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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 27-year-old medical writer living with my boyfriend, S, and our dachshund, O, in Liverpool. We’ve been together for six years, living together for four and a half years, and just completed on our first proper house last week. I’ve always been fairly sensible with my money and have saved since I got my first proper job. As soon as I get paid, all my money is split across different Monzo pots as I find this the easiest way to know exactly how much money I have to spend in a month. I struggle to find the will to treat myself and only very occasionally buy new clothes or crafts but when I do spend the money, I like to buy from slightly better brands like Next or M&S, rather than Primark or Shein. S and I both have fairly well-paid jobs but I still seem to run out of money by the end of the month, even though all of our meals are planned, meaning we only buy what we need, and we don’t go out as much as we used to."
Occupation: Medical writer
Industry: Medical communications
Age: 27
Location: Liverpool
Salary: £38,000
Paycheque amount: £2,379.31
Number of housemates: Two: my boyfriend, S, and dog, O.
Pronouns: She/her
Industry: Medical communications
Age: 27
Location: Liverpool
Salary: £38,000
Paycheque amount: £2,379.31
Number of housemates: Two: my boyfriend, S, and dog, O.
Pronouns: She/her
Monthly Expenses
Housing costs: £486.19 for my half of the mortgage (this will be our usual monthly payment, although our first payment will be higher because of the added interest).
Loan payments: £106.97 for my car (I refinanced the balloon payment when my initial loan ended in March this year), £29.54 for my iPhone.
Savings? £292.87 stocks and shares ISA (I add £20-40 a month), £275 premium bonds, £1,540.84 personal holiday savings, £222.75 rainy day savings (this was a lot higher but we didn’t realise we couldn’t use our Help To Buy ISAs towards our deposit, which meant we had to make up nearly an extra £4k, which thankfully I had in savings, and will mostly get back from the solicitors), £836.43 my half of our joint holiday savings (I add £100 a month), £887.36 in a pot for my car (covers my insurance, tax, service and MOT; I add £108 a month), £316.66 in a Christmas pot (I add £30 a month), £423.01 in a spare change round-up pot (which I use to treat myself e.g. buy fabric for a sewing project) and £2,102.90 for my half of our joint savings for the house.
Pension? Yes, I pay in 5% (£158.33), which is matched by my employer. I’ve got a total of £14,645.48 in my current pension, plus £1,403.88 in an old work pension.
Utilities: These are a best guess at my half as we haven’t yet paid our first bills as we only moved in two weeks ago: £78.44 council tax, £77.09 gas and electric, £14.82 pet insurance, £24.38 water, £13.25 TV licence, £17.61 building and contents insurance, £18 broadband.
All other monthly payments: £7 Monzo perks, £8 SIM plan, £12 to my mum (in the pub back home I do a bingo lottery and a bonus ball so this covers both of these for the month), £357.97 car insurance (paid annually), £180 car tax (paid annually). Subscriptions: £5 Now TV (my half).
Loan payments: £106.97 for my car (I refinanced the balloon payment when my initial loan ended in March this year), £29.54 for my iPhone.
Savings? £292.87 stocks and shares ISA (I add £20-40 a month), £275 premium bonds, £1,540.84 personal holiday savings, £222.75 rainy day savings (this was a lot higher but we didn’t realise we couldn’t use our Help To Buy ISAs towards our deposit, which meant we had to make up nearly an extra £4k, which thankfully I had in savings, and will mostly get back from the solicitors), £836.43 my half of our joint holiday savings (I add £100 a month), £887.36 in a pot for my car (covers my insurance, tax, service and MOT; I add £108 a month), £316.66 in a Christmas pot (I add £30 a month), £423.01 in a spare change round-up pot (which I use to treat myself e.g. buy fabric for a sewing project) and £2,102.90 for my half of our joint savings for the house.
Pension? Yes, I pay in 5% (£158.33), which is matched by my employer. I’ve got a total of £14,645.48 in my current pension, plus £1,403.88 in an old work pension.
Utilities: These are a best guess at my half as we haven’t yet paid our first bills as we only moved in two weeks ago: £78.44 council tax, £77.09 gas and electric, £14.82 pet insurance, £24.38 water, £13.25 TV licence, £17.61 building and contents insurance, £18 broadband.
All other monthly payments: £7 Monzo perks, £8 SIM plan, £12 to my mum (in the pub back home I do a bingo lottery and a bonus ball so this covers both of these for the month), £357.97 car insurance (paid annually), £180 car tax (paid annually). Subscriptions: £5 Now TV (my half).
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I went to university in Belfast and it was all paid by loans. Even though Belfast was (and still is) a super cheap place to live, because I got the minimum loan I still struggled to get by as my maintenance loan barely covered my rent. I was really fortunate that my parents were able to give me £400 a month the whole four years I was at uni to help with costs. I also worked part-time starting the summer of first year, right through until the end of my fourth year, for extra money.
Yes, I went to university in Belfast and it was all paid by loans. Even though Belfast was (and still is) a super cheap place to live, because I got the minimum loan I still struggled to get by as my maintenance loan barely covered my rent. I was really fortunate that my parents were able to give me £400 a month the whole four years I was at uni to help with costs. I also worked part-time starting the summer of first year, right through until the end of my fourth year, for extra money.
Growing up, what kind of conversations did you have about money?
I don’t remember many conversations about money but we were encouraged to save. Even though my mum and dad had decent jobs, we weren’t particularly well-off and I noticed this more once I got to secondary school and compared our lifestyle with those of my classmates. However, they always found the money for school trips and we got the birthday and Christmas presents we wanted. We went abroad once a year starting when I was 12, and this was nearly always two weeks all-inclusive somewhere in Spain or Majorca. It’s only in the last few years that my parents have told us how much they struggled at times, such as paying for the food shop with cheques because they wouldn’t clear for a few days until they had been paid. I also remember someone coming to the house every week to collect money from my mum. At the time, she told us it was a savings account but my dad said it was a loan shark. There were also times when me and my sisters had to lend my mum money (sometimes hundreds), which we never got back.
I don’t remember many conversations about money but we were encouraged to save. Even though my mum and dad had decent jobs, we weren’t particularly well-off and I noticed this more once I got to secondary school and compared our lifestyle with those of my classmates. However, they always found the money for school trips and we got the birthday and Christmas presents we wanted. We went abroad once a year starting when I was 12, and this was nearly always two weeks all-inclusive somewhere in Spain or Majorca. It’s only in the last few years that my parents have told us how much they struggled at times, such as paying for the food shop with cheques because they wouldn’t clear for a few days until they had been paid. I also remember someone coming to the house every week to collect money from my mum. At the time, she told us it was a savings account but my dad said it was a loan shark. There were also times when me and my sisters had to lend my mum money (sometimes hundreds), which we never got back.
If you have, when did you move out of your parents'/guardians' house?
I moved out at 18 to go to uni and have never lived permanently at home since then. Unexpectedly, we had to move out of our rented flat two and a half months before completing on our house and we were lucky to be able to live with family rent-free as my parents own my maternal grandparents’ home. My grandad has died and my nanny has recently gone into full-time residential care with dementia so me, S and O moved in with my cousin, who has also lived there for 15+ years since my grandad had a stroke. We chipped in for electricity but the rest of the bills were covered by my cousin.
I moved out at 18 to go to uni and have never lived permanently at home since then. Unexpectedly, we had to move out of our rented flat two and a half months before completing on our house and we were lucky to be able to live with family rent-free as my parents own my maternal grandparents’ home. My grandad has died and my nanny has recently gone into full-time residential care with dementia so me, S and O moved in with my cousin, who has also lived there for 15+ years since my grandad had a stroke. We chipped in for electricity but the rest of the bills were covered by my cousin.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I’d say I’ve been primarily financially responsible for myself since I graduated uni, although my parents definitely help out every now and then. Last year, my dad paid our first month's rent when we moved to Liverpool from Manchester because we had an overlap between the flats and couldn’t afford both the deposit and rent. Recently, he also bought our mattress and fridge for the new flat, as well as offering to pay for our spare mattress. I hate borrowing money from my parents but know that if I were in a sticky situation I could always rely on them to help me out.
I’d say I’ve been primarily financially responsible for myself since I graduated uni, although my parents definitely help out every now and then. Last year, my dad paid our first month's rent when we moved to Liverpool from Manchester because we had an overlap between the flats and couldn’t afford both the deposit and rent. Recently, he also bought our mattress and fridge for the new flat, as well as offering to pay for our spare mattress. I hate borrowing money from my parents but know that if I were in a sticky situation I could always rely on them to help me out.
What was your first job and why did you get it?
I started babysitting for family friends when I was around 13, mostly because I loved babies (yes, I was trusted to look after actual babies but bear in mind this was in a pub and their parents were downstairs). My first proper paid job was as a dental receptionist on a Saturday and I got the job because the practice manager was the daughter of my mum’s best friend. We were encouraged to get a job as soon as we could.
I started babysitting for family friends when I was around 13, mostly because I loved babies (yes, I was trusted to look after actual babies but bear in mind this was in a pub and their parents were downstairs). My first proper paid job was as a dental receptionist on a Saturday and I got the job because the practice manager was the daughter of my mum’s best friend. We were encouraged to get a job as soon as we could.
Do you worry about money now?
All the time! We’ve just bought our first home together and while we’re hoping that we won’t have to do much, we’ve put off getting the electrics tested in fear of having to pay for a rewire. We also think that the gutters need replacing, and even potentially the roof, both of which are likely to be expensive. We’re also thinking about getting married and having children in the next few years and my maternity policy isn’t particularly generous so somehow we’ll also have to find a way to save money for that.
All the time! We’ve just bought our first home together and while we’re hoping that we won’t have to do much, we’ve put off getting the electrics tested in fear of having to pay for a rewire. We also think that the gutters need replacing, and even potentially the roof, both of which are likely to be expensive. We’re also thinking about getting married and having children in the next few years and my maternity policy isn’t particularly generous so somehow we’ll also have to find a way to save money for that.
Do you or have you ever received passive or inherited income?
I’ve received small amounts twice. When I was 16, I inherited £600 from my godfather. After my paternal granny died last year, my dad inherited several thousand pounds and from this he gave me and both my sisters £1,000 each.
I’ve received small amounts twice. When I was 16, I inherited £600 from my godfather. After my paternal granny died last year, my dad inherited several thousand pounds and from this he gave me and both my sisters £1,000 each.
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