Money Diary: An Analyst In Edinburgh On £55k

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 24 year old living in Edinburgh. I moved here for university and have stayed ever since. I currently live with my partner (J); we have been living together for a couple of years now. He works at a civil engineering firm, which he loves. I’m less happy in my current role — moving to finance was a big change from what I studied at university and I’m not sure it is for me long term. I have never really had the opportunity to save, and I’m really enjoying it at the moment. I would like to stay in my current role in finance until I am able to buy a flat with my partner, which will hopefully be in the next year or two. After this I will probably switch to a less lucrative role as I will be in a more stable position.”

Occupation: Analyst
Industry: Banking
Age: 24
Location: Edinburgh
Salary: £55,000
Paycheque amount: £3,333
Number of housemates: One – my partner, J
Pronouns: She/her

Monthly Expenses
Housing costs: My share of the rent is £600.
Loan payments: £119 (student loans)
Savings?: I currently have £8,500 in savings, which is going towards a deposit for a house.
Pension?: I currently put £243 into my pension every month, my employer matches 50% of this.
Utilities: £164 for my share of gas, electric and internet.
All other monthly payments: £100 gym membership; £15 dental; £12 phone bill
Subscriptions: £10.99 Spotify

Did you participate in any form of higher education? If yes, how did you pay for it? I went to university; it was always expected for me to go. I got free higher education as I am from Scotland, but I took out student loans to help with living costs. My parents also gave me £250 a month to help with living costs, which I am very grateful for.

Growing up, what kind of conversations did you have about money?
I was never really educated about finances. I have never been shown how to save so I had to figure it out myself! I know money was always a massive issue for my family growing up and there was always stress surrounding it (or lack thereof).

If you have, when did you move out of your parents’/guardians’ house?
I moved out of my parents’ 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?
I became financially responsible after I finished my university degree. I earn more than either of my parents now, so don’t need to be supported anymore. It feels nice not to be a burden and to be in charge of my own finances now. If something happened and I lost my job I know my partner would step in to help me out.

What was your first job and why did you get it?
I got my first job the summer after high school finished, before I went away to university. I wanted to save up for a laptop and a fresher’s wristband (which is not worth getting, haha).

Do you worry about money now?
I still worry about money all of the time. I think that is because of how I grew up, it’s not something that will change for me anytime soon. I do know though that I currently make enough to support myself and help myself through any rough patches I may go through.

Do you or have you ever received passive or inherited income?
Apart from the £250 a month while at university, I have not been given anything!