Money Diary 28-Year-Old Company Director On 50k

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'm a 28-year-old business owner living just outside Glasgow with my fiancé, B, and our fluffy little cat, P. We bought our house three years ago and ripped it apart but somehow we’re still finding new things to renovate! My fiancé and I run two companies together (a marketing agency and an education company). Our companies generate around £200k and our business expenses are pretty low but we only take half of this combined for wages and dividends. When it comes to splitting bills we do everything 50/50 and each time we take a dividend from our company we add £6k each to our joint account to cover all our bills as well as food shops, joint gifts and any extra spending. We then sort out our joint savings based on what we’ve got coming up in the next few months before we take our next dividend. We only started earning this amount of money around 18 months ago so it’s fairly new to us and we’re still finding our feet with investing/saving and enjoying ourselves too."

Occupation: Company director
Industry: Marketing
Age: 28
Location: Glasgow
Salary: £50,000
Paycheque amount: £800 wage per month, £13-15k dividends 3x per year.
Number of housemates: Two (fiancé and cat).
Pronouns: She/her

Monthly Expenses

Housing costs: £700 mortgage (we overpay by £220 per month).
Loan payments: £503 across two cars.
Pension? Our company pays £500 per month into each of our pension pots. There is around £6,000 in mine but I don’t currently contribute anything to my pension from my salary.
Savings? We have around £30k saved jointly and I have £5k of my own savings. I save 10% for my personal tax each month. We also have a standing order for £200 going into our stocks & shares ISA from our joint account. When we take our dividends we put around £5k each into our joint savings, which gets split across our wedding fund, holidays, emergency, crypto and stocks & shares ISA. I then save about £1k of my own money for upcoming girls' trips, birthdays, treats and my wedding shoes.
Utilities: Split equally we pay £140 council tax, £16 factors fees, £148 insurances, £13.37 TV licence, £15.50 breakdown cover, £26 Wi-Fi.
All other monthly payments: Phone bill £51, weekly cleaner £18 (split). Subscriptions: £29 MuscleFood, £63 gym memberships, £13.99 Spotify Duo, £20 Netflix and Now TV, £25 Nespresso (split). £20 personal Liberty subscription.

Did you participate in any form of higher education? If yes, how did you pay for it?

I went to university when I left school. I felt too young to get a full-time job (so I worked three part-time jobs instead lol). University is free in Scotland and I lived with my parents throughout my four years so I didn't have much to pay for. I got the minimum student loan to cover my train ticket each month, which I think was about £90. I paid that back years ago.

Growing up, what kind of conversations did you have about money?

We didn't really talk about money until it was a problem. My parents gave me pocket money for doing chores and it was up to me what I spent this money on (usually sweets and Mizz magazine). I opened my first bank account when I was 16 to pay my wages into from my first job but I was never taught about the intricacies of finances.

If you have, when did you move out of your parents'/guardians' house?

My fiancé, B, and I moved into our first flat when I was 22.

At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?

When I moved out I became fully financially responsible. Until then I only paid for my car and going out. I gave my mum £100 per month but she gave me this back in a lump sum when I moved out.

What was your first job and why did you get it?

I worked in a buffet when I turned 16 for around £3 an hour. I actually loved it because it gave me freedom and meant I didn't have to ask my parents for money for the cinema or going out with my friends.

Do you worry about money now?

For the first time in my life, no. We're so lucky to be in the position that we are but it's been a lot of hard work and risk-taking to get here. Just a few years ago I was working in the emergency services and B was trying to make it as a copywriter. I was on a pretty low salary and covering all of our bills (we rented a flat at the time). We had some really rough times financially and although we never got into any serious debt it put a strain on our relationship. We are now in such a good place and I'm so grateful for every hour B has grafted to give us this life. He built an amazing business which allowed me to leave a job I hated and for us to grow this business (and our subsequent business) together. It sometimes feels like a dream.

Do you or have you ever received passive or inherited income? If yes, please explain.

My parents have given us £10,000 towards our wedding, which is so generous. They also gave us £4,000 when we got our kitchen renovated a couple of years ago. B recently inherited around £6,000, however we are not sharing this money. B plans to use it to invest.