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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: "I work as a caseworker in a charity and have just started out in my career and money journey. I used to be an impulsive spender with no savings to speak of when I was at university, but after educating myself through amazing Instagram accounts like Go Fund Yourself and The Financial Diet, I have started taking more control of my finances and I think it's going pretty well!
Industry: Charity sector
Age: 23
Location: Birmingham
Salary: £19,939. I just had a pay rise. I was previously earning £17,549. To be honest, it's the least my company could do after they had us working through COVID!
Paycheque amount: New amount is £1,430.
Number of housemates: I live at home with my parents. So, no rent or bills (yay!). Number of housemates is three. Mum, Dad and my sister.
Monthly Expenses
Age: 23
Location: Birmingham
Salary: £19,939. I just had a pay rise. I was previously earning £17,549. To be honest, it's the least my company could do after they had us working through COVID!
Paycheque amount: New amount is £1,430.
Number of housemates: I live at home with my parents. So, no rent or bills (yay!). Number of housemates is three. Mum, Dad and my sister.
Monthly Expenses
Housing Costs: None.
Loan Payments: 0. I have a student loan but I don't have to pay it back yet so I don't count it at this point.
Utilities: 0.
Transportation: £60/80 a month for petrol. I paid yearly insurance upfront. £48 on parking.
Phone Bill: £26.
Savings: I have £3,000 in savings at moment, I call these my Not To Touch savings. I roughly follow the 50/30/20 saving rule but as I have less expenses due to living at home, I normally adjust it to 40/40/20. I have about £600 in my CHIP account which are my savings for my first luxury bag purchase. I also have a stocks and share ISA open but waiting to hit the £5000 mark in savings before I invest.
Other: Spotify, £4.99, Charity, £3, Unison, £6, therapy, £90. Gym is usually £16.99 but I’ve paused it for now.
Loan Payments: 0. I have a student loan but I don't have to pay it back yet so I don't count it at this point.
Utilities: 0.
Transportation: £60/80 a month for petrol. I paid yearly insurance upfront. £48 on parking.
Phone Bill: £26.
Savings: I have £3,000 in savings at moment, I call these my Not To Touch savings. I roughly follow the 50/30/20 saving rule but as I have less expenses due to living at home, I normally adjust it to 40/40/20. I have about £600 in my CHIP account which are my savings for my first luxury bag purchase. I also have a stocks and share ISA open but waiting to hit the £5000 mark in savings before I invest.
Other: Spotify, £4.99, Charity, £3, Unison, £6, therapy, £90. Gym is usually £16.99 but I’ve paused it for now.
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