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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'm a 34-year-old academic researcher working in health research, living in the northwest. I’ve lived here all of my life, minus three years of uni down south. My husband, T, and I are trying to conceive (TTC) and it’s tricky due to me having PCOS. We bought our house just before lockdown and have been saving up to make it into our forever family home. This is taking a bit longer than planned due to some financial issues. I was in debt but am about to clear it. With regards to money, I’m a spender, particularly when I’m feeling low. That’s what got me in trouble in the first place! I’m trying to get on top of this and have a healthy balance between being sensible and not being so miserable that I get fed up and splurge."
Occupation: Academic researcher
Industry: Research
Age: 34
Location: Northwest England
Salary: £42,000
Paycheque amount: £2,321
Number of housemates: One: my husband, T. Plus a cat, also T.
Pronouns: She/her
Occupation: Academic researcher
Industry: Research
Age: 34
Location: Northwest England
Salary: £42,000
Paycheque amount: £2,321
Number of housemates: One: my husband, T. Plus a cat, also T.
Pronouns: She/her
Monthly Expenses
Housing costs: £238 for my half of our mortgage, plus £50 per month overpayment.
Loan payments: My car is on finance at £165 per month. We bought our white goods on finance, which is £14.32 per month for my half. My student loan also comes out of my salary, around £133 per month. During 2020-2021 I racked up nearly £6,000 of credit card debt through a mixture of being irresponsible with money, a period of depression and a bit too much lifestyle creep. I kept this secret from everyone, including T, and just tried to ignore it or hope I’d figure it out. I owned up to T last Christmas and he was shocked. He’s always been careful with money (he works in finance) and he was hurt I’d kept this from him but together we worked out a plan for me to switch to an interest-free card and pay the debt off in time for us to hopefully have a baby. While I did this, T took over building up our savings for the house renovation. After an incredibly frugal 11 months of selling things online, downscaling my bad habits (hello, Wilko makeup instead of Estée Lauder) and carefully budgeting for big expenses or events, I’m about to make the final payment on the credit card. I still paid my half of all our bills and I fully appreciate how privileged I am that I was able to do this.
Savings? Joint £10,000 for house renovations that’s in a lock-away savings account. T has an emergency fund of a similar amount and I’ll be building up one for me too when I’ve paid off my debt.
Pension? I pay about 9% and my employer pays about 12%. This works out at about £300 per month.
Utilities: My half of our monthly bills breaks down as £66 council tax, £16.40 broadband, £6.84 TV licence, £23.54 water, £73.34 gas and electricity.
All other monthly payments: £25 phone contract, £38.79 life and illness insurances, £7.12 boiler cover and servicing, £8.55 home and contents insurance. Subscriptions: £8 Netflix, £25.66 union fees, £11 NHS prescription pre-pay, £32 gym membership, £40 parking permit, £60 cleaners (starting this month). We pay a number of monthly charity direct debits from our joint account, my half breaks down as £25 Trussell Trust, £25 Macmillan Cancer Support, £10 Mind and £2.50 to a local animal shelter.
Housing costs: £238 for my half of our mortgage, plus £50 per month overpayment.
Loan payments: My car is on finance at £165 per month. We bought our white goods on finance, which is £14.32 per month for my half. My student loan also comes out of my salary, around £133 per month. During 2020-2021 I racked up nearly £6,000 of credit card debt through a mixture of being irresponsible with money, a period of depression and a bit too much lifestyle creep. I kept this secret from everyone, including T, and just tried to ignore it or hope I’d figure it out. I owned up to T last Christmas and he was shocked. He’s always been careful with money (he works in finance) and he was hurt I’d kept this from him but together we worked out a plan for me to switch to an interest-free card and pay the debt off in time for us to hopefully have a baby. While I did this, T took over building up our savings for the house renovation. After an incredibly frugal 11 months of selling things online, downscaling my bad habits (hello, Wilko makeup instead of Estée Lauder) and carefully budgeting for big expenses or events, I’m about to make the final payment on the credit card. I still paid my half of all our bills and I fully appreciate how privileged I am that I was able to do this.
Savings? Joint £10,000 for house renovations that’s in a lock-away savings account. T has an emergency fund of a similar amount and I’ll be building up one for me too when I’ve paid off my debt.
Pension? I pay about 9% and my employer pays about 12%. This works out at about £300 per month.
Utilities: My half of our monthly bills breaks down as £66 council tax, £16.40 broadband, £6.84 TV licence, £23.54 water, £73.34 gas and electricity.
All other monthly payments: £25 phone contract, £38.79 life and illness insurances, £7.12 boiler cover and servicing, £8.55 home and contents insurance. Subscriptions: £8 Netflix, £25.66 union fees, £11 NHS prescription pre-pay, £32 gym membership, £40 parking permit, £60 cleaners (starting this month). We pay a number of monthly charity direct debits from our joint account, my half breaks down as £25 Trussell Trust, £25 Macmillan Cancer Support, £10 Mind and £2.50 to a local animal shelter.
Did you participate in any form of higher education? If yes, how did you pay for it?
I had the maximum student loan/grant for my bachelor's and worked weekends and holidays in a shop. For my master's, I took out a career development loan from a bank, had £3,000 compensation from a car accident set aside, and worked weekends and holidays in our student union pub. I received a stipend from my university for my PhD. I was the first in my family to go to university.
Growing up, what kind of conversations did you have about money?
Growing up, what kind of conversations did you have about money?
I was always aware that we didn’t have much money but my parents didn’t talk specific numbers with us until I was a teenager. I remember lots of cold winters because they couldn’t afford to put the heating on and being in third or fourth generation hand-me-down clothes from my cousins. We never went hungry but I knew we didn’t have enough money even though both of my parents worked. I found out when I was older that my parents had lots of debts from lack of budgeting (Mum’s words), job losses and my dad running up lots of debts without telling my mum. When they separated, she got a new job and made it work with three kids on a single salary. There was always a kind of acceptance that you could fall back on credit cards, which I think contributed to my mistakes with money.
If you have, when did you move out of your parents'/guardians' house?
If you have, when did you move out of your parents'/guardians' house?
When I went to university at 18.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
When I went to university at 18. Mum would send me back after the holidays with a food shop when she could but other than that I paid my own way.
What was your first job and why did you get it?
What was your first job and why did you get it?
I started cleaning in a local office complex at 14 for £3 per hour. I wanted my own money and Mum said she couldn’t afford to give us pocket money anymore.
Do you worry about money now?
Yes, constantly. I’m very lucky with my salary – it’s the most money anyone in my family has ever earned – but research jobs are rarely permanent so I’m constantly looking for the next contract or a permanent job. The debt I got myself into isn’t the first one but it’s the biggest. I’ve been pulling myself in and out of credit card debt most of my adult life so money is always on my mind. I’m determined that this is the last time though and I have overhauled my whole mindset and learned to budget.
Do you or have you ever received passive or inherited income?
Do you or have you ever received passive or inherited income?
My dad left when I was a teenager and was estranged until he died in my early 20s. In my mid 20s we found out he’d had a pension, which I inherited with my sisters. I inherited £20,000, which went towards paying off my loan for my master's and later our house deposit and wedding (northwest house prices – this covered a lot!).
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