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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 33-year-old living in London with my partner P and our cat, A. I’ve lived in London for nearly nine years now. We’re currently expecting our first baby, so life already feels very different planning for this (anyone else shocked at the prices of pushchairs?). I’m quite nervous about the impact maternity leave will have on my finances so I’m busy saving as much as possible! I am, however, really looking forward to it. We’re in a very fortunate position to live close to P’s parents and pay very low rent so hopefully it won’t be as hard as it could be! I’ve had a varied and sometimes pretty rough time throughout my 20s and 30s. I grew up in the UK but moved abroad with my family in my later teens so I had to start life over in a new country and learn a new language. My mum then passed away in my mid-twenties right as I was finishing uni which was such a terribly sad shock and one I’m only now starting to process. I then moved back to the UK around nine years ago for my first proper job post- uni where I found some lovely friends, met my partner and had a career switch. We then lost my dad two years ago which was another devastating blow. The last couple of years have therefore been spent processing and sorting out a mountain of practicalities so life hasn’t been very enjoyable. This baby is hopefully the beginning of a happier period in my life. I’d say I’m both a bit of a saver and a spender. I save what I can but then impulse buy a lot throughout the month and am usually left with £0 at the end of the month, oops! I’m one of those people who can easily spend £20 a day when going into the office as well... please tell me where it goes?! I do budget for pretty much all of my known expenses at the beginning of every month, however, so I always know I have enough for the essentials. Long-term we want to buy a house outside of London but other than that I’d be more than happy to just live a peaceful, simple life!"
Occupation: Product designer
Industry: Tech
Age: 33
Location: London
Salary: £40,000 per annum
Paycheque Amount: £2,293 every four weeks
Number of housemates: Two, my partner P and our cat A.
Pronouns: She/her
Industry: Tech
Age: 33
Location: London
Salary: £40,000 per annum
Paycheque Amount: £2,293 every four weeks
Number of housemates: Two, my partner P and our cat A.
Pronouns: She/her
Housing costs: Rent is £300 each. We live in a flat owned by my partner's parents and pay heavily subsidised rent. I’m grateful for this every day, they are very generous people.
Loan payments: About £2,000 on an interest-free credit card. I need to find out when the interest-free period ends and figure out whether to start making larger monthly payments (currently £18.42 a month) or whether to pay it off in full from savings.
Savings?: I have a fairly large amount in savings across two banks and three accounts due to inheritance. I also have £3,400 in a separate account for when I go on maternity leave for the SMP/unpaid portion. I’m hoping to have around £4,000-£5,000 when I do go on leave. I also have £346 in a Monzo pot for cat food and vet bills, £62.56 in a Monzo round up pot, £206.96 in a Plum account.
Pension? Yes, I have the standard salary sacrifice pension. I pay 10% (I will reduce this to the minimum when I go on mat leave) and my employer pays the minimum of 3%. Currently, there is £18,000 in it, which does worry me a bit.
Utilities: My half of everything is £50-£75 gas/electric, £22.52 water, £100.50 council tax, £10 internet, approx £6 on washing & dishwasher tablets, £9 contents insurance.
All other monthly payments: £51.32 phone, £180 therapy, £17.34 income protection, £3 Cats protection donation and £8 Shelter donation. Subscriptions: All these I pay for myself: £17.99 Netflix, £8.99 Prime, £4.99 Medium, £2.99 Apple storage, £19.99 Ancestry.com.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I have an undergraduate degree in Fashion Design which helped me get my first job in and move to London. I did this in the country my family was living in at the time where university fees are completely free plus you get a small amount towards living costs from the government for studying (amazing, I know). It was quite a materials-heavy course, however, so I took out a small student loan of around £8,000 which I have paid off in full. About four years ago I decided I wanted a career switch to UX Design/Product Design and did a 10-month bootcamp to get my foot in the door and learn the basics. This cost around £5,000 and I paid for this with a personal loan which I’ve also paid off since.
Loan payments: About £2,000 on an interest-free credit card. I need to find out when the interest-free period ends and figure out whether to start making larger monthly payments (currently £18.42 a month) or whether to pay it off in full from savings.
Savings?: I have a fairly large amount in savings across two banks and three accounts due to inheritance. I also have £3,400 in a separate account for when I go on maternity leave for the SMP/unpaid portion. I’m hoping to have around £4,000-£5,000 when I do go on leave. I also have £346 in a Monzo pot for cat food and vet bills, £62.56 in a Monzo round up pot, £206.96 in a Plum account.
Pension? Yes, I have the standard salary sacrifice pension. I pay 10% (I will reduce this to the minimum when I go on mat leave) and my employer pays the minimum of 3%. Currently, there is £18,000 in it, which does worry me a bit.
Utilities: My half of everything is £50-£75 gas/electric, £22.52 water, £100.50 council tax, £10 internet, approx £6 on washing & dishwasher tablets, £9 contents insurance.
All other monthly payments: £51.32 phone, £180 therapy, £17.34 income protection, £3 Cats protection donation and £8 Shelter donation. Subscriptions: All these I pay for myself: £17.99 Netflix, £8.99 Prime, £4.99 Medium, £2.99 Apple storage, £19.99 Ancestry.com.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I have an undergraduate degree in Fashion Design which helped me get my first job in and move to London. I did this in the country my family was living in at the time where university fees are completely free plus you get a small amount towards living costs from the government for studying (amazing, I know). It was quite a materials-heavy course, however, so I took out a small student loan of around £8,000 which I have paid off in full. About four years ago I decided I wanted a career switch to UX Design/Product Design and did a 10-month bootcamp to get my foot in the door and learn the basics. This cost around £5,000 and I paid for this with a personal loan which I’ve also paid off since.
Growing up, what kind of conversations did you have about money?
There was pretty much no financial education (that I remember anyway). My dad was quite a spender and my mum a bit more of a saver. We weren’t particularly well off, but we also never went without. We had lovely holidays abroad where we stayed with family to keep costs down for example. We went to a private school but it was heavily subsidised by both my parents' workplaces. It was only in my teenage years that I started to feel my mum's anxiety around money and then in the last five years or so my siblings and I had a lot of worry about my dad's finances as he wasn’t the best at saving and budgeting. I feel somewhat on top of all things financial now, but this is all self-taught.
There was pretty much no financial education (that I remember anyway). My dad was quite a spender and my mum a bit more of a saver. We weren’t particularly well off, but we also never went without. We had lovely holidays abroad where we stayed with family to keep costs down for example. We went to a private school but it was heavily subsidised by both my parents' workplaces. It was only in my teenage years that I started to feel my mum's anxiety around money and then in the last five years or so my siblings and I had a lot of worry about my dad's finances as he wasn’t the best at saving and budgeting. I feel somewhat on top of all things financial now, but this is all self-taught.
If you have, when did you move out of your parents/guardians house?
At 18 for the first time. I moved back at around age 20 when I had an internship, I then moved out again around age 21 into my own student flat for uni. After that I moved back home again age 24 for a couple of months, then moved to London.
At 18 for the first time. I moved back at around age 20 when I had an internship, I then moved out again around age 21 into my own student flat for uni. After that I moved back home again age 24 for a couple of months, then moved to London.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would say properly at 24 when I moved to London as before that I moved home a couple of times and my parents occasionally gave me money.
I would say properly at 24 when I moved to London as before that I moved home a couple of times and my parents occasionally gave me money.
What was your first job and why did you get it?
Quite late, around 18. I cleaned the house of a lady in our local village once a week and earned the equivalent of around £40 each time. As we lived very rurally, it wasn’t easy to get an after-school job.
Quite late, around 18. I cleaned the house of a lady in our local village once a week and earned the equivalent of around £40 each time. As we lived very rurally, it wasn’t easy to get an after-school job.
Do you worry about money now?
Constantly. I think I always have done since moving to London as I started on such a low salary back then. Despite having an okay salary now and not having to pay a lot in rent it’s always at the back of my mind. I now worry over what happens when my salary drastically goes down while I’m on maternity leave. Also, the fact that my career progression and salary will likely stay stuck for a couple of years now due to mat leave. Luckily, I have a very supportive partner who assures me they will step in financially. I also recently took out income protection insurance so that if something health-related should ever occur I’d be covered.
Constantly. I think I always have done since moving to London as I started on such a low salary back then. Despite having an okay salary now and not having to pay a lot in rent it’s always at the back of my mind. I now worry over what happens when my salary drastically goes down while I’m on maternity leave. Also, the fact that my career progression and salary will likely stay stuck for a couple of years now due to mat leave. Luckily, I have a very supportive partner who assures me they will step in financially. I also recently took out income protection insurance so that if something health-related should ever occur I’d be covered.
Do you or have you ever received passive or inherited income?
Yes, I received a sum from my dad's private pension when he passed away. Currently, it’s just sitting in a couple of bank accounts and will likely be used for a house deposit one day. I also received around £4,000 from a pot our dad had inherited from his mother, however, this has all been used on bills and maintenance of my dad's house since he passed. My siblings and I have inherited his house, however, when/if it does sell there will be no money left over for us.
Yes, I received a sum from my dad's private pension when he passed away. Currently, it’s just sitting in a couple of bank accounts and will likely be used for a house deposit one day. I also received around £4,000 from a pot our dad had inherited from his mother, however, this has all been used on bills and maintenance of my dad's house since he passed. My siblings and I have inherited his house, however, when/if it does sell there will be no money left over for us.
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