ADVERTISEMENT
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.
Warning: This diary details infant illness and surgery.
This week: "I’m a 34-year-old marketing professional, currently on maternity leave with my second child. Last year I accepted a new role for a different brand within the same big global company I have been with for nearly a decade. It’s been a really challenging role and I’ve not enjoyed it as it’s a very broken brand and requires a lot of work. The overall company has an amazing culture, good pay, six months full pay on maternity leave, flexible working, a wellbeing allowance of £200 a month to spend on massages, and a good pension. Despite this overall culture, the specific brand I work for doesn’t live and breathe the same values and I had a very stressful pregnancy. Now I’m on maternity leave with a very poorly baby and I can’t help but feel the two are linked.
I live in Hampshire with my husband and children, having moved here for the good links to London where we both hybrid work. My husband and I met at university and have been together for nearly 15 years. Despite having very different upbringings, we have always been aligned on our financial goals and pool all our finances. I had a privileged upbringing in that my parents helped me understand the value of education and working hard and they earned enough money for us to go on holiday every year. However, a lot changed when my dad got poorly and then passed away. When he died it was pivotal to my outlook on life and money. I believe strongly that I work to live and money is to be spent on experiences but at the same time I understand that financial security can go quickly and that it's important not to get complacent. I strive to balance those two aspects and with a poorly child in hospital, I’m reminded of how complex that balance is to achieve."
Occupation: Head of marketing
Industry: Hospitality
Age: 34
Location: Hampshire
Salary: £95,000
Paycheque amount: £5,400
Number of housemates: Three: my husband (M) and two children (C and S).
Pronouns: She/her
Monthly Expenses
Housing costs: £1,750 mortgage (includes overpayment).
Loan payments: None.
Savings? £80,000 and shares of £18,000.
Pension? Yes. I follow the principle that every time I get a pay rise, I increase my pension by 1%. At my current job I negotiated a higher pension contribution from my employer — they put in 11% if I put in 7% — but I’ve increased my contributions to 11% too.
Utilities: £125 bills, £35 water, £157 council tax.
All other monthly payments: £700 childcare, £219 car lease, £17 internet, £60 cleaner, £30 dog walker, £38 gym. Subscriptions: £26 contact lenses, £17 Spotify Family, £9 Netflix, £7 Audible, £7.99 Disney+, £50 charity (matched by my employer).
Industry: Hospitality
Age: 34
Location: Hampshire
Salary: £95,000
Paycheque amount: £5,400
Number of housemates: Three: my husband (M) and two children (C and S).
Pronouns: She/her
Monthly Expenses
Housing costs: £1,750 mortgage (includes overpayment).
Loan payments: None.
Savings? £80,000 and shares of £18,000.
Pension? Yes. I follow the principle that every time I get a pay rise, I increase my pension by 1%. At my current job I negotiated a higher pension contribution from my employer — they put in 11% if I put in 7% — but I’ve increased my contributions to 11% too.
Utilities: £125 bills, £35 water, £157 council tax.
All other monthly payments: £700 childcare, £219 car lease, £17 internet, £60 cleaner, £30 dog walker, £38 gym. Subscriptions: £26 contact lenses, £17 Spotify Family, £9 Netflix, £7 Audible, £7.99 Disney+, £50 charity (matched by my employer).
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I went to university. My parents divorced when I was young and the child benefit was put to one side for my tuition fees. My dad unfortunately got a terminal illness before I went to university and my mother emigrated and lost contact with us so I was able to get grants at university for living costs. I worked throughout my university degree, doing 25 hours a week as a marketing assistant, and graduated with £15,000 in debt that I've subsequently paid off through my salary contributions.
Growing up, what kind of conversations did you have about money?
My parents never spoke about money growing up. I was never allowed any pocket money and rarely had my own money until I got a job at 16. My mum’s love language was gifting and so she would buy us expensive items but would never let me have any of my own money to leave the house. As an adult I understand that this was very controlling. When I was 17, my dad got poorly and gave up his job. This is when my financial education started. He cashed in his pension and became very frugal as he wasn't sure how long he was going to live. He wanted us to be safe with our money as we would no longer have a safety net of him looking after us. We would barter at markets for vegetables and knew the value of work and money.
If you have, when did you move out of your parents'/guardians' house?
When I was 18, I moved for university. My dad always jokingly said he had a no-returns policy.
Yes, I went to university. My parents divorced when I was young and the child benefit was put to one side for my tuition fees. My dad unfortunately got a terminal illness before I went to university and my mother emigrated and lost contact with us so I was able to get grants at university for living costs. I worked throughout my university degree, doing 25 hours a week as a marketing assistant, and graduated with £15,000 in debt that I've subsequently paid off through my salary contributions.
Growing up, what kind of conversations did you have about money?
My parents never spoke about money growing up. I was never allowed any pocket money and rarely had my own money until I got a job at 16. My mum’s love language was gifting and so she would buy us expensive items but would never let me have any of my own money to leave the house. As an adult I understand that this was very controlling. When I was 17, my dad got poorly and gave up his job. This is when my financial education started. He cashed in his pension and became very frugal as he wasn't sure how long he was going to live. He wanted us to be safe with our money as we would no longer have a safety net of him looking after us. We would barter at markets for vegetables and knew the value of work and money.
If you have, when did you move out of your parents'/guardians' house?
When I was 18, I moved for university. My dad always jokingly said he had a no-returns policy.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
When I graduated at 22 years old, although I’m married now and share finances with my husband, who earns a lot more than me.
What was your first job and why did you get it?
I worked as a sales assistant in House of Fraser when I was 16. My best friend worked there and introduced me to the manager to help me get the job. My parents never gave me any pocket money and used it as a way to control me so I couldn't go out with my friends and could only study. I really enjoyed the freedom that came with earning money and since then I have never been unemployed.
When I graduated at 22 years old, although I’m married now and share finances with my husband, who earns a lot more than me.
What was your first job and why did you get it?
I worked as a sales assistant in House of Fraser when I was 16. My best friend worked there and introduced me to the manager to help me get the job. My parents never gave me any pocket money and used it as a way to control me so I couldn't go out with my friends and could only study. I really enjoyed the freedom that came with earning money and since then I have never been unemployed.
Do you worry about money now?
This is a difficult question. I don’t worry about money in the sense that I have a high income with low living costs. But having seen how quickly life can change with my dad, I’m constantly financially planning for the future, which I think is a type of worrying. I prioritise paying my mortgage and having a good pension pot.
This is a difficult question. I don’t worry about money in the sense that I have a high income with low living costs. But having seen how quickly life can change with my dad, I’m constantly financially planning for the future, which I think is a type of worrying. I prioritise paying my mortgage and having a good pension pot.
Do you or have you ever received passive or inherited income?
My dad passed away when I was 22 and left me £60,000 from the sale of our family home. I had to wait until I was 25 for this inheritance and I used it as a deposit against my first house with my now husband.
My dad passed away when I was 22 and left me £60,000 from the sale of our family home. I had to wait until I was 25 for this inheritance and I used it as a deposit against my first house with my now husband.
ADVERTISEMENT