My credit score was so bad I couldn't get a phone — now I'm a homeowner
Welcome to Me and My Money, Metro's new series taking a peek into the nation's wallets, with tell-all reader diaries on managing your finances.
This week, we meet Charles Thompson, a 31-year-old IT service desk manager living in Greater Manchester.
Charles says he was never really taught how to handle his finances and for many years, he relied on his overdraft and credit cards to get by. But two years ago he decided to turn things around, get out of debt and save for his first home.
Here, he explains what he does with his money.
I went to university but made a bit of a hash of it. I went abroad to Cyprus to study economics, business and accountancy through an offshoot of the University of Lancashire. But I was probably a bit too young to go that far away and I enjoyed myself too much without doing much studying. So aged 19 I left and went to work instead. I had various financial services jobs until a couple of years ago when I moved into IT.
My approach to money management was not the best. I used to spend quite a lot on just nonsense sort of stuff, including gambling. But about two years ago I decided to turn things around and save for my own place
The problem I initially had was getting any sort of credit because I'd had gambling transactions coming out of my bank accounts and lenders don't like to see this.
My parents used to pay for my mobile phone and I couldn't even get my own contract until I went with Boshhh Mobile, a network for people with a poor credit score that also helps you build a healthy credit profile so it's easier to get approved for other loans.
After slowly improving my credit score, I was able to be approved for a mortgage last year and I bought my first home in November 2024 with my brother, who's 27. It's a two bedroom flat about eight miles from central Manchester. We were able to put down a 10% deposit, putting down around £6,000 each. The flat cost £110,000.
I used to rent in central Manchester, paying £1,300 a month in rent, but for the past year before buying my place I moved back home with my parents to save on rent. It's nice to know I'm paying off my own place and not someone else's.
I now take an organised approach to my finances because I had to get everything sorted for lenders to see I am sensible with my money.
I don't pay for things on a credit card unless I can pay it off in full the next month and I'm mostly out of my overdraft now.
Monthly breakdown of spending
Mortgage payments: £755
Water: £35
Electricity: £85 (no gas)
Council tax: £91
TOTAL £966
Other direct debits
Phone: £42
Gym: £35
TV licence: £14
Netflix / Amazon: £22
TOTAL £113
Essentials
Groceries £280
Transport (Trains, trams, taxis) £120
TOTAL £400
Extra
Eating out £125
Drinks £280
Vaping £85
Events £70
Clothes £70
TOTAL £630
Savings
ISA £300
Holiday fund £100
TOTAL £400
Pension: 14% of salary
My savings have taken a hit with recently buying the flat, which has also needed a bit of redecorating, including new flooring, and obviously furnishing. I'm also currently paying most of the mortgage and bills as my brother's currently not working.
I'm now working on building my savings back up, putting £300 in a stocks and shares ISA each month. This is invested in a low risk investment fund. I used to have a Help to Buy ISA, which closed when I bought the flat. My bank then gave me the choice of opening an investment ISA, which is how I got started.
I also put aside £100 a month for holidays. I don't have anything planned for this year yet but hope to go to Seville in Spain in the summer.
I do like to socialise quite a bit and this is probably where a lot of my money is spent. I like to pick up coffees and pop to the shops daily, so this is also where I could cut back if needed. My total food spend is around £280 a month, which could be cut back if I got more organised and planned ahead with meals. I'm still with Bossh, paying £42 a month for a phone contract for an iPhone 14. More Trending
Vaping is something I should probably cut back on, spending £85 a month. But it's cheaper than smoking, which I quit late last year and used to cost me about £170 a month.
I commute to work on the bus which costs me £80 a month, and I also get a few taxis throughout the month. I currently don't have a car because public transport is really good round here. I worked from home for a while but I didn't like it so now I go in the office every day. I couldn't stand working from home, to be honest with you. It's just not for me. I like being around people.
Long term, my aim is to live in the flat for a couple of years and build up equity and some more savings. I'd then like to move to a bigger place, likely with my girlfriend. We'd probably stay in the Manchester area although I find the idea of living abroad for a bit quite tempting. I've got a friend currently living in Barcelona who works remotely for a UK-based company.
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I feel quite comfortable with my financial situation now but it did take me quite a while to get to this point.
MORE: Mum is moving in with me — can I make her pay my mortgage?
MORE: These 5 straightforward steps can add £2,500 to your house deposit in just a year
MORE: Brits could save £868,000,000 a year with these kitchen cupboard cleaning swaps
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