Money Diary: A Digital Marketing Account Manager On 37k

This week: "I’m a 27-year-old account manager living in London with my boyfriend. We have been together for three years and moved in together last year. I like to treat myself every now and then but I keep an eye on my budget most of the time. Outside of work, I like painting, working out and travelling. I recently started investing my money and making a monthly budget for myself so I thought the Money Diary exercise would be a good one for me. I save regularly but also don't mind spending some money on the things I enjoy and will make my life better in the long run."

Occupation: Account manager
Industry: Digital marketing
Age: 27
Location: London
Salary: £37,000 + bonus
Paycheque amount: £2,325
Number of housemates: One lovely boyfriend
Pronouns: She/her
 
Monthly Expenses
 
Housing costs: £856 rent. We value living in a good environment (spacious, modern) as it helps us push ourselves professionally. Also, we decided to spend more on rent to live closer to work and avoid public transport.
Loan payments: None.
Pension? I have a workplace pension. I contribute 5% of my salary and my employer contributes 3%.
Savings? About £5k for emergencies and £20k in an S&S ISA. My savings goal is to hit £500 per month and top it up with my bonus payments.
Utilities: £11.50 broadband, approx £160 per month for council tax, gas, electric and water.
All other monthly payments: £10 SIM only phone contract. Subscriptions: £4 Netflix (split with my brother), £7 Spotify, £1.59 Google storage.
 
Did you participate in any form of higher education? If yes, how did you pay for it?
 
I was lucky enough to be able to go to university without taking a student loan. My parents paid for my education and living costs, though I did work part-time to make some money for non-essential expenses.
 
Growing up, what kind of conversations did you have about money?

I grew up in a middle class family. My mother inherited our family house so my parents never had to pay a mortgage. For this reason they were able to put money aside for my education and my brother’s. I am very lucky, I hope I can do the same for my children one day. That being said, my parents were working full-time, always mindful of money, and we did not live above our means. 
 
If you have, when did you move out of your parents'/guardians' house?

I moved out when I went to university aged 19.
 
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 at 23, after I finished my master’s degree and I got my first job. 
 
What was your first job and why did you get it?

My first job was a secretarial position in a law firm on £20k. Money was very tight back then as I was living in central London but still had to take public transport to go to work every day. I shared a flat with more people than I’d like to admit and had to endure a lot of typical shared-flat arguments.
 
Do you worry about money now?

At the moment I’m more financially secure than I’ve ever been. I am going to start a new job next month which pays better. That being said, I like budgeting, saving and putting money aside for the next stage of life, whether that is children or a house (or both). My number one financial priority now is putting aside enough money to max out my S&S ISA in the next financial year.
 
Do you or have you ever received passive or inherited income?

Yes, I received some money when my father passed away. This is set aside and I’ll probably use it as part of a deposit when I decide to buy a house.