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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 26-year-old living in London and working full-time in customer service/e-commerce for a fashion brand. I moved to London about three years ago and now I’m thinking about moving up north where it’s more cheap and cheerful. I like to keep myself to myself during weekdays, mainly to save money but also to protect my social battery. Since moving to London, my finances have been very out of control and I am gradually trying to get a hold of them so I can start thinking about where I want to be in the future."
Occupation: Customer service and e-commerce executive
Industry: Fashion
Age: 26
Location: London
Salary: £28,000
Paycheque amount: £1,866
Number of housemates: Three
Pronouns: She/her
Industry: Fashion
Age: 26
Location: London
Salary: £28,000
Paycheque amount: £1,866
Number of housemates: Three
Pronouns: She/her
Monthly Expenses
Housing costs: £880 rent (includes heating and hot water).
Loan payments: None.
Savings? £360
Pension? I pay 8% into my pension and my employer matches this.
Utilities: £7 wi-fi, £25 electric.
All other monthly payments: £2.99 Apple storage, £10 SIM-only contract, £7 Monzo Perks, £35.99 gym, £40 phone. Subscriptions: £11.99 Spotify.
Loan payments: None.
Savings? £360
Pension? I pay 8% into my pension and my employer matches this.
Utilities: £7 wi-fi, £25 electric.
All other monthly payments: £2.99 Apple storage, £10 SIM-only contract, £7 Monzo Perks, £35.99 gym, £40 phone. Subscriptions: £11.99 Spotify.
Did you participate in any form of higher education? If yes, how did you pay for it?
No.
No.
Growing up, what kind of conversations did you have about money?
I didn’t really have conversations with my mum about money when growing up. I know my mum wasn’t very good with money and is still dealing with debt. I believe I have subconsciously picked up the same traits, which I am rapidly trying to unlearn. At the same time, I’m trying to learn all I can about saving and investments. Before I moved out, she would regularly borrow £20 or so from me to cover random expenses.
I didn’t really have conversations with my mum about money when growing up. I know my mum wasn’t very good with money and is still dealing with debt. I believe I have subconsciously picked up the same traits, which I am rapidly trying to unlearn. At the same time, I’m trying to learn all I can about saving and investments. Before I moved out, she would regularly borrow £20 or so from me to cover random expenses.
If you have, when did you move out of your parents'/guardians' house?
Nineteen.
Nineteen.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I became financially responsible for myself when I moved out at 19. I haven’t had any help since.
I became financially responsible for myself when I moved out at 19. I haven’t had any help since.
What was your first job and why did you get it?
My first job was working in the kitchen of a pub when I was 16. I absolutely hated it but wanted to start earning some extra cash for going out, shopping, etc.
My first job was working in the kitchen of a pub when I was 16. I absolutely hated it but wanted to start earning some extra cash for going out, shopping, etc.
Do you worry about money now?
Yes, every day. Recently I’ve tried to be really disciplined with my spending as I don’t want to follow in the footsteps of my mum. The stability of owning property in the future feels incredibly out of reach. This worries me a lot as I don’t want to be renting for the rest of my life.
Yes, every day. Recently I’ve tried to be really disciplined with my spending as I don’t want to follow in the footsteps of my mum. The stability of owning property in the future feels incredibly out of reach. This worries me a lot as I don’t want to be renting for the rest of my life.
Do you or have you ever received passive or inherited income?
No.
No.
If you’d like to submit your own Money Diary then please do send a bit of information about you and your situation to moneydiary@refinery29.uk. We pay £100 for each published diary. Apologies but we’re not able to reply to every email.
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