Money Diary: A 26-Year-Old Climate Change Analyst WFH On 29k
Last Updated 6 May 2020, 6:00
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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 am a 26-year-old analyst at a climate change charity, working from home for the last seven weeks due to the coronavirus pandemic.
I moved to the UK four years ago for postgraduate study. I met my boyfriend F during that time and we moved to London together. I have always wanted to work in the climate sector – it isn’t renowned for its high salaries but it is something I am incredibly passionate about. A promotion several months ago meant I could stop living paycheque to paycheque and start to put some (meagre) savings aside. Who knows what these slowly accumulating savings will go towards. F and I do have a pipe dream of buying a smallholding and going a bit off-grid – an idyllic fantasy in the lockdown, no-garden situation we now find ourselves in."
Occupation: Senior Analyst
Industry: Environmental Sector
Age: 26
Location: London
Salary: £29,000
Net worth: I have £3,000 in savings, accrued since changing jobs several months ago and receiving a significant pay rise.
Debt: £10,000 student loan taken out to cover my master's fees in 2016; £14,000 bank loan taken out to cover living expenses.
Paycheque amount: £1,898 after tax, National Insurance and student loan contribution.
Industry: Environmental Sector
Age: 26
Location: London
Salary: £29,000
Net worth: I have £3,000 in savings, accrued since changing jobs several months ago and receiving a significant pay rise.
Debt: £10,000 student loan taken out to cover my master's fees in 2016; £14,000 bank loan taken out to cover living expenses.
Paycheque amount: £1,898 after tax, National Insurance and student loan contribution.
Monthly Expenses
Housing costs: My boyfriend F and I live in a three-bed flat-share in south London with our two housemates. Our bedroom has an en suite, which is a godsend for any house-sharing couple. I pay £443.75 in rent and my share of the utilities (all split four ways) is: £35.75 for council tax, £6 for water, £16.62 for Bulb (gas and electric), £10 for internet.
Monthly loan payments: £40 to student loan repayments; my parents are, very kindly, covering my bank loan.
All other monthly expenses: £10 for my phone plan with giffgaff. My brother gave me his old phone about a year ago so I set it up on a pay as you go plan. I get enough data on this plan to see me through the month, plus unlimited SMS (should I ever need to send one). £4 to the RSPB, £65 for ClassPass (on hold given the coronavirus pandemic). £20 for our cleaner (on hold given the coronavirus pandemic). £5 into a Lifetime ISA with Moneybox – a placeholder account until F and I knuckle down to start saving for a place (cottage with a garden is now my essential, lockdown-informed housing criteria). I take the bus to work, which works out at £3 each day (thank you, Sadiq Khan!). Along with some ad hoc Tube and train travel, my monthly travel costs fall between £80-£100 (on hold this month due to coronavirus).
Monthly loan payments: £40 to student loan repayments; my parents are, very kindly, covering my bank loan.
All other monthly expenses: £10 for my phone plan with giffgaff. My brother gave me his old phone about a year ago so I set it up on a pay as you go plan. I get enough data on this plan to see me through the month, plus unlimited SMS (should I ever need to send one). £4 to the RSPB, £65 for ClassPass (on hold given the coronavirus pandemic). £20 for our cleaner (on hold given the coronavirus pandemic). £5 into a Lifetime ISA with Moneybox – a placeholder account until F and I knuckle down to start saving for a place (cottage with a garden is now my essential, lockdown-informed housing criteria). I take the bus to work, which works out at £3 each day (thank you, Sadiq Khan!). Along with some ad hoc Tube and train travel, my monthly travel costs fall between £80-£100 (on hold this month due to coronavirus).
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