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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 31-year-old project manager living alone in Yorkshire. I’ve lived in the north for the better part of the last decade but I'm originally from down south. I love it up here and have no plans to leave. I feel like I’m really hitting my stride with my career after feeling very lost in my early 20s. I’m now saving to buy my first home on my own. I’ve been with my partner for a few years but we don’t live together and have no plans to. We both like our own space and we don’t intend to have children or get married."
Occupation: Project manager
Industry: Transport
Age: 31
Location: Yorkshire
Salary: £52,888
Paycheque amount: £2,919
Number of housemates: None
Pronouns: She/her
Industry: Transport
Age: 31
Location: Yorkshire
Salary: £52,888
Paycheque amount: £2,919
Number of housemates: None
Pronouns: She/her
Monthly Expenses
Housing costs: £720 for a one-bed city-centre flat.
Loan payments: £209 for my undergraduate student loan, £159 for my postgraduate student loan (this comes out of my paycheque monthly).
Pension? Yes, I contribute £240.19 to my company pension monthly (this comes out of my paycheque).
Savings? £10,500 in a LISA and £11,000 spread across a few other high-interest savings accounts. I put £650 per month in my deposit/first home fund, £300 short-term savings pot, £120 miscellaneous emergencies pot.
Utilities: £103 council tax, £25 internet, £6.10 contents insurance, £69 electricity, £29 water.
All other monthly payments: £50 phone, £28.50 trade union membership, £2.99 Apple, £16.95 Denplan, £26.09 gym, £15 ClassPass. Subscriptions: £15.99 Netflix, £4.99 Amazon Prime, £4.99 Hayu.
Loan payments: £209 for my undergraduate student loan, £159 for my postgraduate student loan (this comes out of my paycheque monthly).
Pension? Yes, I contribute £240.19 to my company pension monthly (this comes out of my paycheque).
Savings? £10,500 in a LISA and £11,000 spread across a few other high-interest savings accounts. I put £650 per month in my deposit/first home fund, £300 short-term savings pot, £120 miscellaneous emergencies pot.
Utilities: £103 council tax, £25 internet, £6.10 contents insurance, £69 electricity, £29 water.
All other monthly payments: £50 phone, £28.50 trade union membership, £2.99 Apple, £16.95 Denplan, £26.09 gym, £15 ClassPass. Subscriptions: £15.99 Netflix, £4.99 Amazon Prime, £4.99 Hayu.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I went to university straight after sixth form. Two years after I graduated, I chose to go back and get my master's. I was lucky enough to go to university when maintenance grants still existed and before the fees were hiked up to £9k plus. I paid for my undergrad through a combination of government loans and grants (I received the maximum maintenance grant as I came from a low-income family). My master's was funded through a combination of a government postgraduate loan and working part-time alongside my studies.
Yes, I went to university straight after sixth form. Two years after I graduated, I chose to go back and get my master's. I was lucky enough to go to university when maintenance grants still existed and before the fees were hiked up to £9k plus. I paid for my undergrad through a combination of government loans and grants (I received the maximum maintenance grant as I came from a low-income family). My master's was funded through a combination of a government postgraduate loan and working part-time alongside my studies.
Growing up, what kind of conversations did you have about money?
Money was a source of stress in my household, more so during the first half of my childhood due to my dad’s poor attitude to money. He changed jobs constantly, spent money like it was going out of fashion and racked up a lot of debt, which led to a lot of instability. My parents divorced when I was 12 and then my mum was a single parent. This brought with it a different kind of financial struggle as my mum had to support two children on one very low salary. My mum is very resourceful and excellent with money so things felt more stable during this time. Through my mum, I learned about looking after my money from a young age. I received a small amount of pocket money as a child, which I saved to buy any toys or games I wanted (there was no money for these things outside of Christmas or birthday treats). I knew I had to get a part-time job as soon as I left secondary school and was financially responsible for my own clothes, toiletries and bus pass from this point onwards.
Money was a source of stress in my household, more so during the first half of my childhood due to my dad’s poor attitude to money. He changed jobs constantly, spent money like it was going out of fashion and racked up a lot of debt, which led to a lot of instability. My parents divorced when I was 12 and then my mum was a single parent. This brought with it a different kind of financial struggle as my mum had to support two children on one very low salary. My mum is very resourceful and excellent with money so things felt more stable during this time. Through my mum, I learned about looking after my money from a young age. I received a small amount of pocket money as a child, which I saved to buy any toys or games I wanted (there was no money for these things outside of Christmas or birthday treats). I knew I had to get a part-time job as soon as I left secondary school and was financially responsible for my own clothes, toiletries and bus pass from this point onwards.
If you have, when did you move out of your parents'/guardians' house?
I moved out when I went to university at 19 and never moved back home.
I moved out when I went to university at 19 and never moved back home.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I became fully financially responsible for myself at 19 when I left home and moved to university, where I paid for myself using loans and grants and by working part-time. There was no expectation that my mum could afford to help me financially after this point. I had been paying for a lot of my own expenses for a few years by then.
I became fully financially responsible for myself at 19 when I left home and moved to university, where I paid for myself using loans and grants and by working part-time. There was no expectation that my mum could afford to help me financially after this point. I had been paying for a lot of my own expenses for a few years by then.
What was your first job and why did you get it?
When I was 15 I worked in a hotel as a cleaner for a few months over the summer. I got paid cash in hand. I knew that my mum couldn’t afford to pay for much for me and I wanted to start to earn my own money.
When I was 15 I worked in a hotel as a cleaner for a few months over the summer. I got paid cash in hand. I knew that my mum couldn’t afford to pay for much for me and I wanted to start to earn my own money.
Do you worry about money now?
I feel very lucky to live in a part of the country where the cost of living is reasonable and to earn a comfortable salary. I now earn more than either of my parents ever have in their adult lives and I feel very conscious of this. I live in constant fear of becoming like my dad when it comes to money so I am very sensible with spending. I check my bank balance daily and have kept spreadsheets of my expenses ever since I got my first job.
I feel very lucky to live in a part of the country where the cost of living is reasonable and to earn a comfortable salary. I now earn more than either of my parents ever have in their adult lives and I feel very conscious of this. I live in constant fear of becoming like my dad when it comes to money so I am very sensible with spending. I check my bank balance daily and have kept spreadsheets of my expenses ever since I got my first job.
Do you or have you ever received passive or inherited income?
My mum was able to give me £5,500 towards a deposit for my first home. I never expected to receive any help from my parents with buying a home so I am incredibly grateful for this. My mum’s financial situation has changed a lot in the last decade as she paid off the mortgage on the house I grew up in and sold it when she moved into the house her partner owns.
My mum was able to give me £5,500 towards a deposit for my first home. I never expected to receive any help from my parents with buying a home so I am incredibly grateful for this. My mum’s financial situation has changed a lot in the last decade as she paid off the mortgage on the house I grew up in and sold it when she moved into the house her partner owns.
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