Money Diary: A 28-Year-Old Aviation Worker On 70k

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: "I'm a 28-year-old accountant who has recently got engaged and finally taken the plunge to leave the company I have been with since I graduated. X and I have only been together for a year (or just about) and we have been engaged for the last few months. I currently work in the aviation sector and despite being so different to my previous company, I am loving it. Somedays I have a great time and know what I am doing. Other days, I panic and question whether I have oversold myself. I got a big pay rise by moving companies and honestly, girlies, have faith in your skillset, do your research and get that pay rise! I am a saver but I also love spending money on holidays. I always wanted three things: a house, car and a nice watch. I have managed to achieve the first two and slowly building up the courage to spend a good amount on a watch, although the wedding is currently taking a priority."

Occupation: Finance Manager
Industry: Aviation
Age: 28
Location: Bedfordshire
Salary: £70,000
Paycheque Amount: £3,670 after tax
Number of housemates: 0
Pronouns: she/her

Monthly Expenses

Housing costs: £806 for my mortgage.
Utilities: £130 council tax, £85 electricity and gas, £30 water bill, £15 for First Direct insurance (breakdown cover, travel and phone).
Loan payments: Car payment of £270, although in the process of either buying my car outright for £9,500 or moving to a different PCP. I'm also paying my student loan off but that's pre-tax. It's roughly £375 per month. I also have an interest free credit card until Jan 2023 and it's creeping up slowly but currently something like £80.
Savings?: £3k in Vanguard (personal pension plan), £1k in fixed savings account, £11k in Marcus (wedding), £3k in various pots (holiday, car insurance etc)
Pension?: I paid money into my previous company’s pension plan. I do not know how much but I invested the maximum. Currently waiting on my current company to sign me up but it will be a maximum of 7%.
All other monthly expenses: £25 phone bill. Subscriptions: £17 Spotify premium (sharing with family but I pay. My sister pays for Amazon Prime (I pay every other year), Netflix and ASOS.

Did you participate in any form of higher education? If yes, how did you pay for it?

My parents weren't lucky enough to go to university and they didn’t want me to face the same struggle they did. Student Finance England paid for my tuition and maintenance loan payments. My parents supported me where they could with housing costs in first year (I moved back home for the remaining years) but mainly survived through part-time jobs in the summer, placement year and working through the term.

Growing up, what kind of conversations did you have about money?

My parents became more open about finances as I grew older. My saving habits and the inherent requirement for stability comes from seeing my parents struggle so much. My parents moved in the later stage of their life to a Western country with three children who were starting to be teenagers. I still turn to them for financial advice and to check whether the decision I'm making is good or bad. My parents are big advocates of preventing lifestyle creep and living within your means. Just because you have money doesn’t mean you need to have a fixed amount of outgoings each month.

If you have, when did you move out of your parents or guardians house? I moved out officially when I was 26, when I bought my own place. Other than that, I was in their house during my graduate scheme and travelled into London and other offices.

At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life? My parents were always keen to support me and didn't want me to worry about it. I fully began to cover everything and pay for things at 26.

What was your first job and why did you get it? I always helped my parents out with their business growing up and got pocket money as a result.

Do you worry about money now? Yes. It's irrational but I don't feel like my money is ever enough. My Dad is always telling me off but I guess until I get to a stage where the amount of loan (whether it's my mortgage, car payments etc) is reduced, I won't ever think I am earning enough.

Do you or have you ever received passive or inherited income? My parents gifted me £10k towards buying my house. I feel super blessed and grateful for this.