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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 live with my husband, W, and our daughter A – who turns two this week. I returned to work 12 months ago, working part-time. All our finances are joint, income and outgoings. We have a joint bills account, which works well for us and is easy to keep track of. We also have a joint savings account. Since maternity leave, my husband pays all the bills (he has a salary of £45,000) and my salary is used to service our credit card debt – which currently stands at just over £10,000. All our day-to-day spending must go on the credit card, but we are slowly clearing this down. As my husband pays all our bills, I use my entire salary to pay off our credit card. We try to keep our day-to-day spending as low as possible. So as long as our monthly spend isn’t higher than what I’ve paid off that month – then we’re going in the right direction. It’s a slow process and I do get frustrated with it. The debt build up was a mixture of buying a house and having to furnish it and carry out some work, having a baby and generally having high outgoings. I do dream of the day that the credit card is gone and we have some disposable income again."
Occupation: Estate agent, part-time
Industry: Estate agent
Age: 37
Location: Oxfordshire
Salary: £22,500 for four days.
Paycheque Amount: £1,586 monthly
Number of housemates: Two, husband W and one-year-old, A.
Pronouns: She/her
Industry: Estate agent
Age: 37
Location: Oxfordshire
Salary: £22,500 for four days.
Paycheque Amount: £1,586 monthly
Number of housemates: Two, husband W and one-year-old, A.
Pronouns: She/her
Monthly Expenses
Housing costs: £996 mortgage, plus £96 repayment of Help to Buy loan.
Loan payments: £288 for my car loan, W’s car loan is similar.
Pension? Yes, I pay 5% and my employer pays 4%. I think the pot is around £12k.
Savings?: £850, even though we have the credit card debt, we try and have some in savings at all times. This is in case of emergencies.
Utilities: £31 gas, £64 electricity, £207 council tax, £31 water.
All other monthly payments: £15 for my phone, £8.99 Amazon Prime. Subscriptions: £67.50 Sky and internet, £288.80 for nursery (this is for two days a week), £22 for contact lenses.
Loan payments: £288 for my car loan, W’s car loan is similar.
Pension? Yes, I pay 5% and my employer pays 4%. I think the pot is around £12k.
Savings?: £850, even though we have the credit card debt, we try and have some in savings at all times. This is in case of emergencies.
Utilities: £31 gas, £64 electricity, £207 council tax, £31 water.
All other monthly payments: £15 for my phone, £8.99 Amazon Prime. Subscriptions: £67.50 Sky and internet, £288.80 for nursery (this is for two days a week), £22 for contact lenses.
Did you participate in any form of higher education? If yes, how did you pay for it?
No, I didn’t go to university. I started working at 18 (after A-levels) and have always worked full-time, until I went on maternity leave two years ago.
No, I didn’t go to university. I started working at 18 (after A-levels) and have always worked full-time, until I went on maternity leave two years ago.
Growing up, what kind of conversations did you have about money?
We never had any formal conversations about money, but I sensed that my parents were always comfortable. My siblings and I had some nice holidays as children and our parents were always able to help when we were learning to drive etc. I have always felt that if I needed anything, they would be able to help me. They don’t know about the extent of our credit card debt, and I think they would be very worried if they did. I strongly feel that financial education should be taught in schools.
We never had any formal conversations about money, but I sensed that my parents were always comfortable. My siblings and I had some nice holidays as children and our parents were always able to help when we were learning to drive etc. I have always felt that if I needed anything, they would be able to help me. They don’t know about the extent of our credit card debt, and I think they would be very worried if they did. I strongly feel that financial education should be taught in schools.
If you have, when did you move out of your parents/guardians house?
I didn’t go to university and lived at home until I was 28 when I moved into a small rented flat on my own. My husband and I then bought our house five years ago.
I didn’t go to university and lived at home until I was 28 when I moved into a small rented flat on my own. My husband and I then bought our house five years ago.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
When I moved out aged 28. My husband and I view our income and bills as ‘ours’, not individual. We spent all the money we had buying our house, then having a baby. We combine all our outgoings and his salary covers all of these. Once our credit card debt is gone, my salary will become what we use for day-to-day spending and into a saving pot for us. I have taken a huge pay cut since having our daughter. Working part-time and moving to a lesser paying role means I am earning £16k annually less than I was before pregnancy.
When I moved out aged 28. My husband and I view our income and bills as ‘ours’, not individual. We spent all the money we had buying our house, then having a baby. We combine all our outgoings and his salary covers all of these. Once our credit card debt is gone, my salary will become what we use for day-to-day spending and into a saving pot for us. I have taken a huge pay cut since having our daughter. Working part-time and moving to a lesser paying role means I am earning £16k annually less than I was before pregnancy.
What was your first job and why did you get it?
I worked part-time in a department store when I was 18. I can’t remember how much I got paid. I didn’t pay rent at home at the time, so this was all spending money.
I worked part-time in a department store when I was 18. I can’t remember how much I got paid. I didn’t pay rent at home at the time, so this was all spending money.
Do you worry about money now?
Yes, constantly, every day. Sometimes I struggle to believe we have as much credit card debt as we do. We are both hard working, sensible people and it can feel overwhelming that we have this on our backs. We try and manage the debt as best we can, keeping the card at 0% interest and switching if need be. We are getting the debt down, but it’s a slow process.
Yes, constantly, every day. Sometimes I struggle to believe we have as much credit card debt as we do. We are both hard working, sensible people and it can feel overwhelming that we have this on our backs. We try and manage the debt as best we can, keeping the card at 0% interest and switching if need be. We are getting the debt down, but it’s a slow process.
Do you or have you ever received passive or inherited income?
No.
No.
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