Money Diary 27-Year-Old Doctor On 45k

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 27-year-old doctor living in the east of England. I’ve lived here ever since I left home to go to university and managed to buy a house with my fiancé, K, last year. We also got a little dog, B, two years ago despite working full-time. I'm not working in a patient-facing role for the next year so I am able to work from home relatively often and only go onsite for some of the days or part of the day.

I used to be a massive spender during my university years but once I started earning my own money I got a lot better at saving and spending wisely. K and I share all costs 50/50 but he earns a little bit more than me. Currently our financial goals are saving for a wedding and hopefully saving for a baby in the next couple of years. I worry a lot about the financial pressures of a child with family being so far away but I do feel financially comfortable."

Occupation: Doctor
Industry: Healthcare
Age: 27
Location: East of England
Salary: £40,000 base pay and £5,000 additional pay.
Paycheque amount: £2,400 after pension and student loan deductions.
Number of housemates: Two: My partner, K, and my dog, B.
Pronouns: She/her

Monthly Expenses

Housing costs: £470 mortgage.
Loan payments: My student loan is usually just under £200 a month and I use no other forms of credit.
Pension? I have an NHS pension and on my current pay scale I pay 9.8% into this.
Savings? £30,000 in an ISA and £10,000 in an easy access savings account.
Utilities: All my bills are split with K. My half comes to £19 water bill, £18 Wi-Fi, £70 energy bill, £90 council tax.
All other monthly payments: £10 phone, £130 doggy daycare, £20 union fee, £8 home insurance, £8 life insurance, £14 road tax. Subscriptions: £2.50 Netflix, £7 Spotify.

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

I went to university for my medical degree and paid for this with student loans while my mum covered my living expenses.

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

During my childhood our family finances fluctuated quite a lot. My dad had quite a good job and my mum was a stay-at-home mum. We moved to England when I was a toddler for my dad's work and lived quite comfortably. Unfortunately he passed away when I was young, which left my mum a single mother without a job and she was stuck in a legal battle with the rest of his family for his remaining assets so she was unable to use that to support us. I was hyperaware of my mum not having a lot of money and tried not to ask her for too much but she didn’t really talk about her finances. When I was in secondary school she started a successful company and our finances completely changed. She taught me a lot about budgeting and saving before I went to university so I felt well equipped by the time I left home.

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

I moved out at 18 and haven’t lived with my parents since. When I went to university my mum moved abroad almost immediately.

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

Currently I am completely financially responsible for myself and would say this began when I graduated from university at 24.

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

My first job was during university where I worked as a student ambassador to supplement my student loan and money given to me by my mum. I actually really enjoyed having a job and earning my own money.

Do you worry about money now?

I do worry a bit about money as I hope to have a child in a few years' time and the cost of childcare is very overwhelming. I think I'm in a comfortable position at the moment as I only spend half my income and manage to save the rest. This is a big change from when I was younger and I had a lot of worry about money as my mother struggled to make ends meet for quite a while.

Do you or have you ever received passive or inherited income? If yes, please explain.

My dad died when I was younger and after a long legal battle with other members of my family I inherited £25,000. I managed to waste £15,000 of this during my summers at university, going on holiday every year without fail. I think it was a worthwhile experience and I had a great time but I do look back and think I could have done a lot more with it. I later inherited a further £20,000 from the sale of a property my mum owned and she wanted to gift me some money upon completion of medical school.