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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 working in marketing in London. I enjoy my job, the people are nice and I have a great work-life balance on the whole. I’ve been in London for about eight years now and have lived in five different places during that time (I realise that’s quite a lot now I’m writing this!). I grew up about an hour from London, but since my parents divorced and my childhood home isn’t there anymore, the city definitely feels like my true home.
I’m currently in a bit of a vicious cycle with money. A couple of years ago I had a cosmetic procedure, which I don’t regret at all as it was a lifelong insecurity. I saved up part of the money myself but I also borrowed money from a relative to pay for the rest. While I was lucky to not have to take out a bank loan, until recently I’ve been paying that off every month, which was almost like a second rent. I also had to move at short notice earlier in the year as my previous landlord decided to put the rent up by £700. All of this has meant that I’ve not been able to build any savings and with my 30th on the horizon, establishing some financial security is my top priority.”
I’m currently in a bit of a vicious cycle with money. A couple of years ago I had a cosmetic procedure, which I don’t regret at all as it was a lifelong insecurity. I saved up part of the money myself but I also borrowed money from a relative to pay for the rest. While I was lucky to not have to take out a bank loan, until recently I’ve been paying that off every month, which was almost like a second rent. I also had to move at short notice earlier in the year as my previous landlord decided to put the rent up by £700. All of this has meant that I’ve not been able to build any savings and with my 30th on the horizon, establishing some financial security is my top priority.”
Occupation: Consultant
Industry: Marketing
Age: 29
Location: London
Salary: £45,000
Paycheque Amount: £2,616
Number of housemates: One, my partner T (and our cat)
Pronouns: She/her
Industry: Marketing
Age: 29
Location: London
Salary: £45,000
Paycheque Amount: £2,616
Number of housemates: One, my partner T (and our cat)
Pronouns: She/her
Monthly Expenses
Housing costs: We pay £1,700 for a two-bed flat (the second bedroom is a small office). T earns more, so my share is £700.
Loan payments: £132 student loan (plan 2).
Savings?: Only £500.
Utilities: I send £200 to T towards the council tax, water and electricity. I also pay £13.25 for the TV licence and £8 contents insurance.
All other monthly payments: £17.32 phone bill, £15.50 pet insurance. Subscriptions: £7 Spotify; £7.90 Amazon Prime; £9.95 razor subscription (every two months).
Pension?: I’m on my work’s auto-enrolled pension, so I currently pay £129 from my payslip and it looks like my employer contributes £162.
Other: N/A
Loan payments: £132 student loan (plan 2).
Savings?: Only £500.
Utilities: I send £200 to T towards the council tax, water and electricity. I also pay £13.25 for the TV licence and £8 contents insurance.
All other monthly payments: £17.32 phone bill, £15.50 pet insurance. Subscriptions: £7 Spotify; £7.90 Amazon Prime; £9.95 razor subscription (every two months).
Pension?: I’m on my work’s auto-enrolled pension, so I currently pay £129 from my payslip and it looks like my employer contributes £162.
Other: N/A
Did you participate in any form of higher education? If yes, how did you pay for it? Yes, I did a three-year English and history degree which I had maintenance and tuition fee loans for. My mum sent me £100 a month for food (when I first started uni this was in the form of an Asda student card that she topped up). I also got a part-time job which paid for fun things and topped up my maintenance loan, which didn’t fully cover my accommodation.
Growing up, what kind of conversations did you have about money?
My parents never spoke openly about money. We lived in a small two-bed house that they owned, but we never went on a holiday (UK or abroad) and my sibling and I didn’t get pocket money. I guess a pretty core memory from my childhood is our boiler breaking and them not having the money to fix it, so there were a lot of baths with kettle water.
If you have, when did you move out of your parents’/guardians’ house?
I first moved out at 18 to go to university. I briefly came back after uni before moving in with an ex, then lived with my mum again for six months after that relationship ended.
My parents never spoke openly about money. We lived in a small two-bed house that they owned, but we never went on a holiday (UK or abroad) and my sibling and I didn’t get pocket money. I guess a pretty core memory from my childhood is our boiler breaking and them not having the money to fix it, so there were a lot of baths with kettle water.
If you have, when did you move out of your parents’/guardians’ house?
I first moved out at 18 to go to university. I briefly came back after uni before moving in with an ex, then lived with my mum again for six months after that relationship ended.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
This is a hard one because while I’ve generally been fending for myself since after uni, I’ve been in long-term relationships with people who earned a lot more than me so there is an element of being looked after. But that in itself can also be a source of anxiety at times.
What was your first job and why did you get it?
My first job was in a clothes shop, where I worked while studying for my A levels. In hindsight, I’m not sure the pay was worth giving up every weekend for but it paid for my Reading Festival ticket which was all I cared about at the time.
This is a hard one because while I’ve generally been fending for myself since after uni, I’ve been in long-term relationships with people who earned a lot more than me so there is an element of being looked after. But that in itself can also be a source of anxiety at times.
What was your first job and why did you get it?
My first job was in a clothes shop, where I worked while studying for my A levels. In hindsight, I’m not sure the pay was worth giving up every weekend for but it paid for my Reading Festival ticket which was all I cared about at the time.
Do you worry about money now?
Yes. I feel out of control with it a lot and would love to have a healthier relationship with money. Having an emergency fund, let alone saving for any kind of flat or house deposit, feels like such a long way off and it’s hard not to compare yourself.
Yes. I feel out of control with it a lot and would love to have a healthier relationship with money. Having an emergency fund, let alone saving for any kind of flat or house deposit, feels like such a long way off and it’s hard not to compare yourself.
Do you or have you ever received passive or inherited income?
I received around £2,000 years ago when my grandpa died. I was interning at the time so it mostly went towards living costs, but I did splurge on some designer shoes.
I received around £2,000 years ago when my grandpa died. I was interning at the time so it mostly went towards living costs, but I did splurge on some designer shoes.
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