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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 28-year-old architect living as a lodger in Greater London. I’ve bounced around across multiple jobs (and house shares) around London, but I’m finally settled in my job and looking to put down longer-term roots. I'm in a relationship, however my finances are quite separate from my partner, although this will change soon when we get married. After spending seven years working and studying towards qualifying as an architect, I’m finally able to enjoy more free time and ‘me time’. I’m hugely money conscious, but I’m learning to go out of my comfort zone to spend on new experiences and visiting family and friends abroad. In the long term however, I’m saving towards a house deposit and wedding. This is a challenge given how poorly architects are paid compared to the years of education (and debt) we acquire. I supplement my income with freelancing and odd jobs, and these mostly go towards saving for my short term wants and goals.”
Occupation: Architect
Industry: Education
Age: 28
Location: Greater London
Salary: £35,000 base salary excluding bonuses and between £2,500 and £4,500 from freelance jobs
Paycheque Amount: £2,158
Number of housemates: Two
Pronouns: She/her
Industry: Education
Age: 28
Location: Greater London
Salary: £35,000 base salary excluding bonuses and between £2,500 and £4,500 from freelance jobs
Paycheque Amount: £2,158
Number of housemates: Two
Pronouns: She/her
Housing costs: £700 rent
Loan payments: £58 student loan
Savings?: About £15,600: £6,500 in a House ISA — I opened it last year and will try to deposit the maximum each year. I loaned my sister about £2,000 to pay off credit card debt; this is repaid monthly and goes straight into my ISA. £5,500 wedding fund, about £100 in an investment fund as a test which is currently losing money! £1,500 in various savings pots.
Pension?: I pay the minimum 5% contribution, and my employer pays 3%. However, this is done as salary sacrifice which is more tax efficient while my net income stays the same. I have no idea how much is in there, definitely not enough.
Utilities: £0 (included in my rent).
All other monthly payments: £10 phone. I also tithe 10% of my net income to local churches and charities in some developing countries. This used to be 10% of my gross income but I reduced it due to the rising cost of living. Subscriptions: £2 to a newspaper outlet; £120 gym subscription every three to four months.
Loan payments: £58 student loan
Savings?: About £15,600: £6,500 in a House ISA — I opened it last year and will try to deposit the maximum each year. I loaned my sister about £2,000 to pay off credit card debt; this is repaid monthly and goes straight into my ISA. £5,500 wedding fund, about £100 in an investment fund as a test which is currently losing money! £1,500 in various savings pots.
Pension?: I pay the minimum 5% contribution, and my employer pays 3%. However, this is done as salary sacrifice which is more tax efficient while my net income stays the same. I have no idea how much is in there, definitely not enough.
Utilities: £0 (included in my rent).
All other monthly payments: £10 phone. I also tithe 10% of my net income to local churches and charities in some developing countries. This used to be 10% of my gross income but I reduced it due to the rising cost of living. Subscriptions: £2 to a newspaper outlet; £120 gym subscription every three to four months.
Did you participate in any form of higher education? If yes, how did you pay for it?
Architecture requires studying for an undergraduate degree, postgraduate degree and professional diploma. My parents paid for one year of undergraduate, but it was too much of a burden, so I used SFE tuition and maintenance loans (the postgraduate architecture degree is considered a continuation of the undergraduate by SFE). I got the minimum maintenance loan and have worked while studying pretty much since sixth form. I paid for the diploma in instalments as I was working full time as an architectural assistant.
Architecture requires studying for an undergraduate degree, postgraduate degree and professional diploma. My parents paid for one year of undergraduate, but it was too much of a burden, so I used SFE tuition and maintenance loans (the postgraduate architecture degree is considered a continuation of the undergraduate by SFE). I got the minimum maintenance loan and have worked while studying pretty much since sixth form. I paid for the diploma in instalments as I was working full time as an architectural assistant.
Growing up, what kind of conversations did you have about money?
We didn’t talk much about money, but my parents’ finances were negatively affected by moving the family back to their home country and life in a less developed country. I went from being rather naïve to having to sort myself out. I was kicked out of boarding school temporarily and received collection letters from university due to late payment of fees. This was quite traumatic. However, they were both very generous while I was growing up, and I’m looking forward to rewarding them for that when I can afford to.
We didn’t talk much about money, but my parents’ finances were negatively affected by moving the family back to their home country and life in a less developed country. I went from being rather naïve to having to sort myself out. I was kicked out of boarding school temporarily and received collection letters from university due to late payment of fees. This was quite traumatic. However, they were both very generous while I was growing up, and I’m looking forward to rewarding them for that when I can afford to.
If you have, when did you move out of your parents’/guardians’ house?
I technically moved out from my parents’ home country at 15 — back to the UK for boarding school, but I’d often go back for holidays or when I was between school terms or jobs. My parents paid for those flights.
I technically moved out from my parents’ home country at 15 — back to the UK for boarding school, but I’d often go back for holidays or when I was between school terms or jobs. My parents paid for those flights.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I last received pocket money from my parents five years ago. I don’t expect any other support. I stay with my partner a few days a week to save on travel fares and we plan to share the big upcoming costs, a wedding and house deposit.
I last received pocket money from my parents five years ago. I don’t expect any other support. I stay with my partner a few days a week to save on travel fares and we plan to share the big upcoming costs, a wedding and house deposit.
What was your first job and why did you get it?
My first job was working in a local shop near my sixth form boarding school. I got it for pocket money as I felt bad asking for additional cash with my parents’ situation.
My first job was working in a local shop near my sixth form boarding school. I got it for pocket money as I felt bad asking for additional cash with my parents’ situation.
Do you worry about money now?
I worry mostly when I get an unexpected bill — freelancing seems to make my SLC (Student Loan Company) payments spike, which is annoying. I’m desperate to get on the property ladder in the next few years and not have housemates (except my partner) or a landlord anymore. I was scared of credit card debt, but I’ve started using a 0% interest card and it’s been manageable so far for larger purchases.
I worry mostly when I get an unexpected bill — freelancing seems to make my SLC (Student Loan Company) payments spike, which is annoying. I’m desperate to get on the property ladder in the next few years and not have housemates (except my partner) or a landlord anymore. I was scared of credit card debt, but I’ve started using a 0% interest card and it’s been manageable so far for larger purchases.
Do you or have you ever received passive or inherited income?
My parents saved £1,800 in a kiddie account which I was given this in 2020. It really encouraged me to start saving (I was privileged not to need it for bills, debt, et cetera, so I put it away).
My parents saved £1,800 in a kiddie account which I was given this in 2020. It really encouraged me to start saving (I was privileged not to need it for bills, debt, et cetera, so I put it away).
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