Money Diary: A 32-Year-Old Growth Manager On 60k

This week: "I’m a 32-year-old growth manager (essentially a performance marketing manager) living in London with my boyfriend and our cat. We bought our flat in June using the Help To Buy London scheme and the stamp duty holiday – we could not have done it without these (and family help). Before the pandemic I was working in a similar role in an industry I enjoyed but lockdown meant that I had to find a new job before I was made redundant and I ended up in a role which just isn’t for me.

Luckily I am starting a new job in three weeks! Almost all of my savings are from the past three years, where I have been earning more (and spending less due to COVID). These savings were always for my first home but then I was gifted the deposit money so I plan to use a fair chunk when we refinance in four and a half years. I’m both a saver and a spender; I could probably save a lot more but I like going out to eat, buying clothes and I spend a lot of money on gym classes."

Occupation: Growth manager (currently working my one month notice)
Industry: Digital health
Age: 32
Location: SW London
Salary: £60k
Paycheque amount: £3,224
Number of housemates: One boyfriend, one cat
Pronouns: She/her
 
Monthly Expenses
 
Housing costs: £949 mortgage, which my boyfriend pays as I paid the flat deposit (with money gifted by family). He is paying the mortgage until we are 'even'. He decided to do this – I said since the money was gifted I didn’t expect him to repay me but he wasn’t comfortable with it. I’m saving the extra money and I will use this for refinancing and/or paying for our wedding one day.
Loan payments: £300 student loan taken from my paycheque. We have £400 outstanding on a BNPL deal for our bed, which needs to be paid by the end of March.
Savings? £3,777 in a Moneybox stocks and shares ISA, £14,061 in a Fidelity stocks and shares ISA from last year when I started saving this way and £1,336 in a Monzo savings pot which I dip into if I need to and add my monthly savings to until I transfer some to Moneybox. 
Pension? I have an auto-enrolment pension. I pay 5% and my employer pays 3% (my new role I believe is matched at 5%). When I leave I will transfer it to my PensionBee, where my other pensions are. There is about £20k in there, which is a huge source of stress for me as there is no way this is big enough.
Utilities: I currently transfer £500 to the joint account and my boyfriend transfers £1,500 which covers all shared costs, including: £256 council tax, £52.05 life and critical illness insurance, £43.87 internet, £9.10 Smol, £10.76 pet insurance, £60-£80 gas and electric, £7.99 Deliveroo plus, £188 water per half year (based on our last bill). We also pay £1,600 per year service charge so we put some cash aside monthly.
All other monthly payments: £45 O2 contract. £26 Who Gives A Crap toilet paper every two or three months. Subscriptions: £155 gym membership, £10.99 Frame on demand, £23 Dermatica, £7.99 Audible. I also pay my brother £4.25 a month towards a family Spotify plan.

I went to university for four years but my third year was a working placement year. I had the basic tuition fee and maintenance loan for the time (2007), which totalled about £6k per year, and my dad covered my rent. I didn’t work in the first year but I worked the rest of the time. 
 
Growing up, what kind of conversations did you have about money?

I was never educated about finances which is frustrating because I would ask. I grew up pretty well off – I never really wanted for anything but I wouldn’t say I was spoiled, apart from the time around my parents' divorce when I was 14, when they would buy me loads of stuff to compensate for a difficult home life. We went on a lot of foreign holidays and had two cars. My mum didn’t work while my brothers and I were in primary school and then worked as something to do rather than out of necessity. My dad’s business dried up a while ago but he was smart with money so has a pretty massive pension and savings funds from what I understand. 
 
If you have, when did you move out of your parents'/guardians' house?

I moved out at 18 for uni and returned for six to nine months afterwards while job hunting and until I could afford to rent in the city nearby. I returned home at 25 for three months after losing my job to sort my head and my life out.
 
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?

This is a difficult question. My dad has always been there to give me a boost. I moved around a lot and he’d often pay my rental deposit and not expect it back (though I would try to). I was given £30k this year by my dad and stepmum to buy a home, which I could not have done for a few more years without them. I will not take any more from them now.
 
What was your first job and why did you get it?

Working in a high street shop at 16. I was expected to get a job and was marched up and down the high street by my mum until I got one. I worked there until I left for uni.
 
Do you worry about money now?

Not day to day but we owe a huge amount on our flat (we took a £275k mortgage and a £200k equity loan) and I get very stressed at the thought of refinancing in a few years. 
 
Do you or have you ever received passive or inherited income?

£30k gifted by my dad and stepmum, and about £11k as part of a settlement agreement when I lost my job in unpleasant circumstances. This paid off some credit card and student overdraft debt, the contract on my rental agreement at the time, a down payment on a car loan and kept me going until I got a new job.