Money Diary: A Management Consultant On £64,000

This week: “I’m 27 and a management consultant living in London. I’ve lived here for nine years and never left after uni. I try to live a healthy, plant-based, sustainable lifestyle. I don’t tend to splurge on expensive items, but I do have a low-key addiction to Vinted and feel like I spend lots of money constantly. I love raving and electronic music, and I want to spend my money on experiences rather than stuff. I used to be terrible with money, but I got to grips with it during the pandemic. I’ve built up everything I’ve saved since lockdown (I had no savings before then!). I’ve made some lifestyle changes this year including reducing my drinking. I was never a big casual drinker and drinking is getting in the way of my fitness goals. I don’t always achieve this and regularly get disappointed in myself. Secondly, I’ve been saving to eventually try and buy in London in my 30s, but I now think I’m going to move to Glasgow the year after next.”

Occupation: Management consultant
Industry: Consulting 
Age: 27
Location: London 
Salary: £64,575 with a bonus potential of £19,000 twice a year. This is the top end of the scale and super unlikely! I’m yet to be in a bonus round in this role.
Paycheque Amount: £3,385.06
Number of housemates: Three: L, M and S.
Pronouns: She/her

Housing costs: £740 rent
Loan payments: £245 student loan
Savings?: £25.5k in an ISA, £9k in a Help to Buy ISA, £800 in a Monzo savings pot for an upcoming backpacking trip to Mexico, £1.2k in a Monzo saving pot for a sabbatical.
Utilities: £100
Pension? I pay 7% a month into my pension, my company contributes 5%.
All other monthly payments: £10 Voxi SIM-only contract. Subscriptions: £6 Spotify group account; £420 annual gym membership; £89 annual Evolve membership; £95 annual Amazon Prime.

Did you participate in any form of higher education? If yes, how did you pay for it?
Yes. I did a BA in London. I qualified for the full loan and maintenance grant because of my mum’s income. I received an additional £3k grant from my university every year, due to my low income background and being the first in my family to go to uni. 

Growing up, what kind of conversations did you have about money?
My parents were pretty awful with their money. It all came to the fore in a messy divorce. My mum’s struggled with her finances ever since. My dad was, and still is, very compulsive and loves to put expensive gadgets on credit. 

If you have, when did you move out of your parents’/guardians’ house?
I left at 18 for uni and would come back for parts of the summer. I stayed in London after uni but I did have to move in with my mum for two months at the start of COVID-19. Our landlord issued the notice and we couldn’t find a new house as we had just entered lockdown. 

At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I have been funding my own finances since 18.

What was your first job and why did you get it?
I worked at a local family theme park for £5 an hour at 16. 

Do you worry about money now?
Yes and no. I appreciate that I earn a lot and have a good amount of savings, but I know I won’t be getting any help from my family. My friends joke that I’m pretty frugal, but I feel like I’m constantly spending money!

Do you or have you ever received passive or inherited income?
No and I don’t expect to.