ADVERTISEMENT
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 30-year-old personal assistant living in London. I’ve lived here (after growing up in rural south Wales) for almost nine years and I love it. This means I will likely be a renter for the foreseeable. This often feels ridiculous given the amount I have in savings but I don’t want to compromise on where I live in London for the sake of owning a flat with a yearly interest rate that costs more than my current rent. I only started earning a decent wage in the last couple of years and have been enjoying being able to splash out on travel and more expensive clothes and still save a decent amount. I am a happy-go-lucky person (undoubtedly because of my privileged position) and I'm definitely embracing being 30, flirty and thriving while I still have very few financial commitments."
Occupation: Personal assistant
Industry: Fashion
Age: 30
Location: London
Salary: £39,000
Paycheque amount: £2,526
Number of housemates: Two: D and P.
Pronouns: She/her
Industry: Fashion
Age: 30
Location: London
Salary: £39,000
Paycheque amount: £2,526
Number of housemates: Two: D and P.
Pronouns: She/her
Monthly Expenses
Housing costs: £800 for my room in a three-bed flat.
Loan payments: £84 student loan. With last year’s annual pay rise I am now just about paying off the interest accrued each month (lol).
Pension? I have two pension pots from previous jobs and no idea how much is in them. I currently pay in 4% each month, which is matched by my employer.
Savings? £12.4k sitting uselessly in a Help to Buy ISA (way priced out of buying in central London), £19.3k in cash ISAs (saved for me by very generous grandparents), £8k Premium Bonds, £9.5k in a savings pot with a pretty decent interest rate, and £117 in an easy access saver (this was originally a buffer for when I go over budget every single month but it is now quite depleted).
Utilities: £98.16 for my third of water, gas, electricity, council tax and internet.
All other monthly payments: £37 phone contract, £10.99 Netflix.
Loan payments: £84 student loan. With last year’s annual pay rise I am now just about paying off the interest accrued each month (lol).
Pension? I have two pension pots from previous jobs and no idea how much is in them. I currently pay in 4% each month, which is matched by my employer.
Savings? £12.4k sitting uselessly in a Help to Buy ISA (way priced out of buying in central London), £19.3k in cash ISAs (saved for me by very generous grandparents), £8k Premium Bonds, £9.5k in a savings pot with a pretty decent interest rate, and £117 in an easy access saver (this was originally a buffer for when I go over budget every single month but it is now quite depleted).
Utilities: £98.16 for my third of water, gas, electricity, council tax and internet.
All other monthly payments: £37 phone contract, £10.99 Netflix.
Did you participate in any form of higher education? If yes, how did you pay for it?
I was always expected to go to a good university. I lived off my student loan, which also paid for my tuition; being Welsh, my loan is about a third of my English friends’. My parents paid my rent throughout university and I had a part-time job at the on-campus catering company for extra spending money.
I was always expected to go to a good university. I lived off my student loan, which also paid for my tuition; being Welsh, my loan is about a third of my English friends’. My parents paid my rent throughout university and I had a part-time job at the on-campus catering company for extra spending money.
Growing up, what kind of conversations did you have about money?
I don’t remember having many specific conversations about money but I was always aware of our general situation. For example, my dad was made redundant during the recession and I was well aware that we had to make some lifestyle changes. Then as I grew older, I knew we had more money because we were able to do things like go skiing. My parents both grew up in working-class families and worked very hard for the life they were able to provide for us. The one piece of advice I remember being given explicitly is never to buy anything that you have to pay off in monthly instalments. I pay heed to this except when it comes to my phone.
I don’t remember having many specific conversations about money but I was always aware of our general situation. For example, my dad was made redundant during the recession and I was well aware that we had to make some lifestyle changes. Then as I grew older, I knew we had more money because we were able to do things like go skiing. My parents both grew up in working-class families and worked very hard for the life they were able to provide for us. The one piece of advice I remember being given explicitly is never to buy anything that you have to pay off in monthly instalments. I pay heed to this except when it comes to my phone.
If you have, when did you move out of your parents'/guardians' house?
I moved back home for a year after I graduated from university and moved out properly when I moved to London at 22.
I moved back home for a year after I graduated from university and moved out properly when I moved to London at 22.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
When I moved to London at 22 and got my first job with a monthly salary. It was a shock when my mum called to tell me she had cancelled my phone contract. During my first few years in London though, I only had to mention that I was short on cash and my dad would send me £100 on PayPal. This was definitely due to me being on such a low wage (shoutout to creative industries).
When I moved to London at 22 and got my first job with a monthly salary. It was a shock when my mum called to tell me she had cancelled my phone contract. During my first few years in London though, I only had to mention that I was short on cash and my dad would send me £100 on PayPal. This was definitely due to me being on such a low wage (shoutout to creative industries).
What was your first job and why did you get it?
When I was 17, I worked as a waitress/kitchen porter in a rural pub. I swapped to the bar as soon as I turned 18. Most of my earnings went on clothes, nights out and towards a girls’ holiday, though a big chunk did also go on repairs to my mum’s car — driving did not come naturally to me.
When I was 17, I worked as a waitress/kitchen porter in a rural pub. I swapped to the bar as soon as I turned 18. Most of my earnings went on clothes, nights out and towards a girls’ holiday, though a big chunk did also go on repairs to my mum’s car — driving did not come naturally to me.
Do you worry about money now?
Yes and no. I worry that I’m spending too much and not saving enough. I saved stringently for five years to buy a house with an ex-boyfriend but I think my attitude changed after that didn’t work out. I don’t have a mortgage or any dependents so I might as well spend money on travel and fun things. I'm also aware how incredibly lucky I am that I have parents who would be able and willing to support me if it ever came to that.
Yes and no. I worry that I’m spending too much and not saving enough. I saved stringently for five years to buy a house with an ex-boyfriend but I think my attitude changed after that didn’t work out. I don’t have a mortgage or any dependents so I might as well spend money on travel and fun things. I'm also aware how incredibly lucky I am that I have parents who would be able and willing to support me if it ever came to that.
Do you or have you ever received passive or inherited income?
The ISAs from my grandparents, if that counts?
The ISAs from my grandparents, if that counts?
ADVERTISEMENT