Money Diary Newly Qualified Teacher On 34k

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 primary school teacher living in London with my partner. I have been here for a couple of years and really love it, despite it being incredibly expensive. I've lived in a few other big cities and spent a few years overseas before returning for postgraduate studies. I haven't been working as a teacher for long so I’m currently at the bottom end of the pay scale, which means that my salary will increase annually. I’m planning to start further postgraduate studies within the next couple of years, though I’ll probably do this part-time around work. I live fairly frugally and prioritise saving over spending. I’m trying to accrue significant savings for my future but I’m not saving to buy a house currently as I’m planning to move abroad. Although I’m a saver, I will splurge more on travel as it’s important to me. I take as many trips as I can each year but they don’t cost too much as I plan in advance and travel cheaply. I have a tendency to be quite anxious around money but I’m slowly learning to relax and enjoy a healthier balance between saving and spending."

Occupation: Teacher
Industry: Education
Age: 31
Location: London
Salary: £34,502
Paycheque amount: £2,105 after deductions.
Number of housemates: One: my partner, J.
Pronouns: She/her

Monthly Expenses

Housing costs: £700 for my half of the rent.
Loan payments: None. I'm not currently repaying my student loan as I've been a student within the last 12 months.
Savings? I have roughly £20,000 in savings including £1,500 in stocks and shares. It was higher but I used some for a six-week trip over the summer.
Pension? 8.6% per month, which is matched by my employer.
Utilities: Gas and electric £40-£50, council tax £72, water £13.45, internet £12.50.
All other monthly payments: Phone £7. Subscriptions: £24.99 Skin + Me.

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

I have an FdA, BA and a postgraduate degree. I funded my higher education entirely with student loans, including maintenance loans. Due to being low income, I was entitled to the highest amount of maintenance loans and as a result have a very high amount of student debt, close to £80,000. I started at university a little later than many people so I was classified as a mature student for the majority of the time. I didn’t receive any financial support from my family and I worked around 25 hours a week alongside studying. Due to this, I was able to put a little money into savings during my time at university.

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

My family was very low income while I was growing up. Due to my mum being severely disabled and my dad being her registered carer, our entire household income came from benefits and we lived in a council house. My parents did a good job of budgeting so we didn’t have to ever go without food or essentials. However, I was very aware of how difficult it was for them to make the money stretch and would often hear them discussing their worries over money. Aside from overhearing their conversations, I have never had any kind of discussions around finances with my parents. As a result, learning to manage my own expenses was quite a steep learning curve. I got my first full-time job at 17 and would spend my entire paycheque frivolously, rather than saving any. In retrospect, I wish younger me had someone to speak to about money as I could have set myself up better financially before leaving home.

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

I moved out to a different city when I was 20.

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

I have been fully responsible since 20 when I moved out.

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

I had my first full-time job at 17, working in healthcare. I worked shifts, which also allowed me to attend college full-time.

Do you worry about money now?

I have definitely inherited anxieties around money from my family and upbringing. Despite doing okay financially, I don’t feel very secure. I prioritise saving over other spending as I like to ensure that I have large amounts of savings that I could fall back on in case of emergency. Having an unexpected expense makes me feel quite worried and I’ll try and reduce my spending in other areas to account for it.

Do you or have you ever received passive or inherited income?

No.