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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 29-year-old living on the South Coast. I live alone in my two-bedroom flat which I bought almost three years ago. Before this, I lived in another property which I had bought with my sister in 2019. In 2022, she bought me out of my share, and I bought my lovely little place. I adore living alone but the single tax does sting sometimes. However, I’d rather pay a little extra and enjoy the luxury of my own space entirely.
I work in HR and have done since graduating in 2016. I’ve worked hard and invested in my career over the last nine years, getting to a good position and salary; however, my current role has left me feeling really burnt out and jaded, which has prompted me to think about taking a year off and doing some long-overdue travel. The loose plan is November, so I need to start planning! I am single and love spending my time with my friends and family who also live locally.
In terms of spending, I’m pretty good at saving and mostly spend my money on holidays/travel. Other than Vinted and charity shops (which I may have a slight addiction to), I tend to not spend much on clothes, rather investing in a few good pieces which will last me a long time. I do, however, fritter away my money on food and coffee."
Occupation: HR business partner
Industry: Healthcare
Age: 29
Location: South Coast
Salary: £56,400
Paycheque Amount: £3,090
Number of housemates: None.
Pronouns: She/her
Industry: Healthcare
Age: 29
Location: South Coast
Salary: £56,400
Paycheque Amount: £3,090
Number of housemates: None.
Pronouns: She/her
Monthly Expenses
Housing costs: £875 mortgage.
Loan payments: I pay my student loan directly out of my payslip and try to avoid thinking about it too much.
Pension? I pay 11% of my salary and my employer contributes 23% (NHS pension). I have about £50k in my pot currently. I also have a private pension from a previous workplace which is worth roughly £20k at the moment.
Savings?: Roughly £55k in cash. I also have about £100k in equity in my flat.
Utilities: £150 building maintenance charge which includes insurance and water, £75 electricity (no gas in my building), £90 council tax, £31 wifi.
All other monthly payments: £46 gym membership, £7 SIM-only contract. All car-related expenses are paid annually and I squirrel away a bit each month in preparation. Subscriptions: £6 Netflix, £4 Spotify (my share of a family plan).
Loan payments: I pay my student loan directly out of my payslip and try to avoid thinking about it too much.
Pension? I pay 11% of my salary and my employer contributes 23% (NHS pension). I have about £50k in my pot currently. I also have a private pension from a previous workplace which is worth roughly £20k at the moment.
Savings?: Roughly £55k in cash. I also have about £100k in equity in my flat.
Utilities: £150 building maintenance charge which includes insurance and water, £75 electricity (no gas in my building), £90 council tax, £31 wifi.
All other monthly payments: £46 gym membership, £7 SIM-only contract. All car-related expenses are paid annually and I squirrel away a bit each month in preparation. Subscriptions: £6 Netflix, £4 Spotify (my share of a family plan).
Did you participate in any form of higher education? If yes, how did you pay for it? I went to university the first year of the £9k fees. Yippee! I paid for this through student loans. My parents very generously paid my accommodation costs for the three years I was studying. I worked part-time during term and full-time during holidays in retail to pay for everything else I needed.
Growing up, what kind of conversations did you have about money?
My parents never really discussed finances with us growing up but we had a very typical middle-class upbringing. My parents prioritised certain things such as travel and taking us on enriching holidays over a bigger house or private school (but also because my dad morally objects to a two-tier education). My dad was the main earner and worked mostly as a contractor; when he worked, he earned very well but he wasn’t always in steady employment. My parents are still comfortable and own their house outright but are pretty rubbish at saving for the future, so I suspect they will have to downsize and use that money to fund their retirement.
My parents never really discussed finances with us growing up but we had a very typical middle-class upbringing. My parents prioritised certain things such as travel and taking us on enriching holidays over a bigger house or private school (but also because my dad morally objects to a two-tier education). My dad was the main earner and worked mostly as a contractor; when he worked, he earned very well but he wasn’t always in steady employment. My parents are still comfortable and own their house outright but are pretty rubbish at saving for the future, so I suspect they will have to downsize and use that money to fund their retirement.
If you have, when did you move out of your parents/guardians house?
I moved out for uni and then lived in London for almost a year. I moved back in with my parents in 2018 and bought my first property with my sister at the end of 2019. I didn’t pay rent when I lived with my parents and saved most of my paycheque towards a deposit.
I moved out for uni and then lived in London for almost a year. I moved back in with my parents in 2018 and bought my first property with my sister at the end of 2019. I didn’t pay rent when I lived with my parents and saved most of my paycheque towards a deposit.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would say I became truly financially responsible when I moved out in 2019 but I had periods of it before this, i.e., when I was at uni and when I lived in London although my parents did help out a bit.
I would say I became truly financially responsible when I moved out in 2019 but I had periods of it before this, i.e., when I was at uni and when I lived in London although my parents did help out a bit.
What was your first job and why did you get it?
I got my first job at 16, working in a clothes shop on my local high street. My parents have always instilled the value of work in us and even though I didn’t need to work for money, they pushed my sisters and me to get jobs as soon as we got our NI numbers. I used to mainly work a Sunday shift and would use the money to fund my clothes and trips out with friends.
I got my first job at 16, working in a clothes shop on my local high street. My parents have always instilled the value of work in us and even though I didn’t need to work for money, they pushed my sisters and me to get jobs as soon as we got our NI numbers. I used to mainly work a Sunday shift and would use the money to fund my clothes and trips out with friends.
Do you worry about money now?
Day to day; no. I earn a good wage, own my own property and have a decent amount of savings. However, I worry about the future as I don’t plan to marry or have kids, which means I will always have to rely on myself. I also worry about looking after my parents, physically and financially, as they age.
Day to day; no. I earn a good wage, own my own property and have a decent amount of savings. However, I worry about the future as I don’t plan to marry or have kids, which means I will always have to rely on myself. I also worry about looking after my parents, physically and financially, as they age.
Do you or have you ever received passive or inherited income?
Over the years, my parents have gifted my siblings and me some money, which would equate to about £20k. I have never asked for this and often try to give it back to them, but they won’t accept it. I also received £2,000 from a very close family friend when he passed away, which I used to fund a road trip to South Africa.
Over the years, my parents have gifted my siblings and me some money, which would equate to about £20k. I have never asked for this and often try to give it back to them, but they won’t accept it. I also received £2,000 from a very close family friend when he passed away, which I used to fund a road trip to South Africa.
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