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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 36-year-old single woman living in London, having moved to the UK almost 15 years ago. I currently work as a PA and I love the team I work with. I live on my own and recently moved into a flat that I found through the London Living Rent scheme, which has been such a blessing. I think I have a healthy relationship with money. I am definitely a saver but the one thing I like to spend money on is travelling. I try to travel as much as possible and because my family is based in the EU, I travel home a couple of times a year too. I don’t spend a lot on going out or shopping (I try to buy clothes secondhand whenever possible and I stopped drinking a while ago — the hangovers were just too much) and I’d rather spend on experiences (yoga, Pilates or activities with friends). I track my earnings and expenses on a spreadsheet; I have been doing it for years and it’s helped me so much with growing my savings and budgeting for holidays etc. I am very grateful for the life I have. Growing up in a small village in a foreign country, I never thought I’d be living on my own in London so I try to enjoy it as much as I can."
Occupation: Personal assistant
Industry: Healthcare
Age: 36
Location: London
Salary: £40,000
Paycheque amount: It varies from month to month depending on how much overtime I do but on average it’s between £2,800 and £2,900.
Number of housemates: None. I have been living on my own for a few years now.
Pronouns: She/her
Industry: Healthcare
Age: 36
Location: London
Salary: £40,000
Paycheque amount: It varies from month to month depending on how much overtime I do but on average it’s between £2,800 and £2,900.
Number of housemates: None. I have been living on my own for a few years now.
Pronouns: She/her
Monthly Expenses
Housing costs: I pay £1,100 for a one-bedroom apartment, which I found through the London Living Rent scheme. I applied ages ago and after being on the waiting list for a while, I moved into my flat over a year ago. I was quite dubious of the scheme while applying (it sounded too good to be true) but I have had no issues whatsoever.
Savings? I have £11,000 in a high interest savings account, which I consider an emergency fund; £5,200 in a stocks & shares LISA; £2,500 in a separate investment account; £1,700 in a holiday fund; and £5,800 in a separate savings account (I am going to transfer this and split it between the S&S LISA and HYSA). I set up standing orders for all these accounts so that the money goes straight into them the day after payday. Whatever is left in my account at the end of the month I transfer either into savings or investing.
Pension? Yes, I have a pension and I recently combined two separate pots I had. I pay 5% of my salary and my employer contributes 4%.
Utilities: £80 council tax, £40 electricity, £60 heating, £28 internet. The water bill comes every six months but it works out at around £23 per month.
All other monthly payments: £10 SIM only plan, £0.99 iCloud storage, £13 contents insurance, £10 charity donation. Subscriptions: £29 ClassPass.
Savings? I have £11,000 in a high interest savings account, which I consider an emergency fund; £5,200 in a stocks & shares LISA; £2,500 in a separate investment account; £1,700 in a holiday fund; and £5,800 in a separate savings account (I am going to transfer this and split it between the S&S LISA and HYSA). I set up standing orders for all these accounts so that the money goes straight into them the day after payday. Whatever is left in my account at the end of the month I transfer either into savings or investing.
Pension? Yes, I have a pension and I recently combined two separate pots I had. I pay 5% of my salary and my employer contributes 4%.
Utilities: £80 council tax, £40 electricity, £60 heating, £28 internet. The water bill comes every six months but it works out at around £23 per month.
All other monthly payments: £10 SIM only plan, £0.99 iCloud storage, £13 contents insurance, £10 charity donation. Subscriptions: £29 ClassPass.
Did you participate in any form of higher education? If yes, how did you pay for it? I grew up in an EU country and went to university there, where I got a bachelor's degree. University fees were really affordable at that time (I don’t think I ever paid more than £1,000 per year including books etc.). I was living at home at the time and my parents paid for it while I had part-time jobs to pay for petrol, nights out etc. I also had partial scholarships to pay for the fees. I realise how privileged I am for having graduated without any debt and I am very grateful to my parents for allowing me to do that.
Growing up, what kind of conversations did you have about money?
I remember my parents having lots of arguments about money while I was growing up. I never went without but things were tight, especially when I was really young, as my parents were teenagers when I was born. My dad has worked really hard all his life and my mum has worked on and off due to some health struggles. We never went abroad but looking back I can see I always had what I needed. I was taught to save and invest from a young age and I am definitely more a saver than a spender. I’d rather spend my money on travelling than dining out or shopping.
I remember my parents having lots of arguments about money while I was growing up. I never went without but things were tight, especially when I was really young, as my parents were teenagers when I was born. My dad has worked really hard all his life and my mum has worked on and off due to some health struggles. We never went abroad but looking back I can see I always had what I needed. I was taught to save and invest from a young age and I am definitely more a saver than a spender. I’d rather spend my money on travelling than dining out or shopping.
If you have, when did you move out of your parents'/guardians' house?
I moved out at 23, after finishing uni in my home country and moving to the UK. The plan was to stay for a year but it’s been 14 years since I moved. I don’t see myself leaving any time soon but I also can’t see myself living in London when I am in my 50s or 60s — but who knows?
I moved out at 23, after finishing uni in my home country and moving to the UK. The plan was to stay for a year but it’s been 14 years since I moved. I don’t see myself leaving any time soon but I also can’t see myself living in London when I am in my 50s or 60s — but who knows?
At what age did you become financially responsible for yourself?
I became responsible for myself when I left home at 23 and no one covers any aspects of my financial life at the moment. I have worked really hard to build my emergency fund as I know I couldn’t rely on anyone else if I suddenly lost my job. My parents are still working and paying their own mortgage (they are very young!) so I wouldn’t want to impose on them and ask for help although I am sure they would help out a little if needed. I would love to one day own a flat in London but the costs are prohibitive on a one-person salary so for now I am happy with renting and building my savings.
I became responsible for myself when I left home at 23 and no one covers any aspects of my financial life at the moment. I have worked really hard to build my emergency fund as I know I couldn’t rely on anyone else if I suddenly lost my job. My parents are still working and paying their own mortgage (they are very young!) so I wouldn’t want to impose on them and ask for help although I am sure they would help out a little if needed. I would love to one day own a flat in London but the costs are prohibitive on a one-person salary so for now I am happy with renting and building my savings.
What was your first job and why did you get it?
I worked in a cafe on the weekends while in high school for €4 per hour.
I worked in a cafe on the weekends while in high school for €4 per hour.
Do you worry about money now?
Yes and no. I don’t worry about day-to-day stuff but I do worry about the future. I plan on retiring in my home country or somewhere else where the cost of living is cheaper (including housing etc.) but I do worry about supporting my parents when they are older and how best to take care of them.
Yes and no. I don’t worry about day-to-day stuff but I do worry about the future. I plan on retiring in my home country or somewhere else where the cost of living is cheaper (including housing etc.) but I do worry about supporting my parents when they are older and how best to take care of them.
Do you or have you ever received passive or inherited income?
No.
No.
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