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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 37-year-old publishing professional living with my dog, T, in Bristol. I’m really good with money but I’ve also received large gifts of money (inheritance before death) from my parents. I’ve been investing it in stocks and shares and have paid off most of my mortgage with it. I’m into reading, interior design and love to travel — I’ve been to almost 70 countries. I’m currently single, having recently split from a boyfriend who was living with me. I’ve been suffering a bit with my mental health lately; I think I have burnout or potentially depression and I tend to overthink everything. This means I’m currently doing a bit less socially. I’m trying to spend more on things that will help me to cope and save time, but my frugal nature sometimes makes me hold back."
Occupation: Publishing manager
Industry: Publishing
Age: 37
Location: Bristol
Salary: £53,000
Paycheque amount: £3,206
Number of housemates: None
Pronouns: She/her
Industry: Publishing
Age: 37
Location: Bristol
Salary: £53,000
Paycheque amount: £3,206
Number of housemates: None
Pronouns: She/her
Monthly Expenses
Housing costs: £500 mortgage.
Loan payments: £0
Savings? £9,000 in a cash ISA as my emergency fund. £3,000 in cash savings (I have two or three ~£10,000 home improvement projects to do, so this is intended for the first of those. Both of these accounts make just under 5% interest). £68,000 in a stocks and shares ISA (this is from a £50,000 investment made over three tax years starting about five years ago).
Utilities: £31 water, £70 energy and gas, £164 council tax, £31 broadband.
Pension? I have £75,000 in one pension pot, accrued over 13 years investing between 4 and 7% from my salary. My second pot has about £13,000 in it. I salary sacrifice 8% and my employer adds 12%, a much better deal.
All other monthly payments: £164 council tax, £8 phone SIM, £48 cleaner. I also have annual policies: £212 home and contents insurance, £290 car insurance, £219 pet insurance, £36 travel insurance. I also have private health insurance (this is a salary sacrifice work benefit and I’m not sure how much I pay). Subscriptions: £2.99 Apple storage, £10.50 flea and worm medicine, £28 subscription dog food, £17.85 subscription deodorant, ~£11 beauty box subscription, £5.80 dishwasher tabs.
Loan payments: £0
Savings? £9,000 in a cash ISA as my emergency fund. £3,000 in cash savings (I have two or three ~£10,000 home improvement projects to do, so this is intended for the first of those. Both of these accounts make just under 5% interest). £68,000 in a stocks and shares ISA (this is from a £50,000 investment made over three tax years starting about five years ago).
Utilities: £31 water, £70 energy and gas, £164 council tax, £31 broadband.
Pension? I have £75,000 in one pension pot, accrued over 13 years investing between 4 and 7% from my salary. My second pot has about £13,000 in it. I salary sacrifice 8% and my employer adds 12%, a much better deal.
All other monthly payments: £164 council tax, £8 phone SIM, £48 cleaner. I also have annual policies: £212 home and contents insurance, £290 car insurance, £219 pet insurance, £36 travel insurance. I also have private health insurance (this is a salary sacrifice work benefit and I’m not sure how much I pay). Subscriptions: £2.99 Apple storage, £10.50 flea and worm medicine, £28 subscription dog food, £17.85 subscription deodorant, ~£11 beauty box subscription, £5.80 dishwasher tabs.
Did you participate in any form of higher education? If yes, how did you pay for it? Yes, I did an undergraduate degree when tuition fees were £3k a year and took out the full tuition and maintenance loans, leaving me with £18,000 debt. I paid off the last £5,700 a couple of years ago when I realised the interest rate was about 4.5% and I’d received an inheritance.
Growing up, what kind of conversations did you have about money?
My mum and dad didn’t come from wealthy backgrounds and are incredibly frugal but both had professional jobs and we were comfortable. Dad took the lead on financial matters. I have memories of being primary school age and going to open my first bank account, and later discussing interest rates with my dad — he was trying to combine my money with his so I could get his better interest rate but I wanted to see it all in my own, separate pot! I have self-educated further as an adult.
My mum and dad didn’t come from wealthy backgrounds and are incredibly frugal but both had professional jobs and we were comfortable. Dad took the lead on financial matters. I have memories of being primary school age and going to open my first bank account, and later discussing interest rates with my dad — he was trying to combine my money with his so I could get his better interest rate but I wanted to see it all in my own, separate pot! I have self-educated further as an adult.
If you have, when did you move out of your parents'/guardians' house?
I went to university when I was 19 but moved back home for 10 months after graduating. I moved out for good once I secured a job, age 23.
I went to university when I was 19 but moved back home for 10 months after graduating. I moved out for good once I secured a job, age 23.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I’d say when I moved out. I’ve always been very, very good with money, thinking about side hustles before they were a thing, being frugal and educating myself as I went. However, my parents constantly offered a safety net and have given me inheritance.
I’d say when I moved out. I’ve always been very, very good with money, thinking about side hustles before they were a thing, being frugal and educating myself as I went. However, my parents constantly offered a safety net and have given me inheritance.
What was your first job and why did you get it?
I was 13 when I first got a summer job in the tourism industry. My mum, especially, came from an incredibly hardworking family; she would have been expected to work hard from a young age and that expectation rubbed off on me. I made £3 an hour.
I was 13 when I first got a summer job in the tourism industry. My mum, especially, came from an incredibly hardworking family; she would have been expected to work hard from a young age and that expectation rubbed off on me. I made £3 an hour.
Do you worry about money now?
I am a naturally anxious person so it’s hard not to, though I worry about different things now, e.g. investing poorly rather than being able to pay monthly bills, which is a worry for a lot of people currently. I have allowed lifestyle creep as my salary has increased but I don’t have children or expensive hobbies (other than my dog!) and I want to experience as much as possible, so I spend quite a bit on travel.
I am a naturally anxious person so it’s hard not to, though I worry about different things now, e.g. investing poorly rather than being able to pay monthly bills, which is a worry for a lot of people currently. I have allowed lifestyle creep as my salary has increased but I don’t have children or expensive hobbies (other than my dog!) and I want to experience as much as possible, so I spend quite a bit on travel.
Do you or have you ever received passive or inherited income?
Yes, I’ve received £2,000 twice when grandparents passed away when I was young. About five years ago, my mum and dad sat me down to tell me they were gifting me £130,000. My dad said he thought it was a shame that a lot of inheritance arrives at the point in life when you probably need it the least, and wanted to pass on generational wealth now. They’d helped my sister to buy a house and wiped the same amount of debt from her. (Note: This is all his and my mum’s hard-earned money, and they still have really good pensions and savings to see them through retirement.) After the initial shock I burst into tears. It still doesn’t feel real and I acknowledge my privilege wholeheartedly. I’ve used this money to pay off most of my mortgage, get laser eye surgery and pay off my student loan; I've also invested £50k in index funds.
Yes, I’ve received £2,000 twice when grandparents passed away when I was young. About five years ago, my mum and dad sat me down to tell me they were gifting me £130,000. My dad said he thought it was a shame that a lot of inheritance arrives at the point in life when you probably need it the least, and wanted to pass on generational wealth now. They’d helped my sister to buy a house and wiped the same amount of debt from her. (Note: This is all his and my mum’s hard-earned money, and they still have really good pensions and savings to see them through retirement.) After the initial shock I burst into tears. It still doesn’t feel real and I acknowledge my privilege wholeheartedly. I’ve used this money to pay off most of my mortgage, get laser eye surgery and pay off my student loan; I've also invested £50k in index funds.
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