Understanding Richard Šamko’s Financial Management
In a series exploring how individuals in the UK manage their finances, we spoke with Richard Šamko, a 20-year-old student from Derby. Richard is currently studying marketing, PR, and advertising at the University of Derby and aspires to own a home within four years. His financial goals include earning at least £100,000 annually and having £70,000 in savings by the age of 50.
Monthly Income and Outgoings
Richard’s monthly income comes from multiple sources. He earns approximately £1,150 per month from his part-time job as a duty manager at a hotel. Additionally, he makes around £650 a month through freelance social media management via the MyPocketSkill app. He also receives a student maintenance loan and tuition fee loan, which amount to £9,000 and £9,500 per year respectively.
His monthly expenses include gas and electric at £125, water at £5 (discounted due to benefits), broadband at £26.50, mobile at £10, and a mobile repayment of £31 for a phone he bought for his mother last year. Other expenses include a ChatGPT subscription at £20, car repayment for his Seat Ibiza at £157, gym fees at £13.50 (with half paid by his employer), eating out at £50, and occasional spending on clothes and day trips.
Living Situation and Responsibilities
Richard grew up in Slovakia and moved to the UK when he was 17. He has always been careful with money and avoids unnecessary expenses like drinking and partying, which helps him save hundreds of pounds each month. He lives at home with his mother, who has cerebral palsy and is unable to work. Richard acts as her unofficial carer and receives universal credit and personal independence payment.
He believes that younger people in full-time education who are carers should receive financial support from the government. Despite his busy schedule, he manages multiple part-time jobs to earn extra money. He previously worked five or six days a week at the hotel but now works three or four days a week.
Financial Goals and Future Plans
Richard is keen to buy his own home as soon as possible, ideally within the next four years. He aims to save enough for a deposit and would like to purchase a three-bedroom semi-detached house in a rural area near Derby. He also hopes to own a buy-to-let property in the future.
He opted out of his workplace pension initially because he needed all the money from his job. However, he plans to start contributing to a pension when he turns 22 or 23. Currently, he has a current account and a savings account with Lloyds, holding about £500, and a Monzo savings account with £1,800. All his earnings from MyPocketSkill go into savings.
Long-Term Aspirations
Looking ahead, Richard wants to be financially secure enough to have children. He plans to start a business as an agency for small business owners, handling everything from marketing to payroll. He also dreams of traveling more, hoping to visit Japan, South Korea, China, and various parts of Europe.
Richard’s approach to managing his money reflects his ambition and determination. By carefully budgeting and saving, he is working towards achieving his long-term financial goals.