Money Diary: A 29-Year-Old Digital Marketer In London On 60k

This week: "I’m a 29-year-old digital marketer living in London. I moved here to do a master's degree straight after uni and I've been here ever since. I worked in marketing after finishing my master's and started a new job at the beginning of the year. My current company has been very flexible with working from home, with most people including myself going into the office only one day a week. I’ve lived in various house shares and in different areas of London since I moved here. My financial situation has improved in the last couple of years due to job changes and career progression so I’ve finally moved to a more spacious, modern and bright house that I share with two housemates. My rent has gone up significantly compared to before but having a spacious place where I feel comfortable is so beneficial for my mental health, especially since I am mainly WFH. It totally justifies the slightly above-average rent.

I would definitely consider myself a saver. I've saved since I started working as I feel anxious about not being able to cover emergency expenses. I am also planning on buying my own place within the next five years and let’s be honest, the cost of buying a house in London is ridiculous! My approach to money has definitely improved in recent years and I am trying to enjoy more what I earn and treat myself."

Occupation: Digital marketing specialist
Industry: Tech/marketing
Age: 29
Location: London
Salary: £60k with a 10% annual bonus
Paycheque amount: £3,590
Number of housemates: Two
Pronouns: She/her
 
Monthly Expenses
 
Housing costs: My part of the rent is £1,000.
Loan payments: None.
Pension? I am really bad with pensions and I definitely need to educate myself better about it. I wrongly see it as a very far away thing and don’t think about it as much as I should. I have always been enrolled in my employers’ pension schemes but I have never unified them – this is definitely something I need to look into ASAP.
Savings? I have £4k in an investment portfolio through my bank, £10k in low interest savings and £8k in an ISA.
Utilities: £56 for council tax and the rest comes up to around £40-60 a month for water/electricity/gas. We also have a biweekly cleaner, who costs £20 each a month.
All other monthly payments: My phone contract is £10 (SIM only). I recently joined ClassPass for £100. Subscriptions: Spotify £16.99, Amazon Prime (which for some strange reason I am still getting at student price) £3.99.

I went to university in my home country, which is 10x cheaper than doing it in London. My parents paid for it and I was also living at home so I didn’t pay any rent. I then moved to London to do a master’s and my parents generously covered both tuition fees and rent. They saved for our education since we were born as they never wanted us having to worry about it, which I am super grateful for.
 
Growing up, what kind of conversations did you have about money?

My parents have always been very frugal. They started their own business when me and my brother were toddlers. We never had the feeling that we were struggling 'cause they never made us feel like we were missing out on anything but I know they went through some hard years having to manage a mortgage, two kids and a new business. Even after their business was more established they still continued their approach of spending only on the essential and saving whatever possible. We never had any real conversation about finances but I’ve adopted my parents’ approach by osmosis I guess.
 
If you have, when did you move out of your parents'/guardians' house?

When I was 21 and moved to London to do my master's. 
 
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?

I became fully financially responsible at 22 when I got my first permanent job. It didn’t pay much and it really didn’t allow me to enjoy London much for the first few years but moving city was my choice so I didn’t want to continue depending on my parents.
 
What was your first job and why did you get it?

My first job was as a shop assistant at 18. I have always wanted to be financially independent and as soon as I got my driving licence I started working. This job was only a few hours a day and fit perfectly with my uni schedule. 
 
Do you worry about money now?

I do worry about whether or not I am able to save each month but I also know that if something comes up and I cannot save for a month or two I’ll be fine as I can rely on my savings.
 
Do you or have you ever received passive or inherited income?

No.