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Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last penny.
This week: “I’m a 33-year-old accountant living in Essex. I’ve lived here for the last three years, having moved from a big city, and live with my husband (F). We both have worked hard to get to where we are today, and have plans to have children in the future and overpay on our mortgage. Since both of these are costly, savings are really important and a goal we work towards.
A lot of my spending goes on food and travel (to work and see friends/family), and while my mind is always on savings I have definitely become more relaxed over the last year and a half.”
A lot of my spending goes on food and travel (to work and see friends/family), and while my mind is always on savings I have definitely become more relaxed over the last year and a half.”
Occupation: Accountant
Industry: Financial services
Age: 33
Location: Essex
Salary: £80,000
Paycheque Amount: £4,069
Number of housemates: One, my husband F.
Pronouns: She/her
Industry: Financial services
Age: 33
Location: Essex
Salary: £80,000
Paycheque Amount: £4,069
Number of housemates: One, my husband F.
Pronouns: She/her
Monthly Expenses
Housing costs: £1,250 for my half of the mortgage.
Loan payments: £52 for my share of interest-free monthly repayments on sofas we purchased when we first moved into the house.
Pension?: I have a work one which I pay £183 into. I’m actually unsure how much my employer contributes. I'm not really sure how much I have in all my other pension pots from previous employers.
Savings? My partner and I do not combine our savings. I have £40,000 in two ISAs,£12,000 in an easy access savings account,
£7,000 in a LISA, £12,000 Save As You Earn scheme at work. This is something work offers and gives you the option to purchase company shares at a discounted price.
Utilities: £150 for gas and electric, £21.50 for water, £43 for council tax (all split equally, the values shared here are my half of the cost). We have the 123 Santander account so get 1-3% cashback on the utilities we pay, but this isn’t accounted for in the above.
All other monthly payments: £300 joint credit card bill, £32.50 for internet and TV,
£32 car insurance, £12.50 home insurance,
£6.50 TV licence, £5 Camelot Lottery, £1 joint account fee. Personally, I also pay for: £32 private medical insurance, £25 MOT,
£21 to various charities, £20.76 income protection, £18.95 life insurance, £12.50
car tax, £10 direct debit for a toll crossing,
£7 SIMO phone contract and £5 for my mum’s SIMO. Subscriptions: £7.99 Gympass £7.99 Netflix.
Loan payments: £52 for my share of interest-free monthly repayments on sofas we purchased when we first moved into the house.
Pension?: I have a work one which I pay £183 into. I’m actually unsure how much my employer contributes. I'm not really sure how much I have in all my other pension pots from previous employers.
Savings? My partner and I do not combine our savings. I have £40,000 in two ISAs,£12,000 in an easy access savings account,
£7,000 in a LISA, £12,000 Save As You Earn scheme at work. This is something work offers and gives you the option to purchase company shares at a discounted price.
Utilities: £150 for gas and electric, £21.50 for water, £43 for council tax (all split equally, the values shared here are my half of the cost). We have the 123 Santander account so get 1-3% cashback on the utilities we pay, but this isn’t accounted for in the above.
All other monthly payments: £300 joint credit card bill, £32.50 for internet and TV,
£32 car insurance, £12.50 home insurance,
£6.50 TV licence, £5 Camelot Lottery, £1 joint account fee. Personally, I also pay for: £32 private medical insurance, £25 MOT,
£21 to various charities, £20.76 income protection, £18.95 life insurance, £12.50
car tax, £10 direct debit for a toll crossing,
£7 SIMO phone contract and £5 for my mum’s SIMO. Subscriptions: £7.99 Gympass £7.99 Netflix.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I attended university. During my undergraduate degree I got the maximum loans, plus if I needed extra I would be able to ask my parents (£1,000 every few terms). At the time, I had no idea how incredible this support was and avidly remember the grilling I would get from my parents every time I needed this money. By lockdown I was free of my student loan as I had paid it off.
Yes, I attended university. During my undergraduate degree I got the maximum loans, plus if I needed extra I would be able to ask my parents (£1,000 every few terms). At the time, I had no idea how incredible this support was and avidly remember the grilling I would get from my parents every time I needed this money. By lockdown I was free of my student loan as I had paid it off.
Growing up, what kind of conversations did you have about money?
While my parents are not extremely well off, my brother and I were never made to feel like money was tight at home. We would go abroad every year and once every two years going back to where my parents’ family live in India. I realise this is an incredibly lucky position and very thankful to my parents for that. My mum is a saver and any money we were given from family and friends during religious holidays was put straight into the bank. My dad, on the other hand, is a bit more carefree with his money. He was the main breadwinner so no doubt would have contributed to our holidays, which I realise my sibling and I are incredibly fortunate to have experienced.
While my parents are not extremely well off, my brother and I were never made to feel like money was tight at home. We would go abroad every year and once every two years going back to where my parents’ family live in India. I realise this is an incredibly lucky position and very thankful to my parents for that. My mum is a saver and any money we were given from family and friends during religious holidays was put straight into the bank. My dad, on the other hand, is a bit more carefree with his money. He was the main breadwinner so no doubt would have contributed to our holidays, which I realise my sibling and I are incredibly fortunate to have experienced.
If you have, when did you move out of your parents’/guardians’ house?
I moved out to go to university at 18 and moved back for two and a half years after I graduated. During those times, I was lucky enough not to have to contribute financially towards household expenses. I haven’t lived at home since I was 24 years old, renting in various places until the house purchase.
I moved out to go to university at 18 and moved back for two and a half years after I graduated. During those times, I was lucky enough not to have to contribute financially towards household expenses. I haven’t lived at home since I was 24 years old, renting in various places until the house purchase.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would say financially independent from 24.
I would say financially independent from 24.
What was your first job and why did you get it?
During year 12 and 13 summer holidays I worked at a shoe warehouse, sorting out shoes. I think I was paid minimum wage and, apart from lunches, I think it went all to the bank!
During year 12 and 13 summer holidays I worked at a shoe warehouse, sorting out shoes. I think I was paid minimum wage and, apart from lunches, I think it went all to the bank!
Do you worry about money now?
I do worry but I have become more relaxed over the last few years. My biggest fear is caring for elderly parents and while we have the space in the home, if this is not practical or something they don’t want, a care home may mean something we would need to consider. I haven’t discussed this with my parents and while they have savings I am aware care homes are wildly expensive.
I do worry but I have become more relaxed over the last few years. My biggest fear is caring for elderly parents and while we have the space in the home, if this is not practical or something they don’t want, a care home may mean something we would need to consider. I haven’t discussed this with my parents and while they have savings I am aware care homes are wildly expensive.
I am definitely more of a saver, and since my husband and I really want children my goal in life is to provide for them and make sure they don’t go without (this definitely doesn’t mean saying yes to everything they want). Nursery fees I know are extortionate and we would also like to do our house up and go away with any future children which all costs.
Do you or have you ever received passive or inherited income?
No.
No.
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