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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 am a 28-year-old living in Edinburgh and working in investment. I moved here a few years ago with my partner and we have been loving the change in pace of daily life versus London. I earn well but I am not that motivated by money and not very good at spending or saving wisely. I always feel I should be saving ‘in case something happens’ but also feel frozen when it comes to thinking about how to do this smartly. I splurge on gifts for friends, holidays and new clothes but feel bad about it afterwards. This year work has been manic and I have been travelling back and forth to care for my mum, who has recently had some health struggles — but this week has been nice and normal. I like my job but it is demanding and quite political at times — something I don’t have time for! I'm not sure if it's my forever job as I would like to work abroad one day."
Occupation: Investment manager
Industry: Finance
Age: 28
Location: Edinburgh
Salary: £101,000 + bonus
Paycheque amount: £5,100 after deductions for pension and health insurance.
Number of housemates: One: my boyfriend, F.
Pronouns: She/her
Industry: Finance
Age: 28
Location: Edinburgh
Salary: £101,000 + bonus
Paycheque amount: £5,100 after deductions for pension and health insurance.
Number of housemates: One: my boyfriend, F.
Pronouns: She/her
Monthly Expenses
Housing costs: £1,200 mortgage and utilities, split evenly with F. I transfer him for the mortgage and all our bills at once.
Loan payments: None.
Savings? £200k. I put anything I don’t need in a savings account; I should do something with it but I feel scared by it and want to keep it safe just in case! I have experienced some traumatic health issues and so have my family so I think this explains why I don’t do something better with it.
Pension? I have one but I don’t check it much. I have worked in several places and haven’t learned to consolidate my pot. My current workplace pension is worth £65,500 and I think I pay in 4% each month and my company pays 15%.
Utilities: Included in mortgage payments above.
All other monthly payments: £50 cleaner, £100 charity, £40 phone, £99 gym. Subscriptions: £9.95 razors, £6 Spotify. F organises the others — thank you, F!
Housing costs: £1,200 mortgage and utilities, split evenly with F. I transfer him for the mortgage and all our bills at once.
Loan payments: None.
Savings? £200k. I put anything I don’t need in a savings account; I should do something with it but I feel scared by it and want to keep it safe just in case! I have experienced some traumatic health issues and so have my family so I think this explains why I don’t do something better with it.
Pension? I have one but I don’t check it much. I have worked in several places and haven’t learned to consolidate my pot. My current workplace pension is worth £65,500 and I think I pay in 4% each month and my company pays 15%.
Utilities: Included in mortgage payments above.
All other monthly payments: £50 cleaner, £100 charity, £40 phone, £99 gym. Subscriptions: £9.95 razors, £6 Spotify. F organises the others — thank you, F!
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I went to university but I took a gap year beforehand to earn money to pay for it. Higher fees kicked in just as I was planning to go and I wanted to make sure I had something to fall back on.
Yes, I went to university but I took a gap year beforehand to earn money to pay for it. Higher fees kicked in just as I was planning to go and I wanted to make sure I had something to fall back on.
Growing up, what kind of conversations did you have about money?
We didn’t really, at all. My dad got paid well but he and my mum were terrible with money. We would spend it when we had it but then run out for long periods. They taught me to enjoy life and for that I am grateful, although I think the constant boom-bust at home has made me a bit more prudent now.
We didn’t really, at all. My dad got paid well but he and my mum were terrible with money. We would spend it when we had it but then run out for long periods. They taught me to enjoy life and for that I am grateful, although I think the constant boom-bust at home has made me a bit more prudent now.
If you have, when did you move out of your parents'/guardians' house?
I moved out as soon as I finished school to work abroad on my gap year. I then went straight to university and straight to London for work afterwards. I came home during my university holidays, which were lengthy, and still consider my parents’ home as ‘home’ for Christmas etc.
I moved out as soon as I finished school to work abroad on my gap year. I then went straight to university and straight to London for work afterwards. I came home during my university holidays, which were lengthy, and still consider my parents’ home as ‘home’ for Christmas etc.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I received an incredible gift to put into my home from my grandma when she passed away. I also get to share costs with my partner, which enables us to have a nice life. If you took those away, I might be in a different position, but I would say I have been fully financially responsible since leaving university and paying off my student loans.
What was your first job and why did you get it?
I started babysitting and delivering newspapers when I was 12.
I received an incredible gift to put into my home from my grandma when she passed away. I also get to share costs with my partner, which enables us to have a nice life. If you took those away, I might be in a different position, but I would say I have been fully financially responsible since leaving university and paying off my student loans.
What was your first job and why did you get it?
I started babysitting and delivering newspapers when I was 12.
Do you worry about money now?
I'm trying to worry less and embrace more of the ‘living in the moment’ attitude that my parents (and F) practise. The nature of my job means I see how quickly money can be lost. I'm also a natural worrier so if it's not money, I will find something else to worry about.
Do you or have you ever received passive or inherited income?
I received a gift from my grandma of £30k to put towards a house — she gave me this before she died because she wanted to see me spend it! I kept it in a savings account for a long time because I had no idea where I wanted to live and enjoyed renting in London. I finally used it on the deposit for our home in Edinburgh. Sadly my grandma didn't get to see this.
I'm trying to worry less and embrace more of the ‘living in the moment’ attitude that my parents (and F) practise. The nature of my job means I see how quickly money can be lost. I'm also a natural worrier so if it's not money, I will find something else to worry about.
Do you or have you ever received passive or inherited income?
I received a gift from my grandma of £30k to put towards a house — she gave me this before she died because she wanted to see me spend it! I kept it in a savings account for a long time because I had no idea where I wanted to live and enjoyed renting in London. I finally used it on the deposit for our home in Edinburgh. Sadly my grandma didn't get to see this.
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