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- Joshua is a 21-year-old from Berlin who lives in Glasgow, Scotland to attend school.
- He shared his monthly budget, including groceries, a fitness center, and clubbing with friends.
- Help from his parents and no student debt give him flexibility with his expenses.
Welcome to Gen Z Dollars, a series covering what Gen Zers earn, save, and spend. We asked Joshua, a 21-year-old Berlin resident who attends the University of Glasgow, about his biggest spending categories and cost differences between Europe and America.
Occupation: Student and university employee
Monthly income: £700 (about $900), plus a £200 (about $250) stipend from his parents
Student debt: $0. As an EU citizen who enrolled in the University of Glasgow before the 2020-2021 school year, pre-Brexit, he was granted free schooling in Scotland because of national policy.
Rent: His parents pay £630 a month for his half of a two-bedroom flat, which is off-campus housing at the University of Glasgow.
Monthly spending: up to £690, including:
Groceries and meals: around £250 a month
Health and wellness: £20 for a membership to a nearby "tennis club," which includes tennis courts and a fitness center.
Entertainment: £220 on social activities
Travel: up to £200 between local travel on buses, subways, and Ubers, as well as international travel around the UK and Europe.
The following is based on an interview that has been edited for length and clarity.
I was born and raised in Berlin. But my mom is American, so I spent a lot of time there growing up. Now I live in Glasgow, Scotland for school.
At the University of Glasgow I study business management and work at the Student Enterprise center, which helps students launch businesses. I work for 10 to 20 hours a week, which pays £700 a month. I also intern as many hours as I can at a local startup, but I don't get paid for that.
My parents pay for my living accommodations, a two-bedroom apartment that I live in with a roommate. And they give me a stipend of £200 a month. But they recently told me they are going to cut me off. That sounds like I have a trust fund, which I do not.
Do you consider yourself a saver or a spender?
I'm right in the middle.
I know that I have to save some. But I like spending money on experiences — like going out, eating dinners out, and traveling.
What is one of your major spending categories?
Social things with friends add up.
A normal weekend night starts with a "pre" at someone's flat. My friends spend money on alcohol for that, but I try to do it a little differently and use the alcohol I have at home.
Then we might go out to a bar, where it'll cost between £10 to £20 to get a couple of shots and a couple of beers or glasses of wine. But when we're going out out, we'll go to a club.
Clubs are between £5 and £15 entry. But on Wednesdays we can get into the Polo Lounge, a popular local club, for free with a student ID. Drinks there cost another £15 to £30.
I go out two or three times a month. But I'll do something more casual, like grab a pint with friends, around five times a month.
Mini golf and laser tag are also popular activities for local students. Those add another £20 a month.
What's the biggest cost difference you've noticed between Germany, Scotland, and the US?
I've noticed the biggest difference in groceries. In Germany, we have different types of grocery stores, but they are pretty similar in price and they all sell good quality food.
When I moved to the UK, I noticed there are different tiers of stores. For example, you have Tesco, Sainsbury's, Asda, which are more about the price than food quality.
And I see that in ads, it's always about price matching and being the cheapest.
I noticed the same thing in the US. Higher quality stores, like Whole Foods or Ralphs, definitely charge a premium. Whereas in Germany it's pretty standard no matter where you shop.
Another major difference living in the UK is the cost of alcohol. There is a very high alcohol tax, which makes drinks very expensive. In Scotland I would pay between £30 and £50 for a bottle of gin. But in Germany I'd pay between £5 and £20.
What do you think is the biggest difference between you and American 21-year-olds?
Unlike many Americans, I have no student debt. That's why I think Europe is such a great place to study.
My tuition is free because I started school before 2020, when the UK was still part of the European Union, so EU citizens could go for free.
Without that debt, I feel like I get to start life fresh after graduating.
How did you learn about finances?
I've learned a lot about investing from my parents, especially my mom because she's really good at that stuff.
Whatever I have left at the end of the month, I transfer into my vanguard portfolio.
I invest in S & P 500 because it's quite easy to just set that aside and know at some point it might grow and I will be able to use it as security.
I think our generation loves to dream big and wants to be rich. But a lot of people don't really know how to do it. I feel like stocks are a way to invest in something bigger, something quite important.