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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 policy manager based in Bristol and working predominantly remotely. I live with the two loves of my life: my husband, B, and our 1-year-old daughter, A. B and I have been living in Bristol for almost eight years after moving down from Scotland. We love the buzz of the city and it has become home for us, despite both of our families being quite far away. Life right now is pretty hectic as I am juggling parenting, working, postgraduate study and we are looking to move house soon. I’m also considering changing jobs after discovering last year that my three male direct reports, whom I had recruited and trained, were being paid more than me. Although the issue was eventually resolved, it affected my confidence deeply and my relationship with my director has not been the same since. That said, I enjoy my work, I love my team and my hours are flexible around A, so I am trying to look on the bright side for now."
Occupation: Policy manager
Industry: Government
Age: 31
Location: Bristol
Salary: My husband and I have a combined income of £158,000 (my salary is £53,300).
Paycheque amount: £3,000 (mine) + £5,200 (my husband's).
Number of housemates: Two: my husband, B, and our 1-year-old daughter, A.
Pronouns: She/her
Industry: Government
Age: 31
Location: Bristol
Salary: My husband and I have a combined income of £158,000 (my salary is £53,300).
Paycheque amount: £3,000 (mine) + £5,200 (my husband's).
Number of housemates: Two: my husband, B, and our 1-year-old daughter, A.
Pronouns: She/her
Monthly Expenses
Housing costs: £940 mortgage.
Loan payments: I pay around £170 in student loan repayments each month, which comes directly out of my salary. We pay around £291 a month from our joint account for a small surgery B had recently.
Savings? Together we currently have £40k in ISAs (£20k each), £6,100 in NS&I and £1,000 in an instant access saver. A large proportion of this will soon disappear as we are about to move house.
Pension? Yes, with my current employer I have a private pension worth around £75k. I have varied the amount I have paid in over the last few years and currently pay in 10% and my employer pays in 10%. I also have a civil service pension from my previous role, which will award me a defined benefit of £2k annually upon retirement.
Utilities: £162 energy bill, £219 council tax, £13 TV licence, £79 water bill.
All other monthly payments: £1,185 nursery fees, £200 donation to a local charity I volunteered with before having A, £82 service charge, £70 for both our phone contracts, £46 indemnity for B, £49 professional registration fee for B, £95 life insurance and critical illness cover. Subscriptions: £9.99 Netflix, £9.99 Amazon music.
Loan payments: I pay around £170 in student loan repayments each month, which comes directly out of my salary. We pay around £291 a month from our joint account for a small surgery B had recently.
Savings? Together we currently have £40k in ISAs (£20k each), £6,100 in NS&I and £1,000 in an instant access saver. A large proportion of this will soon disappear as we are about to move house.
Pension? Yes, with my current employer I have a private pension worth around £75k. I have varied the amount I have paid in over the last few years and currently pay in 10% and my employer pays in 10%. I also have a civil service pension from my previous role, which will award me a defined benefit of £2k annually upon retirement.
Utilities: £162 energy bill, £219 council tax, £13 TV licence, £79 water bill.
All other monthly payments: £1,185 nursery fees, £200 donation to a local charity I volunteered with before having A, £82 service charge, £70 for both our phone contracts, £46 indemnity for B, £49 professional registration fee for B, £95 life insurance and critical illness cover. Subscriptions: £9.99 Netflix, £9.99 Amazon music.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I grew up in a middle-class family where going to a top-ranked university was non-negotiable. I understand that my parents wanted the best for me and my siblings but sometimes this level of pressure was quite difficult to handle. For my undergraduate degree, I took out student loans and worked part-time in a clothes shop during termtime. I also worked paid internships during the summers. For my MSc, I studied part-time while working full-time and took out a postgraduate loan. I prioritised paying this off quickly as the repayment thresholds were low and the interest was high. Two years ago, I was awarded an academic scholarship to complete a part-time MBA. This reduced the fees from £55k to £12k. Shortly after being awarded the scholarship, I discovered I was pregnant. The university would not let me defer without losing my funding so I studied throughout maternity leave, which was exceedingly difficult. I will finish before the end of the year and have just paid the final bill from our earnings.
Yes, I grew up in a middle-class family where going to a top-ranked university was non-negotiable. I understand that my parents wanted the best for me and my siblings but sometimes this level of pressure was quite difficult to handle. For my undergraduate degree, I took out student loans and worked part-time in a clothes shop during termtime. I also worked paid internships during the summers. For my MSc, I studied part-time while working full-time and took out a postgraduate loan. I prioritised paying this off quickly as the repayment thresholds were low and the interest was high. Two years ago, I was awarded an academic scholarship to complete a part-time MBA. This reduced the fees from £55k to £12k. Shortly after being awarded the scholarship, I discovered I was pregnant. The university would not let me defer without losing my funding so I studied throughout maternity leave, which was exceedingly difficult. I will finish before the end of the year and have just paid the final bill from our earnings.
Growing up, what kind of conversations did you have about money?
My parents were very careful with money and prioritised our education over holidays, material belongings or eating out. My siblings and I all received academic scholarships to attend private schools at reduced fees. We were encouraged to save and get a job as soon as we were able. Sometimes my parents were overly strict with money but the purse strings were tight at times with us all receiving private schooling. They have retired recently and it has been great to see them start to enjoy their money more, including holidays and meals out.
My parents were very careful with money and prioritised our education over holidays, material belongings or eating out. My siblings and I all received academic scholarships to attend private schools at reduced fees. We were encouraged to save and get a job as soon as we were able. Sometimes my parents were overly strict with money but the purse strings were tight at times with us all receiving private schooling. They have retired recently and it has been great to see them start to enjoy their money more, including holidays and meals out.
If you have, when did you move out of your parents'/guardians' house?
I moved out at 19. I would have liked to move out a year earlier but I was unwell and had to drop down a year at school.
I moved out at 19. I would have liked to move out a year earlier but I was unwell and had to drop down a year at school.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I became financially responsible for myself at 19 when I left home. Until recently, my husband and I earned similar salaries, however he recently completed his training and now earns double my salary. I have struggled with this disparity as I have always preferred things to be equal. I am very aware that our upcoming house move would not be possible without his salary.
I became financially responsible for myself at 19 when I left home. Until recently, my husband and I earned similar salaries, however he recently completed his training and now earns double my salary. I have struggled with this disparity as I have always preferred things to be equal. I am very aware that our upcoming house move would not be possible without his salary.
What was your first job and why did you get it?
I started waitressing at 16 as soon as I finished my GCSEs. I wanted to earn some pocket money and get out more over the summer.
I started waitressing at 16 as soon as I finished my GCSEs. I wanted to earn some pocket money and get out more over the summer.
Do you worry about money now?
Yes and no. We are just about to take out a huge mortgage in order to get our daughter into the catchment area for an outstanding state primary school. I know that I am in an incredibly fortunate position to be able to even consider this move but I’m worried that the payments will cause the same stress my parents were under when I was a child. I don’t want to repeat the past.
Yes and no. We are just about to take out a huge mortgage in order to get our daughter into the catchment area for an outstanding state primary school. I know that I am in an incredibly fortunate position to be able to even consider this move but I’m worried that the payments will cause the same stress my parents were under when I was a child. I don’t want to repeat the past.
Do you or have you ever received passive or inherited income?
Yes, we have received £130k in inherited income, predominantly from my grandfather and a very close family friend. All of these funds were used for the deposit on our flat. I miss these people every day with all my heart.
Yes, we have received £130k in inherited income, predominantly from my grandfather and a very close family friend. All of these funds were used for the deposit on our flat. I miss these people every day with all my heart.
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