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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 26-year-old archaeologist living in South West England. I’ve lived in the UK for a few years now and after living in London for a while I decided to move down to the South West. My work changes a lot and I do a mixture of office and site work which can take me all over the area. I’ve always lived with housemates so this year I decided it was time to get a place of my own. While I’m not in a position to buy yet, renting my own flat has been great and it has been a much needed step forward for me. I’ve always been someone who saves and I'm constantly trying to learn more about how to manage my money wisely as I would like to own my own place one day."
Occupation: Archaeologist
Industry: Heritage
Age: 26
Location: South West England
Salary: £24,350
Paycheque Amount: £1,645
Number of housemates: None.
Pronouns: She/her
Industry: Heritage
Age: 26
Location: South West England
Salary: £24,350
Paycheque Amount: £1,645
Number of housemates: None.
Pronouns: She/her
Monthly Expenses
Housing costs: £750
Loan payments: None.
Savings?: £4,000 in my UK account (which was depleted by moving costs earlier in the year). I also have $14,000 in accounts back home.
Pension? My employer and I both pay 5% into my pension.
Utilities: £90 council tax (I receive the single person 25% discount), £26.50 internet, £40 electricity and a quarterly £30 water bill.
All other monthly payments: £10 phone, £34.90 gym membership which includes pool access and all classes. Subscriptions: None.
Loan payments: None.
Savings?: £4,000 in my UK account (which was depleted by moving costs earlier in the year). I also have $14,000 in accounts back home.
Pension? My employer and I both pay 5% into my pension.
Utilities: £90 council tax (I receive the single person 25% discount), £26.50 internet, £40 electricity and a quarterly £30 water bill.
All other monthly payments: £10 phone, £34.90 gym membership which includes pool access and all classes. Subscriptions: None.
Did you participate in any form of higher education? If yes, how did you pay for it?
I completed an undergraduate degree back home and the course fees were paid for using the government's student loan program (I will pay this back once I earn over the threshold). On top of this, I had to pay a student services and amenities fee for each of my units which were due each semester. I worked multiple different hospitality jobs throughout my degree so I paid for these fees using money from working. I also completed a postgraduate degree here in the UK and as an international student my tuition had to be paid upfront in two instalments. I was lucky enough to get two scholarships and this brought my tuition down to £13,500. I had saved money from my jobs throughout my undergrad and once I had completed my degree, I got my first job in archaeology. As I was no longer studying, I could work full time hours as well as overtime and I saved up enough to be able to pay for the tuition.
I completed an undergraduate degree back home and the course fees were paid for using the government's student loan program (I will pay this back once I earn over the threshold). On top of this, I had to pay a student services and amenities fee for each of my units which were due each semester. I worked multiple different hospitality jobs throughout my degree so I paid for these fees using money from working. I also completed a postgraduate degree here in the UK and as an international student my tuition had to be paid upfront in two instalments. I was lucky enough to get two scholarships and this brought my tuition down to £13,500. I had saved money from my jobs throughout my undergrad and once I had completed my degree, I got my first job in archaeology. As I was no longer studying, I could work full time hours as well as overtime and I saved up enough to be able to pay for the tuition.
Growing up, what kind of conversations did you have about money?
Growing up we didn't really talk about money, but as a kid, I think you notice things and learn from seeing what others do. My parents did teach me the importance of saving and spending carefully. We didn’t talk about investing or anything similar, so in recent years, I've been trying to learn more about how to handle my finances in a more varied way through podcasts and other outlets.
Growing up we didn't really talk about money, but as a kid, I think you notice things and learn from seeing what others do. My parents did teach me the importance of saving and spending carefully. We didn’t talk about investing or anything similar, so in recent years, I've been trying to learn more about how to handle my finances in a more varied way through podcasts and other outlets.
If you have, when did you move out of your parents/guardians' house?
I moved out at 18 when I went to university.
I moved out at 18 when I went to university.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would say at 18 when I moved out. I had made the choice to move to a new city for university rather than going to one in my home town and my parents did say this meant I would need to pay for my own life, which I think was completely fair. I know that if I ever needed anything my parents would step in to help out.
I would say at 18 when I moved out. I had made the choice to move to a new city for university rather than going to one in my home town and my parents did say this meant I would need to pay for my own life, which I think was completely fair. I know that if I ever needed anything my parents would step in to help out.
What was your first job and why did you get it?
My first job was as a waitress at a local restaurant when I was 16. I really loved it and would work on average four shifts a week and more during school holidays. I was at the age where I wanted to work and lots of other friends were getting their first jobs which made me want to get one as well.
My first job was as a waitress at a local restaurant when I was 16. I really loved it and would work on average four shifts a week and more during school holidays. I was at the age where I wanted to work and lots of other friends were getting their first jobs which made me want to get one as well.
Do you worry about money now?
Yes, I worry about money most of the time especially when thinking long-term. I have always been a big saver and when I’m not able to, it does stress me out. I will research a purchase and sit thinking about it for a long time because I’m anxious about spending the money and whether I’m making the right decision. When I was living in London I was especially stressed about money, which was a big reason I decided to move. While I always worry about money and do try to keep my spending minimal, I also try to give myself a break when it comes to spending it on experiences as I also want to enjoy life.
Yes, I worry about money most of the time especially when thinking long-term. I have always been a big saver and when I’m not able to, it does stress me out. I will research a purchase and sit thinking about it for a long time because I’m anxious about spending the money and whether I’m making the right decision. When I was living in London I was especially stressed about money, which was a big reason I decided to move. While I always worry about money and do try to keep my spending minimal, I also try to give myself a break when it comes to spending it on experiences as I also want to enjoy life.
Do you or have you ever received passive or inherited income?
When I was little my parents started to put a small amount into an account on a semi-regular basis until I was 18. When I was around 20, they gave me access to the account and I still have this saved.
When I was little my parents started to put a small amount into an account on a semi-regular basis until I was 18. When I was around 20, they gave me access to the account and I still have this saved.
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