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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 live in London (I’m a native) and work four days a week as CEO of a small reproductive rights charity, having chosen to change from full-time work at the start of 2018. It's changed my life and I am evangelical about it, although it does mean I earn >20% less than I used to. To me it’s worth it though, I love it and think the world should change to four days a week working. I also work as a coach and freelance consultant but I love having the extra time (50% more time with that extra day off!) so lack the motivation to do too much other work. I work a mix of from home and at a co-working space.
I’m 35, not partnered, no kids and do quite a lot of dating, as I would like to meet an awesome man to share my life with. I live in my two-bed flat in Brixton which I bought in 2013 (with a lot of help from my parents who also live in London). A close friend from uni moved into my spare room a couple of years ago and we have a great time together."
Industry: Reproductive rights charity
Age: 35
Location: London
Salary: £38k
Paycheque amount: £2,428
Number of housemates: One – J, a close friend from uni who has lived with me for two years. She contributes half of the mortgage and flat-related costs.
Age: 35
Location: London
Salary: £38k
Paycheque amount: £2,428
Number of housemates: One – J, a close friend from uni who has lived with me for two years. She contributes half of the mortgage and flat-related costs.
Monthly Expenses
Housing costs: £497 mortgage + £110 service charge + £100 council tax.
Loan payments: £0
Utilities: £11 contents insurance, £13 TV licence, £39 water, £67 gas and electricity, £25 BT (internet and TV), £21 life and critical illness insurance cover.
Transportation: Cycling is my primary mode of transport. I share a car with a friend (she pays 2/3, I pay 1/3 of costs) but these costs are once a year.
Phone bill: £21
Savings? £50/month to a Lifetime ISA, £250/month holiday savings into a higher interest fixed 12 month savings account, £100/month rainy day savings into a more generic savings account, £80-£100 to MoneyBox general investment account (based on round-ups from my current and Monzo accounts so the total varies). My pension is automatic from my employer – 7% from me, 5% from them.
Loan payments: £0
Utilities: £11 contents insurance, £13 TV licence, £39 water, £67 gas and electricity, £25 BT (internet and TV), £21 life and critical illness insurance cover.
Transportation: Cycling is my primary mode of transport. I share a car with a friend (she pays 2/3, I pay 1/3 of costs) but these costs are once a year.
Phone bill: £21
Savings? £50/month to a Lifetime ISA, £250/month holiday savings into a higher interest fixed 12 month savings account, £100/month rainy day savings into a more generic savings account, £80-£100 to MoneyBox general investment account (based on round-ups from my current and Monzo accounts so the total varies). My pension is automatic from my employer – 7% from me, 5% from them.
Since buying my flat in 2013 I’ve struggled to find the motivation to save (I had saved a lot towards my flat and renovations, and my parents contributed a chunk to my deposit). I then surprise inherited a significant amount of money from a friend who died suddenly a few years ago which I see as my main savings/investments (largely invested in a Lifetime ISA, Stocks and Shares ISA, SIPP and a few other places, e.g. Monzo and Brewdog). I know I need to save more but am bad at finding the motivation, whatever else is left before payday I try and also save into other accounts, for house/car/bike maintenance needs (although also inclined towards splurging on clothes/holidays – working hard on buying fewer clothes).
Other: Netflix £7.99 (used by me, my housemate and my old housemate), NowTV £7.99 (used by me, my housemate and my sister), charity donations £50/month (to a mix of reproductive rights and international disability charities), ClassPass £35, Naked Wines Angel subscription £20, BeautyPie subscription £10, £13 current account fee (includes worldwide travel insurance and phone and more). Who Gives a Crap loo roll £24 every quarter.
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