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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 31-year-old studio manager working for an artist in London. I moved to London for university when I was 19 and have lived there ever since (bar one year in Paris where I studied for a master’s degree). I’ve had my current job for a year, and up until then I worked for various art consultancies and galleries. During lockdown, I resigned from a job due to the cultural issues in the company, and went freelance for a year. For the last ten years, I have had fairly low incomes, starting on £18,000 per annum when I graduated and then earning £24,000 before my current role. In the last year I have had a significant jump in my salary and it has made a huge change to my life. My relationship with my money has always been anxious as I spend too much and want to combat these habits to be able to save for a property (a normal, yet somewhat difficult, aim for my generation).
Occupation: Studio manager
Industry: Fine art
Age: 31
Location: London
Salary: £55,000 per annum
Paycheque Amount: £2,987.05
Number of housemates: One, T.
Pronouns: She/her
Industry: Fine art
Age: 31
Location: London
Salary: £55,000 per annum
Paycheque Amount: £2,987.05
Number of housemates: One, T.
Pronouns: She/her
Monthly Expenses
Housing costs: Rent is £700, this includes all bills.
Loan payments: £248 student loan. I’ve only just started paying it off in the last year due to earning over £25k in salary (finally!)
Savings?: £15,000 total. I put £200-500 per month into an ISA, and £150 in a Help to Buy ISA.
Pension? I pay £183, and my employer pays £137, which both come out of my payslip before the take-home amount.
Utilities: My flatmate owns the flat, so she includes the bills in the rent.
All other monthly payments: £16.25 pet insurance, £19.99 pet plan from vets, £34.04 car insurance, £42.03 phone contract. Subscriptions: £9.99 Now TV; £10.99 Spotify; £10.99 Mubi; £7.99 Disney Plus; £9.99 Amazon Prime.
Housing costs: Rent is £700, this includes all bills.
Loan payments: £248 student loan. I’ve only just started paying it off in the last year due to earning over £25k in salary (finally!)
Savings?: £15,000 total. I put £200-500 per month into an ISA, and £150 in a Help to Buy ISA.
Pension? I pay £183, and my employer pays £137, which both come out of my payslip before the take-home amount.
Utilities: My flatmate owns the flat, so she includes the bills in the rent.
All other monthly payments: £16.25 pet insurance, £19.99 pet plan from vets, £34.04 car insurance, £42.03 phone contract. Subscriptions: £9.99 Now TV; £10.99 Spotify; £10.99 Mubi; £7.99 Disney Plus; £9.99 Amazon Prime.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I did an undergraduate degree and had a student loan for tutorial and maintenance fees. I am still paying back this loan and have most of it still to pay off. I also did a master’s degree where I paid for the tutorial fees with money I inherited from my grandpa’s will. I then supported my living costs with nanny and tutoring work throughout my studies. My mum also provided me with a monthly allowance to get me through.
Yes, I did an undergraduate degree and had a student loan for tutorial and maintenance fees. I am still paying back this loan and have most of it still to pay off. I also did a master’s degree where I paid for the tutorial fees with money I inherited from my grandpa’s will. I then supported my living costs with nanny and tutoring work throughout my studies. My mum also provided me with a monthly allowance to get me through.
Growing up, what kind of conversations did you have about money?
Growing up, my family’s income was fairly modest. My dad worked full time and my mum stayed at home to look after us and then took on part-time flexible roles where she could work around our school hours. When talking about finances, their advice was to always take caution and care and they would talk about the psychological ease of getting into debt through spending. Because of this, I have always been wary of using my overdrafts and using credit cards.
Growing up, my family’s income was fairly modest. My dad worked full time and my mum stayed at home to look after us and then took on part-time flexible roles where she could work around our school hours. When talking about finances, their advice was to always take caution and care and they would talk about the psychological ease of getting into debt through spending. Because of this, I have always been wary of using my overdrafts and using credit cards.
If you have, when did you move out of your parents’/guardians’ house? I moved out to go to university when I was 19 and moved back when I was 22 (when I graduated) for around nine months. During the pandemic I also moved back in with them for a year and moved out finally when I was 29.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
It wasn’t until I was 29 that I became completely financially independent. My parents had lent me their old car, where they covered the insurance, MOT fees and tax on it. Last year we finally transferred all that responsibility to me, which meant I was officially independent from them. It felt great, but also daunting how much more money would be going on boring stuff like car tax. I can say now that there isn’t an aspect that anyone else covers for me, which I am grateful to say.
It wasn’t until I was 29 that I became completely financially independent. My parents had lent me their old car, where they covered the insurance, MOT fees and tax on it. Last year we finally transferred all that responsibility to me, which meant I was officially independent from them. It felt great, but also daunting how much more money would be going on boring stuff like car tax. I can say now that there isn’t an aspect that anyone else covers for me, which I am grateful to say.
What was your first job and why did you get it?
My first job was as a sales assistant for Topshop (RIP), working four hours on a Saturday. I was at sixth form at the time and I wanted the disposable income (it came to around £100 a month) to spend on clothes and croissants.
My first job was as a sales assistant for Topshop (RIP), working four hours on a Saturday. I was at sixth form at the time and I wanted the disposable income (it came to around £100 a month) to spend on clothes and croissants.
Do you worry about money now?
Yes. Before my current job, I never earned enough to properly save and after paying rent, I never had that much left to enjoy myself. Now I’m earning more, there is the relief of not being totally skint all the time.
However, by nature I’m a spender and I love clothes, makeup and face creams. I also don’t hold back when it comes to hobbies: reformer pilates, gel manicures, pints at the pub, theatre and dance. Every month I tell myself I will be frugal on the frilly stuff, however this remains my main vice when it comes to money.
Yes. Before my current job, I never earned enough to properly save and after paying rent, I never had that much left to enjoy myself. Now I’m earning more, there is the relief of not being totally skint all the time.
However, by nature I’m a spender and I love clothes, makeup and face creams. I also don’t hold back when it comes to hobbies: reformer pilates, gel manicures, pints at the pub, theatre and dance. Every month I tell myself I will be frugal on the frilly stuff, however this remains my main vice when it comes to money.
Do you or have you ever received passive or inherited income?
I received £10,000 from my grandfather’s will six years ago.
I received £10,000 from my grandfather’s will six years ago.
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