Money Diary 31-Year-Old Policy Officer On 39k

Welcome to Money Diaries, where we're tackling what might be the last taboo facing modern working women: money. We're asking a cross-section of women 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 officer living in London. I moved here at the start of the pandemic so it’s been quite an adventure both professionally and personally. I really like my job as I find all things policy and politics interesting. I have a lot of freedom in my role, which I enjoy a lot more now that I’m not feeling isolated working at home all the time.

I’m a careful spender and get quite a lot of enjoyment out of searching for a bargain. Having a salary that allows me to put money aside every month is somewhat of a novelty so I’m still finding a balance when it comes to saving versus enjoying it. I find London quite overwhelming as a city and have been trying my best to get to know my local area and take advantage of what’s nearby. I don’t plan to stay here forever so a good part of my savings is earmarked for life somewhere new."

Occupation: Policy officer
Industry: Charity
Age: 31
Location: London
Salary: £39,000
Paycheque amount: £2,280
Number of housemates: One: my boyfriend, B.
Pronouns: She/her

Monthly Expenses

Housing costs: £825 for my part of the rent (proportional to my income).
Loan payments: £130 student loan repayment comes straight out of my paycheque.
Savings? £200 into my S&S ISA, £50 into low-interest savings account and anything left at the end of the month into premium bonds.
Pension? I pay 8% of monthly salary into pension (matched by my employer).
Utilities: B and I split utilities roughly proportional to our incomes. I pay £72 council tax, £56 gas and electric, £18 water and £16 broadband.
All other monthly payments: My SIM-only phone contract is £10. I also pay £120 for language courses (during term time). Subscriptions: £42 gym, £15 online yoga, £9.99 Spotify, £9.99 Netflix.

Did you participate in any form of higher education? If yes, how did you pay for it?

I did a degree in languages, which was funded by student loan and maintenance grant (I got the maximum). I also did a master's in another country where my parents paid the first year of tuition. I used money left to me by a late relative for my accommodation and some living expenses. For the second year I was granted a scholarship which covered almost everything. I paid for other living expenses using what I had saved during my first few years of working.

Growing up, what kind of conversations did you have about money?

My parents were frugal but generous when I was growing up (they paid for my music lessons, driving lessons and any clothes I asked for but they never 'splashed out' on anything). We usually stayed with relatives for our holidays. They didn't teach me much about finances, other than repeatedly telling me to never use credit, but I definitely picked up on their frugality tips and tricks (I’m a total bargain hunter).

If you have, when did you move out of your parents'/guardians' house?

I moved out at 18 for my undergrad but always used my parents’ house as a base. I fully moved out when I graduated but I’ve moved back three times during transitional periods (for between two and five months).

At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?

I had full financial responsibility for a few years when I graduated from my undergrad. I’ve had short periods of being partly financially dependent on my parents/family in the years since (the longest of which was during my master's). My parents also let me live with them rent-free for five months a few years back, which allowed me to build up some savings so I’m extremely grateful for that. No one covers any aspects of my financial life at this time.

What was your first job and why did you get it?

I had summer jobs abroad during my studies. Most of these paid little more than pocket money but gave me free accommodation and food. Thanks to these, I mostly broke even at the end of each summer and was also able to practise my languages.

Do you worry about money now?

No. I had a couple of years of low-paid jobs during which I worried about money daily and would often have £0 at the end of the month but those days are gone.

Do you or have you ever received passive or inherited income? If yes, please explain.

I received inheritance when a relative passed away, all of which I used during my master's. I would count my parents letting me stay rent-free for five months as passive income, too, given how much it allowed me to save.