Money Diary: A Graphic Designer On 50k

This week: "I’m a 28-year-old graphic designer living in the southwest with my partner. We bought our two-bed terrace house in 2021. It is 'in need of modernisation', which is the estate agent's polite way of saying the roof is knackered, there’s wallpaper on every surface and the wiring isn’t safe. It cost significantly less than a refurbished house, which was the only way we could afford to buy in our area. It’s an all-consuming work in progress and we’re probably only about halfway through, but we are really enjoying the process. After years of renting it’s brilliant to be able to decide how our home functions and how it looks. We do as much as we can ourselves during evenings and weekends, borrow tools rather than buy and get a bit creative about how things are done to keep the costs down."

Occupation: Graphic designer
Industry: Graphic design
Age: 28
Location: Southwest
Salary: £50k
Paycheque amount: £2,852
Number of housemates: One: my partner, J.
Pronouns: She/her

Housing costs: Our mortgage is £1,244 per month and fixed for five years, which is a relief given the ever increasing interest rates.
Loan payments: £170 to Student Finance. We pay for the renovation by (sensibly) using 0% interest credit cards. It’s a juggle but it’s cheaper than getting a loan. At the moment we’ve got two on the go. J has one at just under £2,000, which is frozen and being paid back £350 per month, which will clear it before the 0% deal runs out. I have one for spending on where the balance is currently just shy of £4,000 so we’re sticking to the minimum payment each month to keep the deal, and our credit scores happy. We’re careful to make sure we’ve enough in our 'renovation' bank account to clear both credit cards if we need to but it feels safer for us to keep the cash available, just in case. The renovation account has over £9,000 in it at the moment and grows by about £1,500 each payday. 
Savings? I have about £1,500 of personal savings, which I want to start building back up again. Together we have £1,000 of emergency savings and every year we set up a 'regular saver' of £300 per month for holidays. The current one is about to mature so that will give us £3,600 (plus 3% interest) to spend on a holiday this year.
Pension? £182 per month, and my employer pays in as well.
Utilities: We split all our bills including £177 council tax, £36 water, £100 gas and electricity, £24.10 broadband.
All other monthly payments: £16 SIM-only contract, £35.79 life insurance, £20 charity donations and £40 into a 'gift fund'. Subscriptions: £10.99 Netflix, £5.60 Spotify.

I went to university and qualified for a decent amount of Student Finance. It was enough to pay my rent and living expenses, and I topped it up by working part-time in shops and cafés. 

My family were never really in control of their finances. Growing up, there was a lot of debt, defaulting on payments and very high interest rates. When I was a teenager there was a constant threat of bankruptcy and the bailiffs even came round a few times to 'warn us'. My family didn’t talk openly about money at all, which I think is one of the most contributing factors to the mess they fell into. Looking back, what I really learned was how not to look after your money. 

When I went to university at 18.

I became financially responsible when I finished university at 22. My partner and I moved in together two years later and have pooled our money ever since.

I worked in the stockroom at BHS while I was in sixth form for some spending money.

All the time. I have a great salary and a neutral relationship with money but I live in constant fear that it’s all going to come crashing down overnight. Big purchases (especially for the house) still make me wince but squirrelling money into different accounts every month and knowing I’ve got money put aside for everything helps me feel a little better about it. 

Never.