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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 33-year-old chartered accountant working as a finance manager for a TV and film production company, living in London. I wrote a Money Diary last year and at that time I was looking at purchasing my first home with my boyfriend and in a job with no career progression in sight. Fast-forward a year and a half, and we have just celebrated our first year in our first home, I’ve started a new job at a higher level and we’ve gotten engaged and are planning the wedding for next summer. As my family from Australia is coming for the wedding, we are also planning a Europe trip for afterwards as it will be their first time here. As we are saving for a wedding and the trip, I am trying to save where I can but without putting on hold the things that I enjoy like going out to dinner and having fun. Doing this Money Diary will hopefully highlight any areas of improvement and show that I can still enjoy life but save where I need to."
Occupation: Finance manager
Industry: TV and film production
Age: 33
Location: London
Salary: £75,000
Paycheque amount: £4,505
Number of housemates: One: my fiancé, F.
Pronouns: She/her
Industry: TV and film production
Age: 33
Location: London
Salary: £75,000
Paycheque amount: £4,505
Number of housemates: One: my fiancé, F.
Pronouns: She/her
Monthly Expenses
Housing costs: £1,122.09 for my half of the mortgage. I overpay £400 a month in the hope of paying it off earlier.
Loan payments: None.
Savings? My total savings are £15,000 and this is currently my wedding and Europe trip fund. I am hoping to save £1,500 a month for the next eight months before the wedding. F and I also have a joint account, which only has £600 in it at the moment as we had shutters installed in the house earlier this year, landscaped our garden a few months ago and had to replace our washing machine last month. We contribute £300 each a month to this account. We also have a shares account with £11,550 in shares. This is like my own little pension pot and I won’t sell my shares until I really need the money or until I retire. I plan to add £150-£200 a month until I retire.
Pension? As I am from Australia and plan to move back before retirement, I have opted out of the pension scheme here in the UK. The money I save from opting out is being put into the wedding pot but after the wedding I will use it to invest in shares to grow my own little pension pot.
Utilities: £74 council tax, £12.50 British Gas HomeCare insurance, £8.43 building insurance, £3.80 contents insurance, £48.28 gas and electricity, £12 internet, £20 water.
All other monthly payments: £10 mobile phone. Subscriptions: £2.49 Netflix, £4.50 Amazon Prime, £5 Spotify Premium Family.
Loan payments: None.
Savings? My total savings are £15,000 and this is currently my wedding and Europe trip fund. I am hoping to save £1,500 a month for the next eight months before the wedding. F and I also have a joint account, which only has £600 in it at the moment as we had shutters installed in the house earlier this year, landscaped our garden a few months ago and had to replace our washing machine last month. We contribute £300 each a month to this account. We also have a shares account with £11,550 in shares. This is like my own little pension pot and I won’t sell my shares until I really need the money or until I retire. I plan to add £150-£200 a month until I retire.
Pension? As I am from Australia and plan to move back before retirement, I have opted out of the pension scheme here in the UK. The money I save from opting out is being put into the wedding pot but after the wedding I will use it to invest in shares to grow my own little pension pot.
Utilities: £74 council tax, £12.50 British Gas HomeCare insurance, £8.43 building insurance, £3.80 contents insurance, £48.28 gas and electricity, £12 internet, £20 water.
All other monthly payments: £10 mobile phone. Subscriptions: £2.49 Netflix, £4.50 Amazon Prime, £5 Spotify Premium Family.
Did you participate in any form of higher education? If yes, how did you pay for it?
I went to university in Australia where we can get HECS-HELP loans to help pay for our studies. This loan is interest-free and is indexed every year in line with inflation. Repayments are taken from our salary once we earn a certain amount, just like here in the UK. While I have been in London, as I have not worked back home where an employer can take repayments from my salary, I have had to pay around AU$5k every year at tax time. I paid off all my HECS-HELP last October. I also completed my CA (graduate diploma of chartered accounting), which takes three years to complete, after my bachelor’s degree, but this was paid by my employer.
I went to university in Australia where we can get HECS-HELP loans to help pay for our studies. This loan is interest-free and is indexed every year in line with inflation. Repayments are taken from our salary once we earn a certain amount, just like here in the UK. While I have been in London, as I have not worked back home where an employer can take repayments from my salary, I have had to pay around AU$5k every year at tax time. I paid off all my HECS-HELP last October. I also completed my CA (graduate diploma of chartered accounting), which takes three years to complete, after my bachelor’s degree, but this was paid by my employer.
Growing up, what kind of conversations did you have about money?
We were financially comfortable. We didn’t go without but we also didn’t ask much from our parents. My parents taught my sisters and I to save from an early age. My dad opened bank accounts for us when we were young, and we would put our birthday and New Year's money into our accounts to save for things we wanted and for the future.
We were financially comfortable. We didn’t go without but we also didn’t ask much from our parents. My parents taught my sisters and I to save from an early age. My dad opened bank accounts for us when we were young, and we would put our birthday and New Year's money into our accounts to save for things we wanted and for the future.
If you have, when did you move out of your parents'/guardians' house?
I moved out when I moved to London in 2019.
I moved out when I moved to London in 2019.
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 got my first part-time job during my first year of university. I lived at home prior to moving to London and I didn’t have to pay my parents board so I guess they covered that aspect financially.
I became financially responsible for myself when I got my first part-time job during my first year of university. I lived at home prior to moving to London and I didn’t have to pay my parents board so I guess they covered that aspect financially.
What was your first job and why did you get it?
It was at a bakery when I was 19 so that I could have spending money and to fund a six-week Europe trip once I graduated from university.
It was at a bakery when I was 19 so that I could have spending money and to fund a six-week Europe trip once I graduated from university.
Do you worry about money now?
I don’t really worry about money day to day as I know I am lucky enough to earn a good salary and F and I already have our foot on the property ladder. It’s a bit scary to think all my savings are going to the wedding but I know I’ll be able to rebuild my savings pot afterwards. It is also good that F and I put away £300 a month into our joint account for home emergencies — it has come in handy with all the emergencies we have had since becoming homeowners, such as a broken boiler and washing machine.
I don’t really worry about money day to day as I know I am lucky enough to earn a good salary and F and I already have our foot on the property ladder. It’s a bit scary to think all my savings are going to the wedding but I know I’ll be able to rebuild my savings pot afterwards. It is also good that F and I put away £300 a month into our joint account for home emergencies — it has come in handy with all the emergencies we have had since becoming homeowners, such as a broken boiler and washing machine.
Do you or have you ever received passive or inherited income?
No.
No.
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