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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 31-year-old marketing manager living in London with my partner. We currently rent but it's a goal of ours to buy somewhere in the next year or two. We're planning to start looking into this to see if that is even possible in the near future. I've always been more of a spender than a saver and I hold a lot of importance in experiences over most other things. I love to have trips booked to look forward to, however I know I need to rein this in if I want to ever be a homeowner."
Occupation: Marketing manager
Industry: Media
Age: 31
Location: London
Salary: £50,000
Paycheque Amount: £3,074 after tax and deductions
Number of housemates: 1, my partner B
Pronouns: she/her
Industry: Media
Age: 31
Location: London
Salary: £50,000
Paycheque Amount: £3,074 after tax and deductions
Number of housemates: 1, my partner B
Pronouns: she/her
Monthly Expenses
Housing costs: £725 for my half of the rent which is split 50/50 with my partner B.
Loan payments: No student loans.
Savings?: £1,000 in an ISA, £400 in a savings pot for holidays, £5,000 in a high interest savings account.
Pension? I think I put in 3% and my company puts in 8% monthly. I might revisit this soon to see if I can afford to up my percentage.
Utilities: I split all bills 50/50 with B and my share comes to: £18 internet, £14 water, £33 council tax, £80 energy.
All other monthly payments: £35 phone plan (including Spotify), £21 repayment for the device, £80 gym membership, £8.50 health insurance, £4.50 pet insurance, £7.18 home contents insurance. Subscriptions: £4.99 NOWTV subscription.
Loan payments: No student loans.
Savings?: £1,000 in an ISA, £400 in a savings pot for holidays, £5,000 in a high interest savings account.
Pension? I think I put in 3% and my company puts in 8% monthly. I might revisit this soon to see if I can afford to up my percentage.
Utilities: I split all bills 50/50 with B and my share comes to: £18 internet, £14 water, £33 council tax, £80 energy.
All other monthly payments: £35 phone plan (including Spotify), £21 repayment for the device, £80 gym membership, £8.50 health insurance, £4.50 pet insurance, £7.18 home contents insurance. Subscriptions: £4.99 NOWTV subscription.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I did an undergraduate degree and then a masters in my home country where there are no education fees. While at university my parents supported me by paying my rent (which I’m extremely grateful for!) and the odd bit of money here and there for larger items such as a bike. I worked in a supermarket during term time for both degrees and full time during the summer to cover costs.
Yes, I did an undergraduate degree and then a masters in my home country where there are no education fees. While at university my parents supported me by paying my rent (which I’m extremely grateful for!) and the odd bit of money here and there for larger items such as a bike. I worked in a supermarket during term time for both degrees and full time during the summer to cover costs.
Growing up, what kind of conversations did you have about money?
We didn’t really have any conversations about money except for the golden rule of 'don’t spend beyond your needs'. We were able to go on holiday about once a year and I was always able to do extracurricular activities. However, my parents definitely wouldn’t spend frivolously and kept to a fairly strict budget for our groceries and clothes and we very rarely ate out. While there were some small anxieties around money growing up, as my parents have gotten older they have definitely gotten more comfortable with money as they are still working but don’t have dependants and a large mortgage.
We didn’t really have any conversations about money except for the golden rule of 'don’t spend beyond your needs'. We were able to go on holiday about once a year and I was always able to do extracurricular activities. However, my parents definitely wouldn’t spend frivolously and kept to a fairly strict budget for our groceries and clothes and we very rarely ate out. While there were some small anxieties around money growing up, as my parents have gotten older they have definitely gotten more comfortable with money as they are still working but don’t have dependants and a large mortgage.
If you have, when did you move out of your parents/guardians house?
At the age of 18 I went to university and I haven’t lived at my parents’ house since then (apart from summers back from uni).
At the age of 18 I went to university and I haven’t lived at my parents’ house since then (apart from summers back from uni).
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I became financially responsible for myself at around 23. No one else covers any aspect of my financial life, however I know that living with a partner means it can be easier as we have each other’s back financially.
I became financially responsible for myself at around 23. No one else covers any aspect of my financial life, however I know that living with a partner means it can be easier as we have each other’s back financially.
What was your first job and why did you get it?
My first job was babysitting at the age of 14 to save up for my first iPod.
My first job was babysitting at the age of 14 to save up for my first iPod.
Do you worry about money now?
Yes I do. Day-to-day I feel like I'm doing alright but when I think about the bigger picture of eventually owning our own place one day or having children, I break out in a cold sweat.
Yes I do. Day-to-day I feel like I'm doing alright but when I think about the bigger picture of eventually owning our own place one day or having children, I break out in a cold sweat.
Do you or have you ever received passive or inherited income
I inherited £1,000 from my grandfather when he passed away some years ago. I used this to fund some travels I did in my early twenties.
I inherited £1,000 from my grandfather when he passed away some years ago. I used this to fund some travels I did in my early twenties.
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