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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 am a 27-year-old product owner working in the financial services sector. I'm currently in the process of buying my first house with my wife. We've been living in our rented flat for four years and we cannot wait for a garden and more space! During my youth, I saw firsthand the impact of poor money management as both my parents were declared bankrupt at separate times which ultimately led to my childhood home being repossessed. I am not always super careful with money but I try and make better decisions and always make an effort to prioritise my bills and debt repayments."
This week: "I am a 27-year-old product owner working in the financial services sector. I'm currently in the process of buying my first house with my wife. We've been living in our rented flat for four years and we cannot wait for a garden and more space! During my youth, I saw firsthand the impact of poor money management as both my parents were declared bankrupt at separate times which ultimately led to my childhood home being repossessed. I am not always super careful with money but I try and make better decisions and always make an effort to prioritise my bills and debt repayments."
Occupation: Product Owner
Industry: Financial Services
Age: 27
Location: Yorkshire
Salary: £34,540
Paycheque Amount: £2,119
Number of housemates: One, my wife, M.
Pronouns: She/her
Industry: Financial Services
Age: 27
Location: Yorkshire
Salary: £34,540
Paycheque Amount: £2,119
Number of housemates: One, my wife, M.
Pronouns: She/her
Monthly Expenses
Housing costs: Currently my half is £275 for our two-bedroom flat. This will soon be increasing to £490 per month as we are in the process of buying our own home.
Loan payments: I have two loans I am paying off from previous mistakes, one is £88 and the other is £272. Car PCP is £340.
Savings?: I currently have £5,500 in a lifetime ISA (this will be going for the deposit on our house purchase) and around £2,500 saved for solicitors fees/moving costs/emergencies. M and I are currently putting as much as we can into savings until we move which works out around £350 per month each.
Pension?: I have a pension with my employer where I pay in 5% per month. This works out as me contributing £141 and my employer contributing an additional £269. I currently have around $17,000 in my pension fund.
Utilities: My half for our utilities are as follows – £30 electric, £18 gas, £21 water, £65.50 council tax, £6.70 TV license, £35 TV and broadband.
All other monthly payments: £34 phone, £38 car insurance. Subscriptions: £6.50 Netflix (split with M).
Loan payments: I have two loans I am paying off from previous mistakes, one is £88 and the other is £272. Car PCP is £340.
Savings?: I currently have £5,500 in a lifetime ISA (this will be going for the deposit on our house purchase) and around £2,500 saved for solicitors fees/moving costs/emergencies. M and I are currently putting as much as we can into savings until we move which works out around £350 per month each.
Pension?: I have a pension with my employer where I pay in 5% per month. This works out as me contributing £141 and my employer contributing an additional £269. I currently have around $17,000 in my pension fund.
Utilities: My half for our utilities are as follows – £30 electric, £18 gas, £21 water, £65.50 council tax, £6.70 TV license, £35 TV and broadband.
All other monthly payments: £34 phone, £38 car insurance. Subscriptions: £6.50 Netflix (split with M).
Did you participate in any form of higher education? If yes, how did you pay for it?
I left school when I was 16 and went straight to working in the local supermarket. I spent around a year doing this and then completed an apprenticeship before joining the company I currently work for when I was 18.
I left school when I was 16 and went straight to working in the local supermarket. I spent around a year doing this and then completed an apprenticeship before joining the company I currently work for when I was 18.
Growing up, what kind of conversations did you have about money?
In my early childhood, I always remember my mum saying we had to wait until payday if we asked for something and there was a time she got the smarties card (a Capital One credit card) and told me not to tell my dad. As I got older, it felt like peaks and troughs, sometimes we felt well off and other times not. When I was 18, my parents’ house was repossessed after they were both declared bankrupt. In the lead up to this I used my wages to help support them and my younger sibling, paying for gas and electric and ensuring my sibling had everything they needed for school. This experience caused me to make mistakes with debt in my early twenties but I'm now coming out of that with only the two loans left to pay off.
In my early childhood, I always remember my mum saying we had to wait until payday if we asked for something and there was a time she got the smarties card (a Capital One credit card) and told me not to tell my dad. As I got older, it felt like peaks and troughs, sometimes we felt well off and other times not. When I was 18, my parents’ house was repossessed after they were both declared bankrupt. In the lead up to this I used my wages to help support them and my younger sibling, paying for gas and electric and ensuring my sibling had everything they needed for school. This experience caused me to make mistakes with debt in my early twenties but I'm now coming out of that with only the two loans left to pay off.
If you have, when did you move out of your parents/guardians house?
When my parents’ house was repossessed, I moved in with M and her parents and we moved into our first flat around five years ago.
When my parents’ house was repossessed, I moved in with M and her parents and we moved into our first flat around five years ago.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would say I was financially independent from 16 when I started working. I still lived at home but my wage was largely spent supporting my family as the money troubles had started to creep in for my parents.
I would say I was financially independent from 16 when I started working. I still lived at home but my wage was largely spent supporting my family as the money troubles had started to creep in for my parents.
What was your first job and why did you get it?
My first job was working at a fast food restaurant when I was 15. I got it for spending money for clothes and going out with friends.
My first job was working at a fast food restaurant when I was 15. I got it for spending money for clothes and going out with friends.
Do you worry about money now?
Yes and no. I very much flit between wanting to experience as many things as possible and spending money on holidays to wanting to save in order to have money if anything goes wrong. I always prioritise my bills and the money left over after that generally gets split between savings and holidays (with myself and M very much pooling money together). Buying a house is important for me to have security so I am glad to have (almost!) achieved this. Saving has only become important to me in the last two to three years as before that I would spend far more money on eating out and buying clothes, gadgets etc.
Yes and no. I very much flit between wanting to experience as many things as possible and spending money on holidays to wanting to save in order to have money if anything goes wrong. I always prioritise my bills and the money left over after that generally gets split between savings and holidays (with myself and M very much pooling money together). Buying a house is important for me to have security so I am glad to have (almost!) achieved this. Saving has only become important to me in the last two to three years as before that I would spend far more money on eating out and buying clothes, gadgets etc.
Do you or have you ever received passive or inherited income?
On my 18th birthday, I received £1,000 from my grandad which I used mainly to pay for driving lessons. I was also fortunate to receive £4,000 from my grandma when I passed my test which I spent on my first car and first years' insurance.
On my 18th birthday, I received £1,000 from my grandad which I used mainly to pay for driving lessons. I was also fortunate to receive £4,000 from my grandma when I passed my test which I spent on my first car and first years' insurance.
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