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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 30-year-old finance manager living in the West Midlands with my husband. I would say that I'm good at saving while also living in the moment, usually by finding good deals and keeping my costs to a minimum. I own a house with my husband, but we are currently looking to move to somewhere bigger as we hope to start a family in the next few years. I love travelling and hope to go on a few more big trips before we have children."
Occupation: Finance manager
Industry: Higher Education
Age: 30
Location: West Midlands
Salary: £47,000
Paycheque Amount: £2,700
Number of housemates: One (my husband, B)
Pronouns: She/her
Industry: Higher Education
Age: 30
Location: West Midlands
Salary: £47,000
Paycheque Amount: £2,700
Number of housemates: One (my husband, B)
Pronouns: She/her
Monthly Expenses
Housing costs: £0 (we recently paid off our mortgage).
Loan payments: £116 student loan repayment.
Savings?: £45,000 in Cash ISAs which I will use towards our next house. I'm trying to build up my emergency fund now as a buffer to keep even when we do move.
Utilities: My half is £17 electricity, £45 gas, £12.40 water and £106 council tax per month.
Pension?: I have a defined benefit pension that I salary sacrifice 6.1% of my pay into, but I have also recently started contributing 3% into a defined contribution scheme. My employer only contributes to the defined benefit part.
All other monthly payments: £104 home insurance for my half, £600 unlimited annual yoga membership and £1,200 car insurance per year.
Loan payments: £116 student loan repayment.
Savings?: £45,000 in Cash ISAs which I will use towards our next house. I'm trying to build up my emergency fund now as a buffer to keep even when we do move.
Utilities: My half is £17 electricity, £45 gas, £12.40 water and £106 council tax per month.
Pension?: I have a defined benefit pension that I salary sacrifice 6.1% of my pay into, but I have also recently started contributing 3% into a defined contribution scheme. My employer only contributes to the defined benefit part.
All other monthly payments: £104 home insurance for my half, £600 unlimited annual yoga membership and £1,200 car insurance per year.
Subscriptions: None.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I did a bachelor’s degree with my student loan covering my tuition fees. Everything else was covered by my parents plus a maintenance bursary. I also took a master’s course with my parents paying both the tuition fees and maintenance. I'm very grateful that they were happy to pay for this as I wouldn't have been able to afford this otherwise.
Yes, I did a bachelor’s degree with my student loan covering my tuition fees. Everything else was covered by my parents plus a maintenance bursary. I also took a master’s course with my parents paying both the tuition fees and maintenance. I'm very grateful that they were happy to pay for this as I wouldn't have been able to afford this otherwise.
Growing up, what kind of conversations did you have about money?
We didn't really discuss finances, instead my parents would say that if you studied hard then you would get a high paying job and be financially stable. Only as I've gotten older have I realised that it’s not as simple as that! Looking back, my mum would try to encourage saving whereas my dad struggled to not spend all of his paycheque. As they were self-employed, they had their ups and downs, so they always encouraged me to get a stable job to avoid this and make monthly budgeting easier.
We didn't really discuss finances, instead my parents would say that if you studied hard then you would get a high paying job and be financially stable. Only as I've gotten older have I realised that it’s not as simple as that! Looking back, my mum would try to encourage saving whereas my dad struggled to not spend all of his paycheque. As they were self-employed, they had their ups and downs, so they always encouraged me to get a stable job to avoid this and make monthly budgeting easier.
If you have, when did you move out of your parents/guardians house?
I moved out for university at 18. I briefly returned at 23 to my parents' house then left again when I was 24 when I bought a house with my husband.
I moved out for university at 18. I briefly returned at 23 to my parents' house then left again when I was 24 when I bought a house with my husband.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I’ve been financially responsible for myself since I left university. However, I did spend over a year living at my parents' place and didn’t pay rent as they wanted me to save up for a house deposit and didn’t need the money. I share costs with my husband since we moved in together at 24; the only exception is the £7 phone bill that my mum still pays as they have a great deal.
I’ve been financially responsible for myself since I left university. However, I did spend over a year living at my parents' place and didn’t pay rent as they wanted me to save up for a house deposit and didn’t need the money. I share costs with my husband since we moved in together at 24; the only exception is the £7 phone bill that my mum still pays as they have a great deal.
What was your first job and why did you get it?
My first job was working at Boots during the holidays at university to boost my spending balance for the term ahead.
My first job was working at Boots during the holidays at university to boost my spending balance for the term ahead.
Do you worry about money now?
Although I know I shouldn't, I do still worry about money. I worry about what would happen if we bought our next house and I lost my job, even though it’s very stable. I worry about having enough savings for our future children and for maternity leave. I'm very fortunate financially but do tend to be a worrier, which I’m trying to work on.
Although I know I shouldn't, I do still worry about money. I worry about what would happen if we bought our next house and I lost my job, even though it’s very stable. I worry about having enough savings for our future children and for maternity leave. I'm very fortunate financially but do tend to be a worrier, which I’m trying to work on.
Do you or have you ever received passive or inherited income?
Yes, all my grandparents have passed away and I received around £20,000 in total which went towards our mortgage, and a secondhand car as I only recently passed my driving test. B has been fortunate enough to receive money from his parents, which helped us in buying our house and later paying off the mortgage.
Yes, all my grandparents have passed away and I received around £20,000 in total which went towards our mortgage, and a secondhand car as I only recently passed my driving test. B has been fortunate enough to receive money from his parents, which helped us in buying our house and later paying off the mortgage.
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