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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 28-year-old living in Wiltshire. I moved here two years ago when I purchased a house with my then boyfriend, now husband, D. This was a big move and we knew almost no one in our immediate area so it has taken some adjusting but I now feel really settled here. D is also a doctor and there is uncertainty about the location of his next job as he will be applying for higher specialty training. This is one of the major downsides of medical training — the constant moving and uncertainty can be a nightmare if you are in a couple, and it also becomes very expensive. I recently qualified as a GP, which was a huge personal achievement and the culmination of 10 years studying/working/taking endless exams. My income has had a boost as a result, which is very welcome as it has been an expensive few years with a house purchase and a wedding. I work three (long) days a week at a lovely local practice, which equates to 32 hours. I am trying to increase my income further with some self-employed work on my days off so we can build up our savings pot and this has introduced me to the joys of self-assessment tax returns. Work can be quite intense and all-consuming at times and D is away for work a lot so I try hard to build in time for fun social activities during the week."
Occupation: GP
Industry: Medicine
Age: 28
Location: Wiltshire
Salary: £67,000
Paycheque amount: £3,500 plus £250-£1,000 from self-employed work.
Number of housemates: One: my husband, D.
Pronouns: She/her
Industry: Medicine
Age: 28
Location: Wiltshire
Salary: £67,000
Paycheque amount: £3,500 plus £250-£1,000 from self-employed work.
Number of housemates: One: my husband, D.
Pronouns: She/her
Monthly Expenses
Housing costs: £1,102.50 for my half of the mortgage.
Loan payments: I have a student loan but it's automatically deducted from my pay.
Savings? £4,700.
Pension? Yes, the standard NHS pension, which is I believe 10.2% of monthly salary.
Utilities: £22.33 gas and electric (we were massively overpaying so built up credit), £118 council tax, £22.21 internet, £19.75 water — these are all my half, split with D.
All other monthly payments: £195.57 car payment, £20.53 dental insurance, £49.36 payment protection insurance, £55 life insurance and critical illness cover, £10 phone, £14 contact lenses, £7.50 National Trust. Subscriptions: £82 professional subscriptions.
Loan payments: I have a student loan but it's automatically deducted from my pay.
Savings? £4,700.
Pension? Yes, the standard NHS pension, which is I believe 10.2% of monthly salary.
Utilities: £22.33 gas and electric (we were massively overpaying so built up credit), £118 council tax, £22.21 internet, £19.75 water — these are all my half, split with D.
All other monthly payments: £195.57 car payment, £20.53 dental insurance, £49.36 payment protection insurance, £55 life insurance and critical illness cover, £10 phone, £14 contact lenses, £7.50 National Trust. Subscriptions: £82 professional subscriptions.
Did you participate in any form of higher education? If yes, how did you pay for it?
I went to medical school, which is a five-year degree. I received the minimum loan, which didn’t even cover half my rent. I worked as an HCA (healthcare assistant) throughout, which provided flexible and relatively well-paid work. I was able to fully fund myself for the first three years but the final two years were harder as we frequently had to stay away for hospital placements. My parents very kindly helped out with rent for the final two years.
I went to medical school, which is a five-year degree. I received the minimum loan, which didn’t even cover half my rent. I worked as an HCA (healthcare assistant) throughout, which provided flexible and relatively well-paid work. I was able to fully fund myself for the first three years but the final two years were harder as we frequently had to stay away for hospital placements. My parents very kindly helped out with rent for the final two years.
Growing up, what kind of conversations did you have about money?
In my earlier years I remember money being tight and my parents were in credit card debt for a number of years, which caused them significant stress and I remember being fully aware of the situation even at a young age. My dad gradually worked his way up in work and his salary increased as a result so our teenage years became more comfortable, but the stress of those earlier years really left an impression on me. My mum has a long-term illness and has been unable to work for a number of years now so I prioritise payment protection insurance and critical illness cover, as you never know what is around the corner.
In my earlier years I remember money being tight and my parents were in credit card debt for a number of years, which caused them significant stress and I remember being fully aware of the situation even at a young age. My dad gradually worked his way up in work and his salary increased as a result so our teenage years became more comfortable, but the stress of those earlier years really left an impression on me. My mum has a long-term illness and has been unable to work for a number of years now so I prioritise payment protection insurance and critical illness cover, as you never know what is around the corner.
If you have, when did you move out of your parents'/guardians' house?
I moved back in for a year after university, then moved out again aged 24.
I moved back in for a year after university, then moved out again aged 24.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
At 24 when I moved out for the second time. My parents did not charge any rent or bills for the year I was living with them while working, which allowed me to build up a house deposit.
At 24 when I moved out for the second time. My parents did not charge any rent or bills for the year I was living with them while working, which allowed me to build up a house deposit.
What was your first job and why did you get it?
I worked every Saturday in a shop from age 16. It only paid about £3.50 an hour but it felt good to earn my own money.
I worked every Saturday in a shop from age 16. It only paid about £3.50 an hour but it felt good to earn my own money.
Do you worry about money now?
Yes. I am aware I am on a very good salary now but it has only just increased. We’ve had a lot of expenses in recent years with buying a house and getting married. Our mortgage payment went up £800 a month last year thanks to the interest increases and knowing it could go up again makes me feel quite vulnerable. I really want to build our savings back up and so I have taken on out-of-hours work to try to boost our savings.
Yes. I am aware I am on a very good salary now but it has only just increased. We’ve had a lot of expenses in recent years with buying a house and getting married. Our mortgage payment went up £800 a month last year thanks to the interest increases and knowing it could go up again makes me feel quite vulnerable. I really want to build our savings back up and so I have taken on out-of-hours work to try to boost our savings.
Do you or have you ever received passive or inherited income?
My parents gifted me £12,000 towards our house deposit and £5,000 towards our wedding. D received about the same from his parents.
My parents gifted me £12,000 towards our house deposit and £5,000 towards our wedding. D received about the same from his parents.
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