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 37-year-old business owner, living in a seaside town in the North West. A lot has changed since my last Money Diary — I bought out my old business partner and currently run my company, a PR agency, myself with a small team of three. I made the move back to my hometown a couple of years ago, due to a number of factors, but predominantly my priorities and lifestyle changing post-pandemic. It’s been a real shift but I love the quieter pace, the beach and being close to my family and long-time friends. I’m currently single, and I bought my house on my own two years ago, which I’m really proud of. I dip in and out of dating — I would love to meet my life partner but I definitely suffer from dating fatigue and the pool is pretty small where I live! My life is very full; I condense my working hours into four days and tend to spend my free time seeing family, going out for coffee, lunch and dinners with friends, at the gym or pilates, and getting outside with my dog.
I’ve definitely grown more sensible with money in the last few years but I aspire to be a better saver! I’m quite strict with saving every month but I don’t deny myself treats and am guilty of ‘dopamine spending’ pretty often."
I’ve definitely grown more sensible with money in the last few years but I aspire to be a better saver! I’m quite strict with saving every month but I don’t deny myself treats and am guilty of ‘dopamine spending’ pretty often."
Occupation: PR agency owner
Industry: PR and marketing
Age: 37
Location: North West
Salary: Around £50,000
Paycheque Amount: £3,400, made up of salary and dividends.
Number of housemates: One, my dog B.
Pronouns: She/her
Industry: PR and marketing
Age: 37
Location: North West
Salary: Around £50,000
Paycheque Amount: £3,400, made up of salary and dividends.
Number of housemates: One, my dog B.
Pronouns: She/her
Monthly Expenses
Housing costs: £1,192 mortgage
Loan payments: I repay my student loan yearly with my tax return, this year I paid £2,500. I pay £60 a month off my Littlewoods account and £147 for my car on finance.
Pension? I pay £500 a month into it, which includes my employee and my business’ employer contributions.
Savings?: I currently have just over £5k. I put £500 into my savings each month. I’m still trying to build up an emergency fund after buying my house depleted my savings. Once this is in place, I’ll start saving pots for things like holidays and beauty treatments (at the moment I just dip in for these things when I need to).
Utilities: £81 gas and electricity, £31 water, £128 council tax, £43 internet.
All other monthly payments: £100 life insurance and critical illness cover, £18 vet care plan, £59 pet insurance, £51 home and contents insurance, £55 car insurance, £45 gym membership, £48 pet food subscription, £56 cleaner. Subscriptions: £5 Netflix, £8.99 Amazon Prime.
Loan payments: I repay my student loan yearly with my tax return, this year I paid £2,500. I pay £60 a month off my Littlewoods account and £147 for my car on finance.
Pension? I pay £500 a month into it, which includes my employee and my business’ employer contributions.
Savings?: I currently have just over £5k. I put £500 into my savings each month. I’m still trying to build up an emergency fund after buying my house depleted my savings. Once this is in place, I’ll start saving pots for things like holidays and beauty treatments (at the moment I just dip in for these things when I need to).
Utilities: £81 gas and electricity, £31 water, £128 council tax, £43 internet.
All other monthly payments: £100 life insurance and critical illness cover, £18 vet care plan, £59 pet insurance, £51 home and contents insurance, £55 car insurance, £45 gym membership, £48 pet food subscription, £56 cleaner. Subscriptions: £5 Netflix, £8.99 Amazon Prime.
Did you participate in any form of higher education? If yes, how did you pay for it?
I went to uni to study journalism. I paid for it with student loans; I got the minimum maintenance loan which just about covered my rent, and my parents kindly gave me £75 a week to live off. I worked a couple of shifts a week at a coffee shop in my second year to earn some extra money for going out.
I went to uni to study journalism. I paid for it with student loans; I got the minimum maintenance loan which just about covered my rent, and my parents kindly gave me £75 a week to live off. I worked a couple of shifts a week at a coffee shop in my second year to earn some extra money for going out.
Growing up, what kind of conversations did you have about money?
We were comfortable — we lived in a nice area, had two cars and went abroad most summers – but I know my parents worked hard to make this possible. My mum had an anxious mindset around money, worrying about any sort of spending, which is definitely ingrained in me to a degree. They didn’t really educate me about finances other than to discourage me from buying things on finance and credit, although they have relaxed considerably now.
We were comfortable — we lived in a nice area, had two cars and went abroad most summers – but I know my parents worked hard to make this possible. My mum had an anxious mindset around money, worrying about any sort of spending, which is definitely ingrained in me to a degree. They didn’t really educate me about finances other than to discourage me from buying things on finance and credit, although they have relaxed considerably now.
If you have, when did you move out of your parents/guardians house?
I moved out to go to university at 18. After graduating I moved back home for a few months until I got my first ‘proper’ job and moved to Manchester, aged 22.
I moved out to go to university at 18. After graduating I moved back home for a few months until I got my first ‘proper’ job and moved to Manchester, aged 22.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
When I moved out at 22 I was largely financially responsible for myself, paying my rent and bills and for my essentials and social life. However, my salary was ludicrously low (£12k!) and my dad would often help me out at the end of the month. Currently nobody else covers any aspects of my financial life.
When I moved out at 22 I was largely financially responsible for myself, paying my rent and bills and for my essentials and social life. However, my salary was ludicrously low (£12k!) and my dad would often help me out at the end of the month. Currently nobody else covers any aspects of my financial life.
What was your first job and why did you get it?
I got a paper round at age 13, mostly because all my friends had one. I spent most of my £8 a week wages on sweets before I’d even left the newsagents!
I got a paper round at age 13, mostly because all my friends had one. I spent most of my £8 a week wages on sweets before I’d even left the newsagents!
Do you worry about money now?
I do. I’m on a decent wage so I feel comfortable day to day, however my pay is reliant on how well my business does. It’s been tough in the current climate and I’m constantly feeling the pressure of bringing in new business whilst keeping my clients happy and loyal. I’m also a single homeowner with quite a chunky mortgage, so I’m very aware there’s nobody to fall back on to help pay the bills.
I do. I’m on a decent wage so I feel comfortable day to day, however my pay is reliant on how well my business does. It’s been tough in the current climate and I’m constantly feeling the pressure of bringing in new business whilst keeping my clients happy and loyal. I’m also a single homeowner with quite a chunky mortgage, so I’m very aware there’s nobody to fall back on to help pay the bills.
Do you or have you ever received passive or inherited income?
Yes, my parents gifted me and both my siblings £15k each when my dad retired. I’m so grateful for this — it made up about a third of my house deposit and allowed me to buy a bigger place, earlier than I’d expected to be able to.
Yes, my parents gifted me and both my siblings £15k each when my dad retired. I’m so grateful for this — it made up about a third of my house deposit and allowed me to buy a bigger place, earlier than I’d expected to be able to.
If you’d like to submit your own money diary then please do send a bit of information about you and your situation to moneydiary@refinery29.uk. We pay £100 for each published diary. Apologies but we’re not able to reply to every email.
ADVERTISEMENT