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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 interior designer. I moved back in with my parents after a break up with my partner last year. Since being home, I've been diagnosed with a chronic back problem. I have two dehydrated discs in my lower back which sometimes means my muscles will spasm and I can’t walk for a few days at a time, which is really painful. Most recently I was off work for three weeks and I ended up relying on my parents to help me walk, take me to hospital appointments etc. I’ve been at my current job since I graduated and I feel like I’m ready for a new challenge and also a pay rise so I can move out. I love living with my parents, they’re a little older and they’ve had some health issues so I like to spend as much time with them as I can. I don’t really want to be living alone but I feel like emotionally and physically, I’m nearly ready to. I have a PT who is helping me work on getting stronger to prevent more back spasms and I know I’m extremely lucky to be able to afford this. I know that if I move out I probably won't be able to do this, so I’m hoping that this week will help me to look at where else I would be able to cut back."
This week: "I’m a 28-year-old interior designer. I moved back in with my parents after a break up with my partner last year. Since being home, I've been diagnosed with a chronic back problem. I have two dehydrated discs in my lower back which sometimes means my muscles will spasm and I can’t walk for a few days at a time, which is really painful. Most recently I was off work for three weeks and I ended up relying on my parents to help me walk, take me to hospital appointments etc. I’ve been at my current job since I graduated and I feel like I’m ready for a new challenge and also a pay rise so I can move out. I love living with my parents, they’re a little older and they’ve had some health issues so I like to spend as much time with them as I can. I don’t really want to be living alone but I feel like emotionally and physically, I’m nearly ready to. I have a PT who is helping me work on getting stronger to prevent more back spasms and I know I’m extremely lucky to be able to afford this. I know that if I move out I probably won't be able to do this, so I’m hoping that this week will help me to look at where else I would be able to cut back."
Occupation: Interior Designer
Industry: Architecture and Design
Age: 28
Location: West Yorkshire
Salary: £25,467
Paycheque amount: £1,715
Number of housemates: My parents, H. and G., and dog, D.
Pronouns: She/her
Industry: Architecture and Design
Age: 28
Location: West Yorkshire
Salary: £25,467
Paycheque amount: £1,715
Number of housemates: My parents, H. and G., and dog, D.
Pronouns: She/her
Monthly Expenses
Housing costs: I am extremely fortunate as my parents don’t charge me rent. They are probably hoping if they don’t I’ll save more and move out quicker! Instead, I pay for other things that we share like TV streaming, Amazon Prime, and buy top-up shops and larger birthday/Christmas presents.
Loan payments: Student loan. I have no idea how much there is to pay and have accepted that it will most likely never be paid back. It’s probably an extortionate amount currently.
Pension? I’m not entirely sure with this one. I have one but I think that it will be the minimum, I need to actually find this out.
Savings?: £12,000 in NSI premium bonds. £5,600 in a LISA, £3,000 in my current account as back up and £2,365 spread across different Monzo pots (I use this to allocate money for throughout the year like car insurance, gym etc).
Utilities: £0 (I do realise how fortunate I am for this).
All other monthly payments: £12 phone bill, £170 PT, £40 Gym. Subscriptions: £8 Amazon Prime, £8 Disney +, 79p iCloud, £9.99 Spotify, £9.98 Adobe.
Loan payments: Student loan. I have no idea how much there is to pay and have accepted that it will most likely never be paid back. It’s probably an extortionate amount currently.
Pension? I’m not entirely sure with this one. I have one but I think that it will be the minimum, I need to actually find this out.
Savings?: £12,000 in NSI premium bonds. £5,600 in a LISA, £3,000 in my current account as back up and £2,365 spread across different Monzo pots (I use this to allocate money for throughout the year like car insurance, gym etc).
Utilities: £0 (I do realise how fortunate I am for this).
All other monthly payments: £12 phone bill, £170 PT, £40 Gym. Subscriptions: £8 Amazon Prime, £8 Disney +, 79p iCloud, £9.99 Spotify, £9.98 Adobe.
Did you participate in any form of higher education? If yes, how did you pay for it? I went to university and received the minimum maintenance grant alongside the tuition loan. My parents would always have to top up my account to cover my rent as it was always more than the loan and came out before the loan went in.
Growing up, what kind of conversations did you have about money?
I grew up in a household where my parents were doing well but my parents didn’t spoil me. They bought their house before finding out that my mum couldn’t continue working due to a medical condition. Luckily, my dad had a good job and we were fine but it just meant that we didn’t go away as much as they would have liked. They didn’t really speak about money with me and I think that I probably do more research into saving than them. My parents would always tell me to spend money on experiences rather than frivolous things.
I grew up in a household where my parents were doing well but my parents didn’t spoil me. They bought their house before finding out that my mum couldn’t continue working due to a medical condition. Luckily, my dad had a good job and we were fine but it just meant that we didn’t go away as much as they would have liked. They didn’t really speak about money with me and I think that I probably do more research into saving than them. My parents would always tell me to spend money on experiences rather than frivolous things.
If you have, when did you move out of your parents/guardians house?
I moved out for university and then moved back home once I finished. I then moved in with my boyfriend at the time as he had an apartment. We were going to build a house together, so he sold the apartment, then we broke up and I’ve been home ever since.
I moved out for university and then moved back home once I finished. I then moved in with my boyfriend at the time as he had an apartment. We were going to build a house together, so he sold the apartment, then we broke up and I’ve been home ever since.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I became financially responsible when I moved out at 21, but when I moved back in at 26 I was no longer paying bills etc.
I became financially responsible when I moved out at 21, but when I moved back in at 26 I was no longer paying bills etc.
What was your first job and why did you get it?
I worked at a gas and boiler company doing admin during summer when I was at university.
I worked at a gas and boiler company doing admin during summer when I was at university.
Do you worry about money now?
All of the time. I think about mortgage rates and being able to afford it, especially when being single means you have no one to split things with. I try to manage my money with a spreadsheet but still it’s something I constantly worry about. I know that if I were to move out I would need to cut back on a lot of things, so I try to make the most out of them whilst I can.
All of the time. I think about mortgage rates and being able to afford it, especially when being single means you have no one to split things with. I try to manage my money with a spreadsheet but still it’s something I constantly worry about. I know that if I were to move out I would need to cut back on a lot of things, so I try to make the most out of them whilst I can.
Do you or have you ever received passive or inherited income?
No.
No.
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