice younger you needed to hear?
I would love to tell my younger self that she can be good with money. I think at uni I believed I would always be bad with budgeting and spending, but I just needed the systems and confidence to make a change.
I would also tell her she doesn’t always need to say YES, or try to keep up with everyone around her. I think about 19-year-old me and I spent all my money on nights out and I was just trying to fit in. Now I value different things, like travel, more wholesome experiences and setting myself up for a good future.
What money goal are you working towards?
Thanks to Financelle, by December 2025 I was in ‘Build’. I had a three month emergency fund saved and this gave me the confidence to leave my job and try something new. I moved home with my parents and set myself up as a freelance designer, which has been going well so far.
My current money goal is saving for a house. I have a LISA, but have never had the excess to contribute much to it. As a freelancer, on fully booked months I am earning 1.5-2x my previous salary (with minimal expenses living at home) so I want to start really building that fund for a future deposit.
How has Financielle helped you on your journey?
Financelle has been great. Last year I would religiously listen to the podcast every Thursday on the tube home from the office, and it would keep me motivated towards my goals. I love the app, and I now look forward to sorting my budget and updating my net worth each month. My net worth is up 188% from December 2024 which is just insane! Thank you so much 🙂
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