Money Diary: A Producer’s Assistant On 74k

This week: "I’m 26 years old and I work as an assistant to a producer in the entertainment industry. I currently rent in central London with two housemates and I have been here for about a year. I’ve been moving cities constantly since I was 18 so it’s lovely to finally feel like I’m putting down some roots. I bought a tiny, very decrepit, old flat in a cheaper area of the UK a couple of years ago, when I was living there for a job. I did it up completely, lived in it for about eight months and then moved a tenant in when I got my current job in London. I have been freelancing in film/TV for over three years now and love it. Despite the lack of routine, the insane hours and huge egos, I love being part of a team that’s working to create the most entertaining spectacle we can (the potential for profit is a happy byproduct!). My long-term goal is to be a producer and assisting a producer is one of the surest ways to learn from the best in the game while I work on my own projects on the side.

Regarding money, I slip between extremes. Some weeks I get a real kick out of not spending a pound more than I need to; other weeks I spend like it’s going out of style. I’ve recently got a lot better at tracking my expenditure and automating payments into my savings account. I have made a spreadsheet that forecasts how much I’ll have saved in two years’ time if I keep it up, which is a great incentive when the immediate benefit isn’t so apparent. My drive to save took a hit after I bought my flat but I’m now wrapping my head around saving as an investment in my long-term plans."

Occupation: Producer’s assistant
Industry: Film/TV
Age: 26
Location: London
Salary: £74,000 (including rental income at £9,000pa and additional freelance income of £1,000pa).
Paycheque amount: £776-£1,200 weekly after tax, depending on hours and days worked. My income varies each week due to overtime.
Number of housemates: Two: my friends E and T.
Pronouns: She/her

Housing costs: £1,300 rent. High I know but a great deal for a huge house in an incredibly expensive part of London. I love living here and I share with two housemates. We regularly have guests staying in our spare bedroom and the deal is that they cover our bills when they stay. I also pay £262 monthly on my buy-to-let interest-only mortgage (covered by rental income).
Loan payments: £46 on a 0% credit card.
Pension? I contribute the minimum amount (about £28/week) and my employer contributes about £24/week. I have about £6,000 in my pension pot currently and intend to transfer this into a SIPP next time I change contracts. 
Savings? I have about £7,500 in easy-access cash savings, £4,500 of which is earmarked to pay off my 0% credit card debt in a few months (carried over from when I renovated my flat). I have £1,200 in a stocks and shares ISA and £1,300 (after tax) in accrued holiday pay that I'll receive when my current contract ends or when I next take a day off work. 
Utilities: My share of bills (when we pay them) is approx. £160: £90 council tax, £10 wi-fi, £20 electricity/gas (varies), £20 water, £40 for my share of the cleaner’s rate. 
All other monthly payments: £40 phone bill, £50 car insurance, £30 life insurance/income protection. For rental property: £50 monthly building maintenance fees, £25 monthly landlord insurance, £25 building insurance, £80 property management fees (all covered by rental income when tenant in situ). Subscriptions: £3.99 Channel 4, £8.99 Amazon Prime, £24.99 Skin + Me, £12.50 National Lottery.

I studied an arts degree at a university in Europe where the fees are a third of the price of the UK. My parents paid the fees and my rent while I studied as I wasn't eligible for a loan/finance. I worked summer jobs in bars/pubs at home and worked part-time in digital marketing and script-reading while at university to pay for my living expenses.

My dad is the breadwinner and financial mastermind of the family. He's very money-savvy but never really facilitated open conversations about financial management at home. His attitude is generally "tell me what you’re planning and I'll tell you if you're wrong" so if I ever engage in conversation with him about money, I make sure I've done my research first, which is probably quite healthy. I’ve recently taken a more active approach to investing my savings and try to listen to audiobooks on the subject in the car to/from work, when I have the headspace. 

When I graduated from university at 22 (though I returned briefly at 23 during the first lockdown).

As soon as I graduated I was on my own (except for a couple of family subscriptions). However I’m very fortunate in that if disaster struck, like chronic illness, injury or — heaven forbid — another pandemic, my parents are in a position to support me. I think they’d expect me to run my savings dry first though, which is why I have bought into a life insurance/income protection plan. I like to know the only person I’m depending on is myself. 

I was a waitress at a local restaurant for £5.25/hour when I was 15. I was saving up for an expensive camera (I was convinced that if I got it, I'd instantly be a professional filmmaker).

Yes. Even though I'm on a good salary, the entertainment industry is notoriously unstable. We all work with one week's notice on our contracts (and no fixed end date) and job opportunities generally come from word of mouth (so it's very tricky to plan ahead financially). The recent Writers Guild of America strike and the end of the streaming boom are additional factors amplifying the uncertainty these days. I like to think I’m good at my job and won’t have too much trouble navigating my way through these trickier-than-usual times but I probably should plan for a few months without work within the next year or two. 

I inherited £14,000 from my great grandmother when I was 10, which I used as the deposit on my flat a couple of years ago. I also have a couple of side hustles, like freelance script-reading, which gets me an extra £1,000 approx/year (and I can do it from my bed).