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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 34-year-old compliance officer, living in London for six years now, married with a baby on the way. I have been working in compliance for about 10 years now and really like it. The team I work with is lovely and the work isn’t too stressful, though like all jobs it can have its moments. I feel very lucky and content with my lot in life (cheesy as that sounds). We toy with going back to Ireland but have not made any decisions yet — maybe when our baby gets to school age. I think I’m quite good with money; I buy most of my clothes on eBay, Vinted or in the sale and prioritise experiences like holidays and fitness classes over material things.”
Occupation: VP compliance officer
Industry: Banking
Age: 34
Location: London
Salary: £98,000
Paycheque amount: £5,178.60
Number of housemates: Two: my husband, S, and our cat (plus baby due in a few weeks).
Pronouns: She/her
Industry: Banking
Age: 34
Location: London
Salary: £98,000
Paycheque amount: £5,178.60
Number of housemates: Two: my husband, S, and our cat (plus baby due in a few weeks).
Pronouns: She/her
Monthly Expenses
Housing costs: Our mortgage is £1,291.30 plus a £210 monthly overpayment. Mortgage, utilities and food shop come out of the joint account, which S and I pay equal amounts into every month (£2,800 total). We inevitably have to top it up toward the end of the month but it helps us keep an eye on what we are spending.
Loan payments: £75.22 on the boiler (we spread the cost over four years at 0% interest). This comes out of the joint account.
Pension? I pay in 8% and my employer pays 11.5%. I usually make a special contribution of 33% of my bonus but I don’t think I’ll do that this year due to being on mat leave. I’ve about £85,000 in my work pension, £23,000 in a PensionBee account and about €6,000 in an Irish pension.
Savings? £4,000 cash savings, approximately £75,000 in stocks and shares ISAs, £11,000 in a joint savings account, £20,000 joint investment in precious metal.
Utilities: £72 Octopus Energy, £35 internet, £13.52 TV licence, £177 council tax, £231.04 Thames Water every six months (this seems high, will need to check it), £330 house insurance annually.
All other monthly payments: £30 mobile, £8.54 travel insurance, £10.50 partner life assurance (both taxable work benefits but not subject to national insurance contributions), £50 charitable giving. Subscriptions: £39 ClassPass, £25 Liberty Beauty drop, £59 Beauty Pie membership annually.
Loan payments: £75.22 on the boiler (we spread the cost over four years at 0% interest). This comes out of the joint account.
Pension? I pay in 8% and my employer pays 11.5%. I usually make a special contribution of 33% of my bonus but I don’t think I’ll do that this year due to being on mat leave. I’ve about £85,000 in my work pension, £23,000 in a PensionBee account and about €6,000 in an Irish pension.
Savings? £4,000 cash savings, approximately £75,000 in stocks and shares ISAs, £11,000 in a joint savings account, £20,000 joint investment in precious metal.
Utilities: £72 Octopus Energy, £35 internet, £13.52 TV licence, £177 council tax, £231.04 Thames Water every six months (this seems high, will need to check it), £330 house insurance annually.
All other monthly payments: £30 mobile, £8.54 travel insurance, £10.50 partner life assurance (both taxable work benefits but not subject to national insurance contributions), £50 charitable giving. Subscriptions: £39 ClassPass, £25 Liberty Beauty drop, £59 Beauty Pie membership annually.
Did you participate in any form of higher education? If yes, how did you pay for it? Yes, I did a degree and a master's. My parents paid for my uni fees and rent for all but one year (I got a student loan to cover that year, which I paid off about five years ago). I worked summers and evenings for spending money. I know I am very lucky for this.
Growing up, what kind of conversations did you have about money?
My parents have a traditional relationship, Dad worked and Mum was a homemaker/looked after us. Money was sometimes a point of contention as Mum loved shopping/spending a lot and Dad never went into clothes shops so didn’t have any idea how much things cost. Both are very open about costs, interest rates, pensions, loans, insurance etc. and it has set me up with a good understanding of how money works. We never wanted for anything but we were expected to work so I’ve had a job since I was 13.
My parents have a traditional relationship, Dad worked and Mum was a homemaker/looked after us. Money was sometimes a point of contention as Mum loved shopping/spending a lot and Dad never went into clothes shops so didn’t have any idea how much things cost. Both are very open about costs, interest rates, pensions, loans, insurance etc. and it has set me up with a good understanding of how money works. We never wanted for anything but we were expected to work so I’ve had a job since I was 13.
If you have, when did you move out of your parents'/guardians' house?
I moved out for uni when I was 19 but they paid my rent until I was about 23.
I moved out for uni when I was 19 but they paid my rent until I was about 23.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
After uni, when I got my first real job I started to pay my own way. I think I was about 23. I know my parents are there should we need them but thankfully I have never had to ask for loans etc.
After uni, when I got my first real job I started to pay my own way. I think I was about 23. I know my parents are there should we need them but thankfully I have never had to ask for loans etc.
What was your first job and why did you get it?
When I was 13 I got a job as a Saturday shop girl. I got £19.50 for a day's work. Not sure if that’s legal but it covered cinema trips!
When I was 13 I got a job as a Saturday shop girl. I got £19.50 for a day's work. Not sure if that’s legal but it covered cinema trips!
Do you worry about money now?
Yes and no. I’m a worrier and an anxious person. I save/invest a lot and prioritise this as it makes me feel safe. I worry about childcare costs and the pay cut that comes with mat leave and how that will impact me mentally. My husband is very supportive and very much a partner. He cooks and cleans as much as I do and will be an equal parent but due to his company's policy he will only be taking the statutory two weeks' paternity leave. I’m a bit worried how this will impact our relationship/enforce gender roles. I will be going back to work but intend to spend the first 12 months with our baby. We tried very hard to have this baby — IVF, failed rounds etc. — so I want to enjoy them and soak up every second. I love our flat and where we live but I’m conscious we will outgrow it, what with the baby and my husband working from home. We will see...
Yes and no. I’m a worrier and an anxious person. I save/invest a lot and prioritise this as it makes me feel safe. I worry about childcare costs and the pay cut that comes with mat leave and how that will impact me mentally. My husband is very supportive and very much a partner. He cooks and cleans as much as I do and will be an equal parent but due to his company's policy he will only be taking the statutory two weeks' paternity leave. I’m a bit worried how this will impact our relationship/enforce gender roles. I will be going back to work but intend to spend the first 12 months with our baby. We tried very hard to have this baby — IVF, failed rounds etc. — so I want to enjoy them and soak up every second. I love our flat and where we live but I’m conscious we will outgrow it, what with the baby and my husband working from home. We will see...
Do you or have you ever received passive or inherited income?
£800 from my granny when she passed when I was a teenager, £5,000 from an uncle when he passed, £20,000 wedding gift from my parents and £10,000 when they sold a property and divided the profit between themselves and me and my siblings. I’m very lucky and feel strange being given money I have not earned. This often means I can’t spend it and put it in an ISA, which isn’t a bad thing I suppose.
£800 from my granny when she passed when I was a teenager, £5,000 from an uncle when he passed, £20,000 wedding gift from my parents and £10,000 when they sold a property and divided the profit between themselves and me and my siblings. I’m very lucky and feel strange being given money I have not earned. This often means I can’t spend it and put it in an ISA, which isn’t a bad thing I suppose.
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