Money Diary Research Assistant In Edinburgh On 35k

Welcome to Money Diaries, where we're tackling what might be the last taboo facing modern working women: money. We're asking a cross-section of women how they spend their hard-earned money during a seven-day period – and we're tracking every last penny.

This week: "I'm a 26-year-old postdoctoral research assistant in chemistry, based in Edinburgh where I have lived for four years. I finished my PhD research a year ago and was left with £1,500 credit card debt at the end as I was unable to get paid during the pandemic. I had to use all the savings I had planned to put towards travelling for rent and necessities. I now work in chemistry research at a university over an hour's commute away. I have considered moving closer but I love Edinburgh and haven’t made the leap yet. I recently paid off my debt and have enough savings to start to relax a little about money again. I’m enjoying living in the city and being able to have fun socialising again."

Occupation: Postdoctoral research assistant
Industry: Science and research
Age: 26
Location: Edinburgh
Salary: £35,000
Paycheque amount: £2,050 (after tax, student loan and pension contribution).
Number of housemates: One: my friend L.
Pronouns: She/her

Monthly Expenses

Housing costs: £500 rent.
Loan payments: £194 car payment with 22 months remaining.
Savings? £1,250 in fixed interest rate account, £1,200 in instant access savings. Every month I put £300 between these accounts and £150 on a 0% interest credit card I took out to pay for an upcoming trip. There is £1,600 to pay off but I have 18 months to do it and there is enough in my savings account to cover it so I am not concerned. I think about the monthly payment as a savings contribution.
Pension? I pay around £270 a month directly from my account. My employer pays 20% on top of this. It is a perk which I remind myself to appreciate when I worry about my savings.
Utilities: All utilities included in rent.
All other monthly payments: £20 phone bill. Subscriptions: £9.99 Spotify, £29 ClassPass, £0.79 iCloud storage, £7.99 Disney+.

Did you participate in any form of higher education? If yes, how did you pay for it?

I love learning and got an undergraduate degree, then a PhD in Scotland. The Scottish government doesn't charge for undergraduate degrees but I had a loan for living costs. My parents helped me when they could but weren't always in a position to do so. I worked throughout summers to fund living costs and spending money. I was paid for the majority of my PhD by a stipend. The pandemic hit two months before I was intending to hand in. It is normal practice in my field to spend a month or two unpaid, finishing off data collection and writing, which I had accounted for. Unfortunately, I was unable to finish when I intended and wasn't entitled to further funding so had to use all of my savings for living costs for eight months. I finished with £1,500 credit card debt on 0% interest, which I paid off as soon as I could when I was working and fortunately avoided interest.

Growing up, what kind of conversations did you have about money?

My parents didn't discuss money with us at the time but I know now it was much tighter than we were led to believe. My siblings and I had a very good childhood although my parents lived payslip to payslip and we didn't go on holidays abroad. I never felt we missed out though. I am now very conscious of saving a little every month and having a safety net as money caused a lot of tension between my parents.

If you have, when did you move out of your parents'/guardians' house?

I initially moved out when I was 17 for university for four years. I went back for one year when I began my PhD to save some money but I moved to make the most of Edinburgh.

At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?

I was completely responsible for myself at 22. I largely funded myself through uni but I did get help when I needed it from my parents. When I started my PhD I considered myself independent, however I did live at home for one year rent-free so I guess it wasn't until I moved to Edinburgh in my second year that I became independent. My partner earns significantly more money than I do so often pays for more date nights. This makes me uncomfortable sometimes but I remind myself that I would spend extra money on those I care about if I could.

What was your first job and why did you get it?

I tutored in my final year of school for spending money.

Do you worry about money now?

Yes. I am at an age where my friends have been working for a few years post-uni and are thinking about buying property, plus socialising has become more expensive. I'm especially conscious as I spent all my savings to live and am now slowly building them up again. I know I'm very fortunate as I can afford to save, have a car and never worry about where my food is coming from but it's hard not to compare my situation to those closest to me.