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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 am a 23-year-old grad working my first proper job in London while living at home in Hertfordshire. In the last year I have gone through a breakup with my long-term boyfriend so I have experienced lots of change and I am trying to work out what my new day-to-day life looks like. I work in operations at an investment management firm and I am very lucky to have got this job straight out of uni. However I am still thinking about my future and am considering doing my CFA (chartered financial analyst) exams so that I can have a better chance of moving into other careers that I have an interest in, such as being a portfolio manager or working with clients. I constantly think about money and my financial position, probably partially due to the industry I work in, but I am definitely a saver over a spender. I don't have a large interest in designer clothes or the new trendy things but I do like to travel and go on holiday. I don't mind spending money on that though, as once-in-a-lifetime experiences make me far happier than seeing a larger sum in my savings account."
Occupation: Operations analyst
Industry: Investment management
Age: 23
Location: Hertfordshire
Salary: £35,000
Paycheque amount: £2,132.24
Number of housemates: Two — my dad and my brother — plus our cat.
Pronouns: She/her
Monthly Expenses
Industry: Investment management
Age: 23
Location: Hertfordshire
Salary: £35,000
Paycheque amount: £2,132.24
Number of housemates: Two — my dad and my brother — plus our cat.
Pronouns: She/her
Monthly Expenses
Housing costs: I pay my dad £150, which covers my food, bills etc. I am extremely lucky and very appreciative of this low cost.
Utilities: £0
Loan payments: None except my undergrad student loans, which I think I pay about £30 a month towards.
Savings? I have about £20,000 in various savings accounts through a combination of being a saver more than a spender, inheritance, gifts and savings from paycheques. I try to put roughly £900-£1,000 into premium bonds every month, I save £100 for car-related costs every month (I use these savings to pay for my car insurance and road tax, which I pay annually, and any repairs, MOTs or services) and then each week Plum does an automatic upload of around £50.
Pension? I have two pensions. One was set up for me after I was born and my grandad put £3,000 into it — I have never added to it and it’s now worth around £14,000. I also have a work pension that I pay 10% into and my work also puts in 10%.
All other monthly payments: £22 phone, £100 Pilates membership. Subscriptions: £11.99 Spotify Premium, £2.99 iCloud storage, £2.99 Plum.
Utilities: £0
Loan payments: None except my undergrad student loans, which I think I pay about £30 a month towards.
Savings? I have about £20,000 in various savings accounts through a combination of being a saver more than a spender, inheritance, gifts and savings from paycheques. I try to put roughly £900-£1,000 into premium bonds every month, I save £100 for car-related costs every month (I use these savings to pay for my car insurance and road tax, which I pay annually, and any repairs, MOTs or services) and then each week Plum does an automatic upload of around £50.
Pension? I have two pensions. One was set up for me after I was born and my grandad put £3,000 into it — I have never added to it and it’s now worth around £14,000. I also have a work pension that I pay 10% into and my work also puts in 10%.
All other monthly payments: £22 phone, £100 Pilates membership. Subscriptions: £11.99 Spotify Premium, £2.99 iCloud storage, £2.99 Plum.
Did you participate in any form of higher education? If yes, how did you pay for it?
I have an undergraduate degree in economics that was funded by student loans. I also have a master’s degree that my grandad kindly paid for. My dad paid my full rent during my undergrad and master’s and also gave me an allowance to live on while I did my master’s so that I would not have to take out any loans, which I am very grateful for.
I have an undergraduate degree in economics that was funded by student loans. I also have a master’s degree that my grandad kindly paid for. My dad paid my full rent during my undergrad and master’s and also gave me an allowance to live on while I did my master’s so that I would not have to take out any loans, which I am very grateful for.
Growing up, what kind of conversations did you have about money?
We had constant conversations about money from a very young age. I remember being 8/9 and saving up for things I wanted, and I had to budget lots when I was learning to drive and paying for lessons. My parents are divorced and have different views on money — my dad likes to plan and save while my mum would spend more. I was taught to always save for my future through a pension (my dad is obsessed with talking about pensions) but also to save for other things I want, like a house or holidays.
If you have, when did you move out of your parents’/guardians’ house?
I lived away from home at uni from 18 to 22 and then moved home at 22. It was quite an adjustment but it allows me to be within 35 minutes of my office and save money.
We had constant conversations about money from a very young age. I remember being 8/9 and saving up for things I wanted, and I had to budget lots when I was learning to drive and paying for lessons. My parents are divorced and have different views on money — my dad likes to plan and save while my mum would spend more. I was taught to always save for my future through a pension (my dad is obsessed with talking about pensions) but also to save for other things I want, like a house or holidays.
If you have, when did you move out of your parents’/guardians’ house?
I lived away from home at uni from 18 to 22 and then moved home at 22. It was quite an adjustment but it allows me to be within 35 minutes of my office and save money.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would not say I am financially responsible. My dad paid my rent at uni and now I live at home, paying very subsidised rent. I do pay for everything else myself except my contact lenses, which cost £50 per month.
What was your first job and why did you get it?
Babysitting. It paid for my driving lessons and then at uni I got a job working for the student union for the experience rather than the money (though the money allowed me to buy a car and go travelling).
I would not say I am financially responsible. My dad paid my rent at uni and now I live at home, paying very subsidised rent. I do pay for everything else myself except my contact lenses, which cost £50 per month.
What was your first job and why did you get it?
Babysitting. It paid for my driving lessons and then at uni I got a job working for the student union for the experience rather than the money (though the money allowed me to buy a car and go travelling).
Do you worry about money now?
I don't worry about money now for my current self but I worry for future me. I have lots of plans and I want to make sure that I have a comfortable life and I can afford to do the things I would like to.
I don't worry about money now for my current self but I worry for future me. I have lots of plans and I want to make sure that I have a comfortable life and I can afford to do the things I would like to.
Do you or have you ever received passive or inherited income?
When my granny passed away I inherited £5,000, which I put into premium bonds.
When my granny passed away I inherited £5,000, which I put into premium bonds.
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