Money Diary 24-Year-Old Corporate Lawyer On £100k

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 24-year-old, single corporate lawyer living in London. I come from a rural village in the north of England and went to a failing state school. No one in my family had been to university before. I worked really hard at school and at university to secure the job I am in now and I am just living my life to the fullest (COVID permitting) and enjoying having a lot of disposable income. I moved to London three years ago and although it was a culture shock I can’t imagine a better city to spend my 20s in. I am not the most responsible with money and tend to live a busy life. Most of my money goes on food and drink, hanging out with friends and, of course, my main passion: travel!"

Occupation: Corporate lawyer
Industry: Legal
Age: 24
Location: London
Salary: £100,000 per annum plus bonus, which ranges from 10%- 25%. I won’t be getting much of a bonus this year as I am currently on secondment and then I am taking three months off to travel.
Paycheque amount: After tax, student loan, pension etc. just over £4,800.
Number of housemates: One: my best mate from university (plus a cat).
Pronouns: She/her

Monthly Expenses

Housing costs: £900 rent (my housemate pays the same for our two-bed flat).
Loan payments: My student loan comes out before tax, I pay over £500 a month. I also pay around £120 a month in credit card repayments.
Pension? I pay 8% and my employer pays 10/12%. Eight percent works out at around £660 a month (again it comes out before tax).
Savings? Not a lot. I have around £8k in savings, which will all be going towards travelling next month. My salary doubled a few months ago when I qualified and I didn’t save much money before that.
Utilities: I pay £115 a month for bills, council tax and broadband and my housemate pays the same.
All other monthly payments: My phone bill is £45. £70-80 per month insurance for my Vespa, £11.99 phone insurance. Subscriptions: £7.99 Netflix, £29.99 swim membership, £24.99 gym membership.

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

My parents were very keen for us to attend university and have the opportunities they never had growing up, and really tried their best to push us in that direction (which I am very grateful for). I paid for it by taking out a student loan and working part-time.

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

My parents never had much money when we were growing up but they were smart with money and never lived beyond their means, even if this meant living a very frugal lifestyle at times. I remember my mum telling me that when we were young children they would sometimes not have enough money to get a loaf of bread and some milk until the next paycheque. However, my parents worked so incredibly hard to give us the best childhood possible. They worked hard to get better jobs and by the time I was a teenager we lived in a spacious family home where I had my own bedroom for the first time and we were financially comfortable and stable.

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

I moved out at 18 for university and never really went home again.

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

My parents did help me through university. I paid for all my own rent, bills, expenses but they paid my phone contract. I guess I was fully financially responsible after I moved to London and started working full-time aged 22.

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

My first job was working in an ice-cream van at the local travelling fair in my village. I was 13 years old (but lied and told them I was 14) and I was paid £2.50 an hour so it was unethical on both our parts. I got the job after an argument with my dad where he refused to give me any money to hang out with my friends (most likely because I was being an insolent little brat).

Do you worry about money now?

Yes and no. I know I am not very good with money now. I think coming from a background where I never had much to earning a lot and living in a big, exciting city just makes me want to spend, spend, spend and live life to the fullest. I never say no to an experience, a holiday or a night out and I am often the last one to go home at any social event. I am also generous when it comes to treating my friends and family as what’s the point in earning a good salary if you can’t treat the ones you love? I worry that I will not be able to sustain this lifestyle and job for very long and I will struggle with money in the future if I take a job with a lower income.

Do you or have you ever received passive or inherited income?

No and I don’t expect to. My parents sold our family home and downsized last year to release equity to try and retire early.