Money Diary: An 18-Year-Old Nanny With Cancelled A-Levels
Last Updated 20 June 2020, 6:00
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Welcome to Money Diaries, where we're tackling what might be the last taboo facing modern working women: money. We're asking a cross-section of women how they spend their hard-earned money during a seven-day period – and we're tracking every last penny.
This week: "I am an 18-year-old who has just finished sixth form. I am trying to save as much money as I can to fund my gap year next year, when I will (hopefully) be working a ski season and then travelling around southeast Asia (cliché I know). Aside from cancelling my A-levels and end-of-year celebrations, the COVID-19 situation made it really difficult to work (until now) which gave me a lot of anxiety around how I would fund my gap year. I really didn’t want to eat into my savings that much as they are primarily to help fund my year abroad during my degree. However, three days ago I started working for a family who have returned to work, with their oldest going back to school."
Occupation: Nanny
Industry: Childcare
Age: 18
Location: London
Salary: £19,500. I am on a short-term contract with a family but if I was working for them all year it would be this.
Paycheque amount (weekly): £400
Industry: Childcare
Age: 18
Location: London
Salary: £19,500. I am on a short-term contract with a family but if I was working for them all year it would be this.
Paycheque amount (weekly): £400
Monthly Expenses
Housing costs: £0 (I still live with my parents as I would be just finishing my A-levels).
Savings: £8,000 in a regular savings account (I'm super proud of this as I have saved this all myself), £1,000 in a Lifetime ISA that my parents set up for me (I would highly recommend anyone aged 18-40 to set up one of these as for every sum you put in, the government matches 25%, for you to use either towards a first home or after the age of 60). I'm super grateful that my parents don't ask me to contribute financially to the household. I've offered but they said they would rather I saved it for my gap year. Instead I'm a sort of live-in cleaner.
All other monthly expenses: Phone £24, Apple Music £9.99.
Savings: £8,000 in a regular savings account (I'm super proud of this as I have saved this all myself), £1,000 in a Lifetime ISA that my parents set up for me (I would highly recommend anyone aged 18-40 to set up one of these as for every sum you put in, the government matches 25%, for you to use either towards a first home or after the age of 60). I'm super grateful that my parents don't ask me to contribute financially to the household. I've offered but they said they would rather I saved it for my gap year. Instead I'm a sort of live-in cleaner.
All other monthly expenses: Phone £24, Apple Music £9.99.
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