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Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last penny.
This week: "I’m a 30-year-old civil servant living in London. I grew up and have spent most of my working life here, although I haven’t always worked in government. My current job is fast-paced and quite demanding, which I really like, but I’m not convinced I’ll spend my whole career in the civil service. I used to work in the arts/charity sector and my salaries were significantly lower so I’m enjoying having more disposable income and only one flatmate.
Unfortunately I love to shop, but I try not to impulse-buy and usually spend a while researching clothes or whatever to make sure I’m buying things I’ll actually use. I wouldn’t say I’m frugal — I want to make the most of living in London and having few responsibilities so I like to try new restaurants, go to the theatre and museums, travel either solo or with friends, and indulge in my hobbies.
I’m fairly good at saving and divide my savings between long-term and shorter term, with the latter for travelling or larger purchases. In the longer term I’d like to buy a property but it’s hard to persuade myself to cut down on nice things and save more when homeownership feels so out of reach in London, especially on a single income."
Occupation: Civil servant
Industry: Government
Age: 30
Location: London
Salary: £69,727 (including contractual additional pay for a role that requires out-of-hours work).
Paycheque amount: £4,030
Number of housemates: One: my flatmate, A.
Pronouns: She/her
Industry: Government
Age: 30
Location: London
Salary: £69,727 (including contractual additional pay for a role that requires out-of-hours work).
Paycheque amount: £4,030
Number of housemates: One: my flatmate, A.
Pronouns: She/her
Monthly Expenses
Housing costs: £1,040
Loan payments: £0
Savings? Premium bonds £7,500; cash ISAs totalling £23,430; regular savings £12,160 (one higher interest and one with the same bank as my current account so I can easily move money around).
Pension? I contribute 7.35% calculated on my base salary; filling this out is the first time I've figured this out! I also have pensions from previous jobs that I keep meaning to consolidate.
Utilities: £71 council tax, £38.42 gas and electric, £15 internet, £230 water twice a year (these are all my half; all bills are split equally between me and my flatmate).
All other monthly payments: £16 phone, £5 BookTrust donation, £5 Crisis donation. Subscriptions: £10.99 Netflix, £0.99 Apple storage, £12.99 YouTube Music, £35 ClassPass, £128 pottery classes. Annual: £25 NY Times Cooking, £45 Vittles, £50 museum membership, £15 Fawcett Society.
Loan payments: £0
Savings? Premium bonds £7,500; cash ISAs totalling £23,430; regular savings £12,160 (one higher interest and one with the same bank as my current account so I can easily move money around).
Pension? I contribute 7.35% calculated on my base salary; filling this out is the first time I've figured this out! I also have pensions from previous jobs that I keep meaning to consolidate.
Utilities: £71 council tax, £38.42 gas and electric, £15 internet, £230 water twice a year (these are all my half; all bills are split equally between me and my flatmate).
All other monthly payments: £16 phone, £5 BookTrust donation, £5 Crisis donation. Subscriptions: £10.99 Netflix, £0.99 Apple storage, £12.99 YouTube Music, £35 ClassPass, £128 pottery classes. Annual: £25 NY Times Cooking, £45 Vittles, £50 museum membership, £15 Fawcett Society.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I went to university. I was the first person in my family to complete a degree so it was a pretty big deal to my parents. I took out loans and also had financial support from my parents so that I didn’t have to work during termtime. They had saved up to help support me and when one of my grandparents died, they put that inheritance towards paying off my student loans (I’ve paid the rest off while working and I am very grateful for their generosity). I sometimes wonder if I should have saved that money for a house deposit but my parents were very firm that they wanted it spent on my education.
Yes, I went to university. I was the first person in my family to complete a degree so it was a pretty big deal to my parents. I took out loans and also had financial support from my parents so that I didn’t have to work during termtime. They had saved up to help support me and when one of my grandparents died, they put that inheritance towards paying off my student loans (I’ve paid the rest off while working and I am very grateful for their generosity). I sometimes wonder if I should have saved that money for a house deposit but my parents were very firm that they wanted it spent on my education.
Growing up, what kind of conversations did you have about money?
My parents taught me about the importance of saving. I was taken to open my first savings account around age 6 and remember regularly bagging up pocket money coins to deposit at the bank. But there was also definitely encouragement to spend money on experiences and things that brought joy, and a culture of treating the people around you as much as you could. My parents didn’t earn much when I was small but our financial situation improved over the course of my childhood and teen years. I was aware that I had a lot of opportunities that I wouldn’t have had if I’d had siblings. My parents have been quite open about their financial decisions and difficulties but I would say it’s felt more like they’ve shared what they’ve learned as they’ve gone along, rather than having all the answers.
My parents taught me about the importance of saving. I was taken to open my first savings account around age 6 and remember regularly bagging up pocket money coins to deposit at the bank. But there was also definitely encouragement to spend money on experiences and things that brought joy, and a culture of treating the people around you as much as you could. My parents didn’t earn much when I was small but our financial situation improved over the course of my childhood and teen years. I was aware that I had a lot of opportunities that I wouldn’t have had if I’d had siblings. My parents have been quite open about their financial decisions and difficulties but I would say it’s felt more like they’ve shared what they’ve learned as they’ve gone along, rather than having all the answers.
If you have, when did you move out of your parents'/guardians' house?
After university. I came home during the holidays at uni but as soon as I graduated I got a job and moved out.
After university. I came home during the holidays at uni but as soon as I graduated I got a job and moved out.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
At 21. I was really lucky that my parents were able to provide financial support during university but I felt very strongly about becoming financially independent after studying. No one provides support to me now but my parents live in London and would be a safety net for me if I ever needed it, which I’m grateful for.
At 21. I was really lucky that my parents were able to provide financial support during university but I felt very strongly about becoming financially independent after studying. No one provides support to me now but my parents live in London and would be a safety net for me if I ever needed it, which I’m grateful for.
What was your first job and why did you get it?
Working as a teaching assistant in a local community organisation — I wanted to have more spending money to do things with my friends. I think it paid around £20/week by the time I was in sixth form.
Working as a teaching assistant in a local community organisation — I wanted to have more spending money to do things with my friends. I think it paid around £20/week by the time I was in sixth form.
Do you worry about money now?
Yes. Even though I have a higher salary than I’ve ever had and am able to save and spend on things I enjoy, I worry about never being able to afford to live alone or buy a property on a single income. I also worry about needing to support my parents as they get older as an only child, so I talk to them often about their pension plans.
Yes. Even though I have a higher salary than I’ve ever had and am able to save and spend on things I enjoy, I worry about never being able to afford to live alone or buy a property on a single income. I also worry about needing to support my parents as they get older as an only child, so I talk to them often about their pension plans.
Do you or have you ever received passive or inherited income?
Yes — I’ve lost all of my grandparents and have received some inheritance money, totalling around £15,000. My mother also gifted me £5,000 when she retired and received a lump sum from her pension, with instructions to use it for a property deposit or a master's. Cash is also a traditional bat mitzvah gift and I received over £3,000 aged 12. I donated 10% to children’s charities and put the rest into savings. One of my grandmothers gifted me some shares — I get around £80/year from these and I don’t really know what to do with them.
Yes — I’ve lost all of my grandparents and have received some inheritance money, totalling around £15,000. My mother also gifted me £5,000 when she retired and received a lump sum from her pension, with instructions to use it for a property deposit or a master's. Cash is also a traditional bat mitzvah gift and I received over £3,000 aged 12. I donated 10% to children’s charities and put the rest into savings. One of my grandmothers gifted me some shares — I get around £80/year from these and I don’t really know what to do with them.
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