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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 we're with a 24-year-old living in London and working in an art gallery.
"I am an assistant in a contemporary art gallery. I’ve been working here just over a year and have just been promoted although my pay has not (yet) been increased. I really love my job and industry, although I sometimes stress about comparing my job opportunities/salary to my friends (especially the ones working for big corporate firms).
I sometimes find it hard to keep track of my spending and recently opened a Monzo account for all my 'fun' spending so I can really visualise what I spend. I have a slight Depop addiction (which I’m trying to curb, although it’s more sustainable to buy secondhand) and can never say no to a Big Night Out with my friends. Overall, though, I think I manage quite well on what I earn and try to have a good balance between saving and being like, fuck it, I’m young and want to have fun. In the run-up to Christmas, I’m really conscious about helping to save the planet and being more sustainable and am trying to make lifestyle changes amid the manic festivities."
Industry: Contemporary art
Age: 24
Location: London
Salary: £24,000
Paycheque amount: About £1,610, but it’ll be reduced each month for the next year because HMRC undercharged me in the last tax year so now I owe them £330. Sad times… Number of housemates: 4 (3 girls, 1 boy, they are so much fun).
Age: 24
Location: London
Salary: £24,000
Paycheque amount: About £1,610, but it’ll be reduced each month for the next year because HMRC undercharged me in the last tax year so now I owe them £330. Sad times… Number of housemates: 4 (3 girls, 1 boy, they are so much fun).
Monthly Expenses
Housing costs: £782.Welcome to Zone 2! Last year I paid £801/month but have managed to negotiate it down for the year ahead because it was slightly obscene. We split based on room size and salaries; our house is a bit more expensive though 'cos there’s five of us and there’s a weird 5+ person charge if you’re not related. We should’ve lied and said we were all cousins.
Loan payments: £0. My parents don't approve of student debt and I am very lucky that they were in the position to help me pay for uni, for which I am eternally grateful. I lived with my dad in London while I did my master's and subsequent year of internships so was able to save money then too.
Utilities: £27.98 council tax, £7.50 internet, £5 house kitty (for loo roll, etc), and I budget around £30 per month for utilities but the bills come quarterly so I'm not sure of the exact amount. Also about £100/year for home/contents insurance.
Transportation: I pay roughly £40/week for my Oyster, it's on automatic top-up when the balance goes under £10. It's usually around £100-ish per month depending on how sociable I'm being. I also have my railcard on it which caps my spending, so I never go above £6.50/day.
Phone bill: Yes, I am 24, and yes, my dad still pays for my phone bill.
Savings? I slightly depleted my savings after uni because of interning and travelling, so I don’t have as much saved as I would like, but it’s currently about £1,850 in my ISA and £800 in my main savings. I pay £200 into my Help to Buy ISA every two months, and £150+ per month (from this month onwards) into my new savings account. I try and put whatever is left at the end of the month into my savings account, but this is often not a lot after bills. I do occasionally need a bit of help from my parents, but am also trying really hard to be financially independent.
Other: £25ish for gym membership, and £50 for a monthly unlimited yoga pass (I go twice a week so I feel like it’s good value). Amazon Prime £7.99 (I read a lot of books), £3.99 for NowTV (I only bought this to watch Big Little Lies so I don’t know why I still pay for it), £2.49 iCloud subscription. I share my dad’s Netflix because there is literally no point in not doing so.
Loan payments: £0. My parents don't approve of student debt and I am very lucky that they were in the position to help me pay for uni, for which I am eternally grateful. I lived with my dad in London while I did my master's and subsequent year of internships so was able to save money then too.
Utilities: £27.98 council tax, £7.50 internet, £5 house kitty (for loo roll, etc), and I budget around £30 per month for utilities but the bills come quarterly so I'm not sure of the exact amount. Also about £100/year for home/contents insurance.
Transportation: I pay roughly £40/week for my Oyster, it's on automatic top-up when the balance goes under £10. It's usually around £100-ish per month depending on how sociable I'm being. I also have my railcard on it which caps my spending, so I never go above £6.50/day.
Phone bill: Yes, I am 24, and yes, my dad still pays for my phone bill.
Savings? I slightly depleted my savings after uni because of interning and travelling, so I don’t have as much saved as I would like, but it’s currently about £1,850 in my ISA and £800 in my main savings. I pay £200 into my Help to Buy ISA every two months, and £150+ per month (from this month onwards) into my new savings account. I try and put whatever is left at the end of the month into my savings account, but this is often not a lot after bills. I do occasionally need a bit of help from my parents, but am also trying really hard to be financially independent.
Other: £25ish for gym membership, and £50 for a monthly unlimited yoga pass (I go twice a week so I feel like it’s good value). Amazon Prime £7.99 (I read a lot of books), £3.99 for NowTV (I only bought this to watch Big Little Lies so I don’t know why I still pay for it), £2.49 iCloud subscription. I share my dad’s Netflix because there is literally no point in not doing so.
Total: £1,011.95 (!!!)
We're looking for exes to take part in our Questions With My Ex series. If you're in touch with your ex and and you would both like to contribute, please drop us an email at questionswithmyex@refinery29.uk
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