Money Diary: A 23-Year-Old Brand Executive On 33k

This week: "I’m a 23-year-old brand executive, working from home in Shropshire for a London-based hospitality company. I’ve only been in my current role for two months after moving from the automotive industry. My role is very similar to my previous one but I managed to increase my salary by £7k by moving companies (girls, definitely move jobs if you think you’re being underpaid!).

Due to the pandemic, I stayed at my childhood home with my parents and older sister. Not moving to London has enabled me to save quite a large sum of money as I have only been paying for my food, bills and a contribution to rent. I’ve always been a natural saver but the pandemic granted me the opportunity to save even more. It also made me appreciate the importance of spending time with loved ones and friends and not feeling too guilty about spending money on creating memories or treating myself (occasionally)."

Occupation: Brand executive
Industry: Hospitality
Age: 23
Location: Shropshire
Salary: £33,000
Paycheque amount: £2,100 after tax and student loan deductions.
Number of housemates: Three: Mum, Dad and sister, J.
Pronouns: She/her

Housing costs: I pay £250 to my parents every month to cover my share of the household bills.
Loan payments: £42 student loan.
Savings? £30,000
Utilities: Covered in my rent cost.
Pension? Not yet. As I’m only two months into my current job, I’ll start paying a 3% contribution from next month.
Other: My phone bill is £20. Subscriptions: £5.99 Netflix, £2.25 for my mum’s Prima magazine (£27 for the year). 

I did an undergraduate business degree after completing my A-levels. For the three years I was there, I had a student loan for my tuition fees and a maintenance loan for living. As the maintenance loan didn’t cover my rent, my parents kindly contributed towards this. 

My parents have always taught my siblings and I the value of money. They taught us that if we wanted something, we needed to buy it with our pocket money or wait until a special occasion. I truly believe that because of this I’ve always been a big saver and treasured any money I’ve had. My parents also encouraged my siblings and I to avoid credit cards where possible and only purchase something if we can afford it because they both had bad experiences with spending too much money on a credit card. 

If you have, when did you move out of your parents'/guardians' house?
 
I moved out of my parents' house to attend university and complete a placement year. However, to their surprise, I’m back living there and have been for the past 18 months (due to the pandemic). 
 
At what age did you become financially responsible for yourself?

After graduating last June, I became financially responsible for myself. I am currently living at home but I pay for everything myself and contribute to rent. One thing my parents pay for is my car. I share it with my dad and as he uses it the most (to get to work), he pays for the maintenance. 
 
What was your first job and why did you get it?

I got my first job when I was 16, working every weekend and holiday in a local stately home cafe. The main reason I got this job was for extra spending money so that I had the independence to purchase what I wanted without having to wait for my birthday or Christmas. 
 
Do you worry about money now?

Yes! One of my biggest fears is running out of money, hence why I’m an avid saver in an attempt to prevent this happening. I’ve always been someone who has felt incredibly guilty spending money. Recently I’ve been trying to change this mindset slightly and 'live a little'. I now feel that I have a good balance between spending and saving.  
 
Do you or have you ever received passive or inherited income? No.