Money Diary: A 28-Year-Old Brand Manager On 35k

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 brand manager living near Manchester and I'm currently on maternity leave. I live with my husband (A) and newborn baby (B). A commuted into Manchester for work until the start of the pandemic but he's been working from home pretty much 100% of the time since. We have both our salaries paid into our joint account and all bills come from there. We use this money for anything to do with the house, car, going out for meals or days out, presents for family etc. and now, of course, anything to do with B. Each month we both take £300 to move into our own account to spend on what we want (going out with friends, haircuts, phone bills). I like to have a set amount that we save into our joint savings (£500 a month when not on maternity) and I like to save £100 from my spends into my personal savings account. A is much more of a spender when it comes to his personal money so he doesn't really have any separate savings at all."

Occupation: Brand manager
Industry: Retail
Age: 28
Location: Manchester
Salary: £35,000
Paycheque amount: £2,089 (when not on maternity leave).
Number of housemates: Two: my husband (A) and baby (B).
Pronouns: She/her

Monthly Expenses

Housing costs: £989 until May when our remortgage begins, then it will go down to £822 a month.
Loan payments: £239 a month for PCP on my car (£15,500 owed). We both have a student loan that comes out of our pay pre-tax.
Savings: £6,500 in joint savings (earmarked to cover my maternity leave), £2,500 in my personal savings, £530 in my own S&S ISA (again saved from my personal spends).
Pension: At the moment both my employer and I pay the minimum % into my workplace pension.
Utilities: Council tax £213, internet £33, water £20, gas and electric £86, car insurance £36, home insurance £13, TV licence £13.
All other monthly expenses: giffgaff SIM only £10, life insurance, critical illness insurance and income protection for two £153, sofa repayment £48. Subscriptions: Netflix £10.

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

I did a degree in marketing at university and took a student loan out to pay for it. My mum and dad were quite concerned about me going to university as no one else in my family had been. They didn't understand how student loans work and were worried about me saddling myself with debt. They were proud of me for going and graduating but they definitely would have been just as proud if I had gone straight to work from school or college or done an apprenticeship.

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

None really. I was aware that we had enough to cover our needs and some of our wants but we never used to get takeaways or eat out unless it was a birthday and then I just remember going to pubs and eating off the '2 for £10' menu. As we got older their financial situation improved and we went from having the odd beach holiday to going on a beach holiday and a European city break every year by the time I was mid teens. But they were clear that they couldn't support me through uni outside of sending me £20 a week for food (which I was 100% okay with).

What was your first job and why did you get it?

Working on the till at WHSmith. My parents were clear that as soon as my NI number came through the post I was expected to get a weekend job to learn the value of money and to build up some kind of experience for my CV. I used the money for clothes and driving lessons.

Did you worry about money growing up?

No but I did go to high school in an affluent area and was aware that my friends' parents were all very well off. They all had large detached houses, multiple cars and my friends all got pocket money at the drop of a hat and were given cars for their 17th birthdays. I was probably a bit of a brat to my parents about this at the time but I like to think I wasn't too bad and I can see looking back that my friends' situations weren't the norm at all.

Do you worry about money now?

I didn't until we started saving for my maternity leave as my employer only offers statutory maternity pay, which is six weeks at 90% pay, 39 weeks at £151 a week and then 12 weeks at £0. This is quite the drop in household income for us so we saved as much as we could (£6,500) during my pregnancy.

At what age did you become financially responsible for yourself and do you have a financial safety net?

Twenty-two. After uni I lived with my parents for a year and then A and I bought our first house. Living at home for only £100 a month board while working in my first postgrad job allowed me to save £8k, which was my half of the deposit on our house.

Do you or have you ever received passive or inherited income?

Yes. When I was 16 my grandparents gave me an ISA with £1,200 in it. I didn't touch it until I was 19 and then I used it to buy my first car. Then when I was 21 my grandad found out he was terminally ill and so my grandparents gave all their grandchildren £5,000.