Money Diary: A Credit Risk Specialist In Glasgow On 49k

This week: "I'm a 32-year-old credit risk specialist living and working in Glasgow with A, my husband. I predominantly work from home with occasional trips into the office to meet colleagues. I have worked within financial services since leaving university, doing a variety of data and analytical roles. I currently work for a large retail bank and they are really flexible. As long as you work your hours they give you the independence to choose when you work them to fit alongside your personal life. A is a contractor and works away most of the week, coming back one night midweek and the weekends. This can be difficult at times but we make it work and we really look forward to seeing each other. 

I don’t believe I spend my money too frivolously and predominantly use it to go on holidays and eat out. I try to save but don’t have the financial knowledge to know what to really invest in. A and I have a joint account and each month we transfer money in to cover bills and some fun money."

Occupation: Credit risk specialist 
Industry: Financial services
Age: 32
Location: Glasgow 
Salary: £49k + bonus 
Paycheque amount: £2,900
Number of housemates: One: A, my husband.
Pronouns: She/her

Housing costs: £364.50 for my half of the mortgage.
Loan payments: £0
Savings? I have £45k split between monthly savings, fixed ISAs and easy access savers accounts. I should really see a financial advisor to help with managing and investing this money more effectively.
Pension? I have around £55k in my pension pot (no idea if that is good or not). I currently contribute the maximum amount for my employer to maximise their contribution. I think I pay around £220 a month. This comes off pre-tax and I’m only looking at what comes into my bank account.
Utilities: Two-year fixed (runs out in July 2023) gas and electricity is usually £37.12 my half but at the moment it’s £3.62 my half due to the government energy support payment. Our account is currently in credit. Council tax £117 my half, internet £18.50 my half.
All other monthly payments: SIM-only deal £6.95. Car payment £164.27. Gym membership £20.99. Life insurance £7.50 my half. Window cleaner £6 my half. Home insurance, car insurance and car tax we pay off annually as it works out cheaper that way. 

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

I went to university in Scotland and we don’t have to pay for university fees or tuition, which I am so grateful for. I stayed at home when at university, got a credit card to build credit and had part-time jobs to earn money. 

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

My siblings and I were always told to save, save, save. My parents taught us to do well in school and to work harder than anyone else. I saw how hard my parents worked and on reflection realised that when we were growing up we didn’t see them that much as they were always working. We didn’t go to clubs, after-school or weekend activities like dancing or football or on holidays every year like other families did but we always had each other and cousins to play with. I don’t believe we struggled or my parents at least didn’t make it very obvious. Apart from save money they know very little about pensions and investments.

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

I moved out when I was 22, down to England for my first job after graduating university. I changed jobs and moved back home while I commuted to another city for a new job. The train commute was expensive so the best option was to find a place to rent. I then changed jobs and moved back with my parents for around 15 months before buying my first house with my now husband.

My mum gave me two months' worth of rent money when I first moved out when I was 22. I think it was around £1,100 to get me on my feet. Since then I have been financially responsible for myself. My parents describe me as independent in the sense that I don’t rely on them and I figure out things myself but they did let me move back in with them a couple of times.

I worked part-time in various retail jobs and supermarkets. We were told if we wanted something that wasn't a necessity then we had to do chores around the house to get pocket money or get a job and earn it ourselves.

Yes I do. I went through a period where I was always careful with my money, tried to find the cheapest options and not spend on 'unnecessary' things. I feel like I am in a better place now and try to treat myself more. I'm concerned with the cost of living crisis and inflation. We can afford our current lifestyle and bills but I know this could quickly change.

No.