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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 31-year-old Bristol-dweller. Last year I went travelling with my partner for three and a half months. I’d always wished for the opportunity to travel but thought it had passed me by. After a bit of a difficult time, I realised it’s never too late and took the leap, quitting my job, giving up a flat and squeezing all my belongings into storage. It was a great decision and I’m incredibly glad I did it. After a few months of sofa- and spare-room-surfing upon our return to the UK, I ended up back in Bristol, starting a new job and moving into a new flat all in the same week. I’m feeling settled back into life now and I'm taking the next step of trying to buy a house. Life feels very different from last summer’s unemployed freedom but I don’t miss the increased financial worries and I’m looking forward to the adventures ahead. My attitude to money is all about priorities — I spend where I want to spend and save where I want to save and feel lucky that I am able to make those choices."
Occupation: Communications
Industry: Public health
Age: 31
Location: Bristol
Salary: £38,205
Paycheque amount: £2,370
Number of housemates: One
Pronouns: She/her
Industry: Public health
Age: 31
Location: Bristol
Salary: £38,205
Paycheque amount: £2,370
Number of housemates: One
Pronouns: She/her
Monthly Expenses
Housing costs: £675 for my half of the rent (I have just been told our rent is increasing by £100 next month…).
Loan payments: Only a student loan, which comes straight from my paycheque.
Savings? Around £60k in a mixture of ISAs and savings accounts. I always transfer money straight into savings on payday.
Pension? Yes, I have a pension through my current job and a separate pension which I have transferred pensions from all my previous jobs into. I pay in around 6% of my salary each month.
Utilities: £70.44 energy, £47 water, £159 council tax, £28.50 internet, £13.25 TV licence (these come out of our joint account and I pay for roughly half of each).
All other monthly payments: £8.63 phone, £13.50 contact lenses, £24.67 union membership, £10 local refugee charity, £10 local homeless charity. Subscriptions: £8.99 Amazon Prime, £16.99 Spotify Duo.
Loan payments: Only a student loan, which comes straight from my paycheque.
Savings? Around £60k in a mixture of ISAs and savings accounts. I always transfer money straight into savings on payday.
Pension? Yes, I have a pension through my current job and a separate pension which I have transferred pensions from all my previous jobs into. I pay in around 6% of my salary each month.
Utilities: £70.44 energy, £47 water, £159 council tax, £28.50 internet, £13.25 TV licence (these come out of our joint account and I pay for roughly half of each).
All other monthly payments: £8.63 phone, £13.50 contact lenses, £24.67 union membership, £10 local refugee charity, £10 local homeless charity. Subscriptions: £8.99 Amazon Prime, £16.99 Spotify Duo.
Did you participate in any form of higher education? If yes, how did you pay for it?
I did an undergraduate degree in Scotland so I didn’t pay a penny for tuition fees. For living costs, I had a full means-tested bursary and I worked during term time and holidays. I took out a loan when I was panicking about affording living costs, which I hugely regret. I put the loan money in savings and never actually spent it in the end as I worked a lot of hours but I’m still paying it off now, many years later.
I did an undergraduate degree in Scotland so I didn’t pay a penny for tuition fees. For living costs, I had a full means-tested bursary and I worked during term time and holidays. I took out a loan when I was panicking about affording living costs, which I hugely regret. I put the loan money in savings and never actually spent it in the end as I worked a lot of hours but I’m still paying it off now, many years later.
Growing up, what kind of conversations did you have about money?
There wasn’t a lot of money when I was growing up and I think I understood that from a young age. The attitude to money in my family was very much “never a borrower or a lender be”. When I got a credit card in my early 20s I felt hugely guilty about it but I’ve always been sensible with it due to that attitude being ingrained in me from a young age. The older I get, the more I realise I was more educated about money than some people are — I understood saving and not to buy things I can’t afford.
There wasn’t a lot of money when I was growing up and I think I understood that from a young age. The attitude to money in my family was very much “never a borrower or a lender be”. When I got a credit card in my early 20s I felt hugely guilty about it but I’ve always been sensible with it due to that attitude being ingrained in me from a young age. The older I get, the more I realise I was more educated about money than some people are — I understood saving and not to buy things I can’t afford.
If you have, when did you move out of your parents'/guardians' house?
I went to university at 17 and never returned home properly. Last summer, when my boyfriend and I were temporarily homeless, we stayed with different family and friends, travelling around every few weeks. When I was 20 I spent a month living with a family member while I did work experience in a different part of the country, which is the longest I’ve spent living with family since university.
I went to university at 17 and never returned home properly. Last summer, when my boyfriend and I were temporarily homeless, we stayed with different family and friends, travelling around every few weeks. When I was 20 I spent a month living with a family member while I did work experience in a different part of the country, which is the longest I’ve spent living with family since university.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
Housing costs for my first year at university were paid for with money that was saved for me throughout my childhood. I was also given £50 a month by a family member, which I spent on commuting to my uni job. In retrospect I should have found a job in walking distance and put that money to better use. I’m very lucky to know that I have family I could fall back on if I needed to, and I’ve been given help by family on little things over the years e.g. some money towards furniture when I moved house. I would say for the most part though, I’ve been responsible for myself since I was 18.
Housing costs for my first year at university were paid for with money that was saved for me throughout my childhood. I was also given £50 a month by a family member, which I spent on commuting to my uni job. In retrospect I should have found a job in walking distance and put that money to better use. I’m very lucky to know that I have family I could fall back on if I needed to, and I’ve been given help by family on little things over the years e.g. some money towards furniture when I moved house. I would say for the most part though, I’ve been responsible for myself since I was 18.
What was your first job and why did you get it?
I had a job making sales of identity fraud protection insurance in a call centre for a week in the summer before I went to university. I spent the last few days crying from stress and didn’t go back. I then got a job housekeeping at a local hotel that same summer but quit to go on holiday to Italy. I promise I’ve got a lot better at sticking to jobs since I was 17!
I had a job making sales of identity fraud protection insurance in a call centre for a week in the summer before I went to university. I spent the last few days crying from stress and didn’t go back. I then got a job housekeeping at a local hotel that same summer but quit to go on holiday to Italy. I promise I’ve got a lot better at sticking to jobs since I was 17!
Do you worry about money now?
I could probably earn 10 times the amount I do now and still be someone who worries about money as it’s just ingrained in me. I treat myself and think life is for living not for accumulating cash, but I’m never careless with my money. I always think of how lucky I am, especially living in a city with such high inequality and homelessness. When I get panicked about having several big outgoings or my bank account being lower than I expected, I remember that I have a safe and secure home with food in the fridge, a warm bed to sleep in and people I can turn to if I need help. If I have children, then I would really hope not to pass my money anxiety onto them while ensuring they have the sensible attitude I do.
I could probably earn 10 times the amount I do now and still be someone who worries about money as it’s just ingrained in me. I treat myself and think life is for living not for accumulating cash, but I’m never careless with my money. I always think of how lucky I am, especially living in a city with such high inequality and homelessness. When I get panicked about having several big outgoings or my bank account being lower than I expected, I remember that I have a safe and secure home with food in the fridge, a warm bed to sleep in and people I can turn to if I need help. If I have children, then I would really hope not to pass my money anxiety onto them while ensuring they have the sensible attitude I do.
Do you or have you ever received passive or inherited income?
I lost my last remaining grandparent a few years ago. I was left £10k in their will and was also given money from the sale of their house by family members. This was very kind of them and has helped me to build up my house deposit and go travelling for three months. I’m very aware that without this money I wouldn’t be in a position to buy a property, or I’d be looking at even smaller places than I am. This money has given me some financial freedom and I do feel a responsibility to use it in the best way. Of course, I would much prefer to be able to share with my grandparent what I’m doing than have their money to do it with.
I lost my last remaining grandparent a few years ago. I was left £10k in their will and was also given money from the sale of their house by family members. This was very kind of them and has helped me to build up my house deposit and go travelling for three months. I’m very aware that without this money I wouldn’t be in a position to buy a property, or I’d be looking at even smaller places than I am. This money has given me some financial freedom and I do feel a responsibility to use it in the best way. Of course, I would much prefer to be able to share with my grandparent what I’m doing than have their money to do it with.
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