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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 32-year-old marketing manager living in London. I moved from Canada four years ago, originally on a two-year work/travel visa before getting sponsored by my company. I’m now on a Tier 2 Skilled Worker visa, which I’m extremely grateful for but feel a little bit trapped in my company. I’m not near the salary I want and there’s not a lot of room to grow internally but London feels like home to me so it’s worth it.
I had a lot of spare time during the pandemic so I started helping my sister with some of her journalism projects, which I completely fell in love with. I’d love to eventually make the transition to full-time journalism but for now I write and produce video content on a freelance basis. With London’s cost of living and my salary, the added income makes a massive difference to my quality of life!
When it comes to money, I can be quite impulsive. Since moving to London I’ve definitely been more mindful of my materialistic purchases but this year I’ve decided to start investing in myself and my happiness, whether that means therapy, beauty appointments or booking a spontaneous trip. I’d love to learn more about investing and finally feel like I’m financially stable."
Occupation: Marketing manager
Industry: Nonprofit
Age: 32
Location: London
Salary: £30,000 plus about £800 monthly doing freelance work.
Paycheque amount: £1,985.20
Number of housemates: One, L.
Pronouns: She/her
Industry: Nonprofit
Age: 32
Location: London
Salary: £30,000 plus about £800 monthly doing freelance work.
Paycheque amount: £1,985.20
Number of housemates: One, L.
Pronouns: She/her
Monthly Expenses
Housing costs: £750
Loan payments: None.
Pension? I know that I have a pension and I should definitely know how much I pay into it but I’ve got no idea.
Savings? £76,758 in a high-interest account, £1,234.84 in my Moneybox and £1,431.58 in my Freetrade stocks and investments.
Utilities: Water payments come out quarterly (£135 for my half) and all other utilities are included in rent.
All other monthly payments: £19.25 wi-fi, £260 therapy, £120 Moneybox auto deposit. Subscriptions: £69 ClassPass, £10.99 Spotify, £135 online Pilates class (yearly).
Loan payments: None.
Pension? I know that I have a pension and I should definitely know how much I pay into it but I’ve got no idea.
Savings? £76,758 in a high-interest account, £1,234.84 in my Moneybox and £1,431.58 in my Freetrade stocks and investments.
Utilities: Water payments come out quarterly (£135 for my half) and all other utilities are included in rent.
All other monthly payments: £19.25 wi-fi, £260 therapy, £120 Moneybox auto deposit. Subscriptions: £69 ClassPass, £10.99 Spotify, £135 online Pilates class (yearly).
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I went to university in Canada where I got my bachelor's degree. I was lucky enough that my parents paid for textbooks and 50% of my degree, and I worked part-time to afford the other costs. I also managed to secure a few scholarships that added up to around £1,500.
Yes, I went to university in Canada where I got my bachelor's degree. I was lucky enough that my parents paid for textbooks and 50% of my degree, and I worked part-time to afford the other costs. I also managed to secure a few scholarships that added up to around £1,500.
Growing up, what kind of conversations did you have about money?
Both my parents were very mindful of money when I was growing up. We didn’t have a lot of it but my dad was (and still is) a big saver and learned a lot about investing. He worked out of town and was only around one week per month, and my mom didn’t know a lot about money (and to be honest, still doesn’t) so we never had any big conversations about finances. Now that I’m older, my dad has given me some great advice about money but I definitely wish we'd had those conversations sooner.
Both my parents were very mindful of money when I was growing up. We didn’t have a lot of it but my dad was (and still is) a big saver and learned a lot about investing. He worked out of town and was only around one week per month, and my mom didn’t know a lot about money (and to be honest, still doesn’t) so we never had any big conversations about finances. Now that I’m older, my dad has given me some great advice about money but I definitely wish we'd had those conversations sooner.
If you have, when did you move out of your parents'/guardians' house?
I moved out when I was 22.
I moved out when I was 22.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I was 18 when I became financially responsible for myself and I am still solely responsible.
I was 18 when I became financially responsible for myself and I am still solely responsible.
What was your first job and why did you get it?
I grew up in an older community and had a lot of elderly neighbours who needed help around the house. My first job was shovelling snow in the winter, which expanded into walking their dogs, washing cars and raking leaves.
I grew up in an older community and had a lot of elderly neighbours who needed help around the house. My first job was shovelling snow in the winter, which expanded into walking their dogs, washing cars and raking leaves.
Do you worry about money now?
Yes, all the time! The cost of living in my hometown in Canada is about a third of the cost of London (if not even cheaper) and I took a significant pay cut when I moved to the UK. I absolutely love this city though, and to me the extra cost is worth it. I’m here on a Tier 2 Skilled Worker visa and feel a little trapped with my sponsorship, which is why I freelance as much as possible to actually save some money.
Yes, all the time! The cost of living in my hometown in Canada is about a third of the cost of London (if not even cheaper) and I took a significant pay cut when I moved to the UK. I absolutely love this city though, and to me the extra cost is worth it. I’m here on a Tier 2 Skilled Worker visa and feel a little trapped with my sponsorship, which is why I freelance as much as possible to actually save some money.
Do you or have you ever received passive or inherited income?
Yes, I inherited £70,000 from my great aunt.
Yes, I inherited £70,000 from my great aunt.
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