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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 NHS manager living and working in London. I live with my partner of six years and we’ve just put a deposit down on a new-build flat in Manchester. I’ve lived in London for almost seven years now, and it’s time for a change. We really wanted to get on the property ladder but also have a bit more space and a slightly slower pace of life. We hope to move in the new year and I’m feeling a mix of excited, sad and stressed. I deeply love the NHS but it is a hard place to work at the moment. Luckily my team is really flexible so I’ve been working compressed hours for a while. It works really well for me and lets me have a bit more of a work/life balance."
Occupation: NHS manager
Industry: Healthcare
Age: 31
Location: London
Salary: £56,698, inclusive of London weighting.
Paycheque amount: £3,133
Number of housemates: One: my partner, L.
Pronouns: She/her
Industry: Healthcare
Age: 31
Location: London
Salary: £56,698, inclusive of London weighting.
Paycheque amount: £3,133
Number of housemates: One: my partner, L.
Pronouns: She/her
Monthly Expenses
Housing costs: My partner and I split all our bills and rent 50/50. This comes to £1,206 for my half.
Loan payments: My student loan repayment comes out automatically, around £200.
Savings? I try to save £750 a month. I currently have £5,760 in my wedding fund, £50,000 across two ISAs and £4,559 across various Monzo pots for things like travel, upcoming hen dos and furniture we’ll need to buy when we move. I also have £700 in an emergency pot in case anything goes wrong with our new flat.
Pension? I do, and it is just under 11% of my salary, so around £480. I know the NHS has a great pension scheme, which I remind myself of when I cringe at how much goes into it each month. I have other private pension pots from previous jobs, which I need to consolidate.
Utilities: £185 council tax, £28 water, £107 energy. I split them all with my partner.
All other monthly payments: £6.50 Amazon Prime, £27.50 wi-fi, TV subscription and Spotify, £19 phone contract. Subscriptions: £11 Netflix, £9 Disney+. £225 annual Pilates subscription.
Loan payments: My student loan repayment comes out automatically, around £200.
Savings? I try to save £750 a month. I currently have £5,760 in my wedding fund, £50,000 across two ISAs and £4,559 across various Monzo pots for things like travel, upcoming hen dos and furniture we’ll need to buy when we move. I also have £700 in an emergency pot in case anything goes wrong with our new flat.
Pension? I do, and it is just under 11% of my salary, so around £480. I know the NHS has a great pension scheme, which I remind myself of when I cringe at how much goes into it each month. I have other private pension pots from previous jobs, which I need to consolidate.
Utilities: £185 council tax, £28 water, £107 energy. I split them all with my partner.
All other monthly payments: £6.50 Amazon Prime, £27.50 wi-fi, TV subscription and Spotify, £19 phone contract. Subscriptions: £11 Netflix, £9 Disney+. £225 annual Pilates subscription.
Did you participate in any form of higher education? If yes, how did you pay for it?
I did. I went to university just before the fees tripled so I had a student loan for one year when the fees were £3,000. I dropped out of that university as it wasn’t right for me and went to another one, which meant I ended up paying the £9,000 fees for three years. I got student loans to cover my living expenses and fees, and my parents kindly gave me £200 a month. I worked in every holiday and was pretty frugal with money during this time.
I did. I went to university just before the fees tripled so I had a student loan for one year when the fees were £3,000. I dropped out of that university as it wasn’t right for me and went to another one, which meant I ended up paying the £9,000 fees for three years. I got student loans to cover my living expenses and fees, and my parents kindly gave me £200 a month. I worked in every holiday and was pretty frugal with money during this time.
Growing up, what kind of conversations did you have about money?
I grew up in a very comfortable, middle-class home where both my parents worked. My dad in particular was really keen to talk about money with me and my two siblings, and often had conversations about ISAs, how important it is to have a good pension, and investing in things like property. As a result, I feel I’ve got a pretty good handle on those things but I would love to be more confident about other, more high-risk investments too.
I grew up in a very comfortable, middle-class home where both my parents worked. My dad in particular was really keen to talk about money with me and my two siblings, and often had conversations about ISAs, how important it is to have a good pension, and investing in things like property. As a result, I feel I’ve got a pretty good handle on those things but I would love to be more confident about other, more high-risk investments too.
If you have, when did you move out of your parents'/guardians' house?
I fully moved out at the age of 24, having lived at my parents’ house after I graduated university at 22.
I fully moved out at the age of 24, having lived at my parents’ house after I graduated university at 22.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I think when I first moved to London in 2018. I was paying my own rent and all my living costs. My parents have always been really generous in giving me money here and there for treats, which I am incredibly grateful for. I have tried not to rely on this though, and live within my salary.
I think when I first moved to London in 2018. I was paying my own rent and all my living costs. My parents have always been really generous in giving me money here and there for treats, which I am incredibly grateful for. I have tried not to rely on this though, and live within my salary.
What was your first job and why did you get it?
I grew up in a very small village so my first job was the typical babysitting role at about 14 years old. I was in demand! I would often babysit at least two nights a week, earning £5 an hour. I wanted to have my own spending money and the freedom to do what I liked with it. I definitely frittered it all away in Topshop and on phone credit…
I grew up in a very small village so my first job was the typical babysitting role at about 14 years old. I was in demand! I would often babysit at least two nights a week, earning £5 an hour. I wanted to have my own spending money and the freedom to do what I liked with it. I definitely frittered it all away in Topshop and on phone credit…
Do you worry about money now?
Yes and no. I know I have a good job that pays well, as does my partner, and sharing the costs of day-to-day life makes it much easier for me. I’m extremely lucky to have such an amazing safety net that my parents have built for me. I’ve got a lot of big expenses coming up though, with completing on a flat in January and getting married in the next 18 months. I worry a lot about the cost of having children. I’ve always wanted three or four but lately my partner and I have been thinking it’s more likely we’ll have two, for affordability’s sake. That is, if we’re lucky enough to have children at all.
Yes and no. I know I have a good job that pays well, as does my partner, and sharing the costs of day-to-day life makes it much easier for me. I’m extremely lucky to have such an amazing safety net that my parents have built for me. I’ve got a lot of big expenses coming up though, with completing on a flat in January and getting married in the next 18 months. I worry a lot about the cost of having children. I’ve always wanted three or four but lately my partner and I have been thinking it’s more likely we’ll have two, for affordability’s sake. That is, if we’re lucky enough to have children at all.
Do you or have you ever received passive or inherited income?
Yes. I received £5,000 when my grandad died and I receive £150 a month from a rental property I co-own with five other family members. My parents have also helped us with the deposit for our flat, around £50,000.
Yes. I received £5,000 when my grandad died and I receive £150 a month from a rental property I co-own with five other family members. My parents have also helped us with the deposit for our flat, around £50,000.
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