To take part in How I Spend It, please email money@telegraph.co.uk. All our subjects are genuine but anonymous. This week, in a rare exception, our subject has chosen to reveal their identity.
I was born in Hackney, London, but moved to Ghana to live with my grandmother when I was three months old, remaining there for 10 years.
Returning to London in my teens, I lived in a council estate on the Old Kent Road in a flat with my father. We never had a lot of money and I think this put some steely determination in me.
I won a sixth-form scholarship to the independent school, Christ’s Hospital, where boarding fees are more than £12,000 per term and in 2017, despite a lack of industry contacts, I founded a social media advertising business called Fanbytes. I sold it to a larger advertising firm called Brainlabs for an eight-figure sum.
Growing up, one thing I didn’t have was enough role models that looked like me who were not in sports or entertainment, that could show me it was possible to change my financial life.
This is why I’m vocal on social media and equally why I wanted to do this piece without anonymity. It’s not that I want to show off about my spending. I want to help normalise success for people who weren’t born with a silver spoon and that’s also why I like to share business advice on my social media accounts. Growing up, there was a lack of relatable success stories.
In the past 10 years my income has changed dramatically and that’s impacted my spending habits, but I still am the same person at heart. I still don’t like spending for the sake of it and try to spend my money wisely.
Vital statistics:
- Name: Timothy Armoo
- Age: 29
- Post-tax annual income: N/A, I live off my investments
- Rent: £4,000 a month
- Bills: £300 a month
- Single with no children
Day one
I wake up early and do my morning workout in my house. I don’t eat anything in the morning and instead go to a coffee shop near me. I hate coffee, but always buy something like a Mocha and then let it go cold, spending £4 just so they don’t kick me out.
At 12pm, I have a Fuel Hub – a meal preparation service I pay £13 a day for on average. It removes the time-consuming task of shopping or cooking and frees up time for me to focus on my work, but still guarantees nutritious, calorie-controlled meals over the course of the week.
They’re all pre-made and just need heating up. I also spend £3 a day on two Diet Cokes after lunch every day.
On my way to my first meeting, I stop at an ATM and take out £250 for my “weekly help someone fund”. This is my pot of money I use to help people, usually individuals I choose at random over the course of the week. It’s my way of giving something back and giving someone an unexpected lift.
I spend £37 on three books recommended on a podcast, then £16 on a Lime bike, which is my general method of getting around London. I hate driving and try to avoid the Tube if I can.
I attend my weekly therapy session, which is £85. This is a new expense for me, but I highly recommend it as the sessions have been truly transformative.
For dinner, I have another Fuel Hub and chuck in six eggs for an additional protein hit.
Total: £158
Day two
I have my swimming lesson today, for which I pay £45 a visit. I’m learning to swim after years of putting it off.
I had a few meetings in central London, so I went for lunch with my friend, which he paid for, at Farmer J, which I like as it’s all cooked from scratch with freshly sourced ingredients.
We spoke about a potential campaign we’ve been discussing to offer a £10,000 grant to a young entrepreneur in a kind of Apprentice or Dragon’s Den format. It’s a way to encourage more aspiring entrepreneurs who don’t come from wealthy backgrounds and we’re aiming to get something up and running by summer.
I buy some more books for £20, as the moment a friend recommends one I buy it immediately. I spend £3 on my usual Diet Cokes and another £23 on Lime bikes.
Dinner at home is Fuel Hub and eggs again.
Total: £104
Day three
I spend £5,000 on a “mastermind on business” day, where entrepreneurs come together to discuss topics and learn from experts. The day’s topic was on how private equity really works. Lunch was free, but I still spend £3 on Diet Coke.
I use £50 of my weekly “help someone fund” to pay for someone’s shopping in Sainsburys. On this occasion, it was for an elderly lady in front of me. I noticed her digging around in her purse looking for a card to pay with and offered to pay instead. While she was a bit taken aback at first, she was very appreciative.
Ubers to and from the event cost me £67, then I spend another £45 at the gym. I finish the day with Fuel Hub again.
Total £5,178
Day four
I spend £50 on swimming practice, which includes the gym, before meeting a friend to look at potential investment opportunities in a few tech start-ups.
We have lunch at Farmer J. This time, I pick up the bill at £36.
After another £19 on Lime bikes and the usual soft drinks, I buy books for £107 that came recommended by the mastermind.
I also spend £3,000 on a charity gala which is happening later in the year. It’s to help people with special needs, which is a cause that’s close to my heart and a great way to network with people.
Total: £3,228
Day five
I start the day at the gym again, spending £45. The rest of the day is spent brainstorming with my friend about a new business he wanted to build. We eat at Whole Foods, which cost me £43. I spend another £30 on a haircut and still find time for my Diet Cokes.
I also see an old person waiting at the bus stop with a walking stick, so I offer them a black cab and pay the driver £50 up front.
Later, I go to Hip Hop Bingo event in Shoreditch, which is literally bingo with hip hop music. It’s a funny party atmosphere and a good way to end the week on a Friday night, costing £28. I end the day with a Fuel Hub meal.
Total: £212
Day six
Rising early, I go to a CrossFit event in Victoria for £26. Afterwards, I spend £70 on axe throwing, one of my favourite things to do with friends. I have been doing this for seven years now, so I’ve had a fair bit of practice.
I splurge £144 on three Lululemon black T-shirts after I’d heard good stuff about them. I also use Taskrabbit to get someone to come and fix a table at my house, which sets me back £47. The day ends with Fuel Hub again.
Total: £300
Day 7
I’m up early again and go for a long walk. I sign up to play football, costing £12, and score a hat trick in a 4-3 win. I eat dinner at a Turkish restaurant with friends for £33.
I end the day by spending £40 on 150 eggs. I bulk buy them on Amazon as they are such a simple staple and full of protein, which I’ll use throughout the week.
Total: £98
Weekly total: £9,278
As told to Rob White
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