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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 33-year-old working semi-remotely in marketing. I’ve been in this industry since I graduated university, and at my current company for about five years. Prior to COVID-19 I was full time in the office but the policy is now super flexible, allowing us to go in whenever and however often we choose. I love my job and I’ve been very fortunate to have three promotions and pay rises, though with the state of living costs I often wonder how far my salary can and will have to stretch in the future. I live with my sister, K, in an apartment we bought together five years ago. This was not originally in either of our plans but after house hunting separately for a while, we soon realised we could afford a nicer place if we pooled resources and it’s worked out really well. The service charge and ground rent can be eye-watering sometimes so we’re fortunate to be able to share this cost, and we both love our apartment so it’s worth it!”
Occupation: Marketing brand manager
Industry: Retail
Age: 33
Location: Northamptonshire
Salary: £43,656
Paycheque Amount: £2,485 from my full time job and generally £100 to £200 per month from a freelance job, depending on the number of hours I do.
Number of housemates: One — my sister K.
Pronouns: She/her
Industry: Retail
Age: 33
Location: Northamptonshire
Salary: £43,656
Paycheque Amount: £2,485 from my full time job and generally £100 to £200 per month from a freelance job, depending on the number of hours I do.
Number of housemates: One — my sister K.
Pronouns: She/her
Monthly Expenses
Housing costs: My half of the mortgage is £479, plus we also pay service charge and ground rent annually for the building we live in and my half of these works out to around £1,500 per year (fluctuates slightly year on year).
Loan payments: £211 car PCP and £157 student loan (Plan 1).
Savings?: I have around £3,000 in a regular savings account (trying to build this up to become my emergency fund) and £600 in a Plum account.
Utilities: K and I split all utilities and services equally so my half is: £75 electricity (we are electric only, no gas power in the building); £19.50 water; £86 council tax; £6.70 TV licence; £36 broadband and TV; £4.75 life insurance; £14 boiler service plan; £6 appliance care plan; £3.33 contents insurance.
Pension?: I pay 5% into my pension every month, which works out at around £155, and my employer adds 10%, which is £310. Currently, I have just over £17,500 in my pension fund.
All other monthly payments: £48 gym membership; £50.84 phone. Subscriptions: £6.99 Netflix; £7.99 Disney+; £20.50 contact lens plan; £1.99 iCloud storage.
Loan payments: £211 car PCP and £157 student loan (Plan 1).
Savings?: I have around £3,000 in a regular savings account (trying to build this up to become my emergency fund) and £600 in a Plum account.
Utilities: K and I split all utilities and services equally so my half is: £75 electricity (we are electric only, no gas power in the building); £19.50 water; £86 council tax; £6.70 TV licence; £36 broadband and TV; £4.75 life insurance; £14 boiler service plan; £6 appliance care plan; £3.33 contents insurance.
Pension?: I pay 5% into my pension every month, which works out at around £155, and my employer adds 10%, which is £310. Currently, I have just over £17,500 in my pension fund.
All other monthly payments: £48 gym membership; £50.84 phone. Subscriptions: £6.99 Netflix; £7.99 Disney+; £20.50 contact lens plan; £1.99 iCloud storage.
Did you participate in any form of higher education? If yes, how did you pay for it?
I did an undergraduate degree straight after finishing A-levels, which was funded by a maintenance and tuition fee loan. My parents also supplemented me additional money for living costs that wasn’t covered by the maintenance loan, and I had some small personal savings as well for “fun money” which I topped up working each summer.
I did an undergraduate degree straight after finishing A-levels, which was funded by a maintenance and tuition fee loan. My parents also supplemented me additional money for living costs that wasn’t covered by the maintenance loan, and I had some small personal savings as well for “fun money” which I topped up working each summer.
Growing up, what kind of conversations did you have about money?
Growing up we generally had a very comfortable standard of living, but not the long-haul holidays every year, new cars and lots of new clothes that many of my school friends had. My dad had a spreadsheet to keep track of bills and budgeting but never really “educated” us about finances, other than encouraging us to keep our own trackers for general awareness on spending.
Growing up we generally had a very comfortable standard of living, but not the long-haul holidays every year, new cars and lots of new clothes that many of my school friends had. My dad had a spreadsheet to keep track of bills and budgeting but never really “educated” us about finances, other than encouraging us to keep our own trackers for general awareness on spending.
If you have, when did you move out of your parents’/guardians’ house?
I moved out for university aged 18 but came back again at 21 after graduating. I then lived at home for a little while, contributing to household costs while trying to build up savings and a good enough income to support myself, then moved out properly age 27.
I moved out for university aged 18 but came back again at 21 after graduating. I then lived at home for a little while, contributing to household costs while trying to build up savings and a good enough income to support myself, then moved out properly age 27.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would say I have been fully financially responsible for myself since the age of 27 when K and I moved into our apartment. I was obviously earning before that, but I had massively reduced housing costs due to living at home.
I would say I have been fully financially responsible for myself since the age of 27 when K and I moved into our apartment. I was obviously earning before that, but I had massively reduced housing costs due to living at home.
What was your first job and why did you get it?
My first proper job was in a local independent card store when I was 17, working Saturdays alongside my A levels to build up a bit more of a personal spends fund.
My first proper job was in a local independent card store when I was 17, working Saturdays alongside my A levels to build up a bit more of a personal spends fund.
Do you worry about money now?
I do, although I also recognise that I have an objectively good salary, a comfortable lifestyle and that I’m very fortunate to own my apartment rather than renting. I’m working on getting rid of the inherent money anxiety I know my mum experienced for years and I subsequently picked up on from her. But also I do often worry about the rising cost of living and how I would be able to afford housing and bills in the future, or being able to hopefully support a family one day.
I do, although I also recognise that I have an objectively good salary, a comfortable lifestyle and that I’m very fortunate to own my apartment rather than renting. I’m working on getting rid of the inherent money anxiety I know my mum experienced for years and I subsequently picked up on from her. But also I do often worry about the rising cost of living and how I would be able to afford housing and bills in the future, or being able to hopefully support a family one day.
Do you or have you ever received passive or inherited income?
K and I were extremely fortunate to be gifted some money towards our apartment deposit from our dad’s share of the family house sale when our parents separated (this is in place of our “inheritance” from him). I also received £250 when my grandpa died ten years ago.
K and I were extremely fortunate to be gifted some money towards our apartment deposit from our dad’s share of the family house sale when our parents separated (this is in place of our “inheritance” from him). I also received £250 when my grandpa died ten years ago.
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