Money Diary: A 30-Year-Old PR In Edinburgh On 50k

This week: "I’m a 30-year-old woman working in healthtech comms. I live in Edinburgh with my partner (L) and my cat (M). I moved up here in April 2020, right at the beginning of lockdown, for a job (L joined me in August) and I love the city so much! My partner and I are both now in fully remote roles but have no plans to leave Edinburgh any time soon.

This last year has been a bit mind-boggling for me financially. I started a new job with a significant pay increase (from £32k to £50k, which is more than I ever thought I’d earn). I then bought a house with my boyfriend which was only possible due to my boyfriend’s financial situation (I didn’t have to pay any deposit). While owning a house was a dream for me, it was certainly not something I thought would happen for an incredibly long time, if ever. If I’m honest I feel incredibly guilty about it and worry about my other family members being able to do the same, especially with the current cost of living skyrocketing, which I know will heavily impact my sister, in particular."

Occupation: Comms and PR
Industry: Healthtech
Age: 30
Location: Edinburgh
Salary: £50k
Paycheque amount: £2,603.21 after deductions (PAYE, NI, student loan, minimum pension contributions).
Number of housemates: One, my partner (and my lovely little cat).
Pronouns: She/her

Housing costs: £797.76 mortgage (I pay all of this).
Loan payments: £225 student loan, taken out of my pay.
Savings? £9,000 in a Monzo savings pot, £800 in a Monzo 'holiday' pot and £4,000 in a LISA that I didn’t use for the house purchase so it’ll stay there until I’m retired or until the government removes the penalty for early withdrawal.
Pension? My pension is the bare legal minimum. I pay £145.87 per month from my salary. Last month I decided to start making additional payments of £180.
Utilities: My partner and I split the following costs: energy £200, internet £28, council tax £316.
All other monthly expenses: My partner and I split pet insurance £14.39, and life insurance £12.55. Individually I pay my phone £49, charity donation to Black Minds Matter £5 (I will look to increase this soon), Labour Party membership £4.63. I also pay £2 to my brother who manages our family Spotify account.
 
Did you participate in any form of higher education? If yes, how did you pay for it?

I went to university in London for four years, for a combined MSci in chemistry. My tuition fees were paid by a student loan and I took out the maximum student loan. I was awarded a £2,000 annual bursary from my department and worked multiple jobs alongside my degree and received no family help throughout. After my degree I did a three-and-a-half-year PhD on an annual (tax-free) stipend of £16k. I worked alongside this and saved any extra income to pay for the write-up period at the end.
 
Growing up, what kind of conversations did you have about money?

I grew up in a single-parent household and was acutely aware that we had no money. We moved house regularly at the whims of private landlords and my mum’s salary could barely cover bills. I have strong memories of hiding from bailiffs behind the sofa. My mum’s situation is wildly different now. She met my stepdad when I was 15 and together they paid off her debts, and she’s progressed into well-paying roles in recent years. We didn’t really have conversations around money other than 'don’t get a credit card'.
 
If you have, when did you move out of your parents'/guardians' house?

I moved out at 18, when I went to university.

At 18, when I moved to university. I have been solely responsible for all my living costs since then.
 
What was your first job and why did you get it?

I got my first job when I was 14 at a hotel, cleaning the pool and chambermaiding (£3 per hour, wahoo). I was told I wouldn’t get a birthday present unless I got a job so I walked to the newsagent and rung the only vacancy on the noticeboard. I’ve worked ever since.
 
Do you worry about money now?

I don’t worry about my personal situation: I am in a very privileged position where I earn an incredibly good wage. I know lots of people earn significantly more than this but my current salary is more than I could ever have imagined earning. I do feel incredibly guilty about having money and I worry about my siblings’ financial security. I try to put aside enough money so that I can have a good life when I’m older and support other family members if and when they need it.
 
Do you or have you ever received passive or inherited income? If yes, please explain.

I received £1k before my grandfather died. No other inherited or passive income. My partner comes from a very well-off family and due to him paying for half of our house outright (I pay a mortgage on the other 50%) I did not have to pay towards the deposit. This is obscenely lucky and I feel huge guilt over this too as without him there is no way I would have a house, especially in an expensive city like Edinburgh.