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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.
Editor's note: Totals have been converted from EUR to GBP and are correct at time of writing.
This week: "I’m 41, I have UK settled status but I left London for Portugal during the pandemic as I used to work in events and was left out of work during lockdown. I have just been made redundant due to financial restructuring and I am deciding on my next professional move. In terms of money, I only buy new clothes when I need to replace something that’s worn out and mostly spend on experiences, food and travels. I’m not a penny-pincher but I’m thrifty. I do enjoy fine things in life but I also enjoy simple and free things."
Occupation: Currently on redundancy and looking for a new job as project manager or launching a new business (I had my own limited company in London).
Industry: Pharma (but now that I’m looking for employment, I’m not picky).
Age: 41
Location: Portugal
Salary: €0. My most recent role as a business analyst paid €40,320 + meal vouchers (€1,921) + medical insurance for me and my partner.
Paycheque amount: €0. My redundancy pay amounted to €4,704.
Number of housemates: One: my partner, M.
Pronouns: She/her
Industry: Pharma (but now that I’m looking for employment, I’m not picky).
Age: 41
Location: Portugal
Salary: €0. My most recent role as a business analyst paid €40,320 + meal vouchers (€1,921) + medical insurance for me and my partner.
Paycheque amount: €0. My redundancy pay amounted to €4,704.
Number of housemates: One: my partner, M.
Pronouns: She/her
Monthly Expenses
Housing costs: €425 rent, although in the low months when M was earning less than me, I was paying more to help. The state gives us back €111 per month as a help to rent so factoring this in, my share goes down to €370.
Loan payments: None.
Pension? No. I opted out in the UK as with Brexit looming, I felt I wasn’t going to stick around (I’m not originally from the UK). I recently learned that the EU has approved an EU-wide pension scheme. Since I have lived in several EU countries, I am waiting for that to be available to sign up.
Savings? €130k in deposits (some long term, some easy access) including a €10k emergency fund.
Utilities: €15 electricity, €13 water, €15 5G broadband (my share).
All other monthly payments: €15 deep tissue massage every week (due to a health issue). Subscriptions: €2 HBO Max. €49.99 Uber One, €100 spa pass (both yearly).
Loan payments: None.
Pension? No. I opted out in the UK as with Brexit looming, I felt I wasn’t going to stick around (I’m not originally from the UK). I recently learned that the EU has approved an EU-wide pension scheme. Since I have lived in several EU countries, I am waiting for that to be available to sign up.
Savings? €130k in deposits (some long term, some easy access) including a €10k emergency fund.
Utilities: €15 electricity, €13 water, €15 5G broadband (my share).
All other monthly payments: €15 deep tissue massage every week (due to a health issue). Subscriptions: €2 HBO Max. €49.99 Uber One, €100 spa pass (both yearly).
Did you participate in any form of higher education? If yes, how did you pay for it?
I have a BA from my home country. I am lucky as my parents paid for the fees and I was able to commute every day (although it was exhausting) from their home. I spent six months of my degree in a foreign country with two EU grants that covered all my expenses for that time.
I have a BA from my home country. I am lucky as my parents paid for the fees and I was able to commute every day (although it was exhausting) from their home. I spent six months of my degree in a foreign country with two EU grants that covered all my expenses for that time.
Growing up, what kind of conversations did you have about money?
My parents lost a lot of money following 9/11 and other relatives and acquaintances lost capital in poor stock investments. This made me very conservative with money. There was never a formal financial education but there were general rules about never borrowing money. I had great holidays all my youth and we dined in nice restaurants, however when my dad was made redundant, we struggled. My mum had to hide some spending from my dad, even if she was buying me a few books.
My parents lost a lot of money following 9/11 and other relatives and acquaintances lost capital in poor stock investments. This made me very conservative with money. There was never a formal financial education but there were general rules about never borrowing money. I had great holidays all my youth and we dined in nice restaurants, however when my dad was made redundant, we struggled. My mum had to hide some spending from my dad, even if she was buying me a few books.
If you have, when did you move out of your parents'/guardians' house?
I moved out to participate in the Erasmus scheme when I was 20. However, once I came back I was in and out for another two years between apprenticeships and low-paid jobs. I moved out for good at 23 and shortly after started cohabiting with with my partner, M. When we both were out of work in London due to COVID-19, my parents kindly let us stay with them for a few months until I found a job and we moved to Portugal.
I moved out to participate in the Erasmus scheme when I was 20. However, once I came back I was in and out for another two years between apprenticeships and low-paid jobs. I moved out for good at 23 and shortly after started cohabiting with with my partner, M. When we both were out of work in London due to COVID-19, my parents kindly let us stay with them for a few months until I found a job and we moved to Portugal.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
At 23. Nobody covers any aspect of my financial life. Me and M have separate finances but we do treat each other, depending on who has a better cashflow at the time (we've both had stints of unemployment and M has a few months when there is no work in her industry). For the next couple of months I will be in the worse situation so I am confident M will be offering some drinks/meals, as we normally do.
At 23. Nobody covers any aspect of my financial life. Me and M have separate finances but we do treat each other, depending on who has a better cashflow at the time (we've both had stints of unemployment and M has a few months when there is no work in her industry). For the next couple of months I will be in the worse situation so I am confident M will be offering some drinks/meals, as we normally do.
What was your first job and why did you get it?
My first real paid job was a six-month contract as marketing and communication assistant for an airline where I had done my internship during uni. They offered me the same role in the Nordics, this time paid (€500/month + two return tickets). It was little money but I loved the job.
My first real paid job was a six-month contract as marketing and communication assistant for an airline where I had done my internship during uni. They offered me the same role in the Nordics, this time paid (€500/month + two return tickets). It was little money but I loved the job.
Do you worry about money now?
I do and I don’t! I don’t worry about the present as I am optimistic and I have good savings but I do worry about the future, especially if I were to find myself in unemployment again at an older age. I also worry about retirement (I am scared of looking at my combined pension from all the countries I've lived in).
I do and I don’t! I don’t worry about the present as I am optimistic and I have good savings but I do worry about the future, especially if I were to find myself in unemployment again at an older age. I also worry about retirement (I am scared of looking at my combined pension from all the countries I've lived in).
Do you or have you ever received passive or inherited income?
Yes. When my grandpa passed away, my mum, extremely generously, gave me €60,000 from her inheritance. She said since I don’t have brothers or sisters, the money would one day be mine anyway and we have less when we are young. I've only ever used part of it when out of work to get me by and to pay the deposit on rentals. The rest is still invested. I know I am lucky and it was completely unexpected as I didn’t ask for any of it.
Yes. When my grandpa passed away, my mum, extremely generously, gave me €60,000 from her inheritance. She said since I don’t have brothers or sisters, the money would one day be mine anyway and we have less when we are young. I've only ever used part of it when out of work to get me by and to pay the deposit on rentals. The rest is still invested. I know I am lucky and it was completely unexpected as I didn’t ask for any of it.
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