ADVERTISEMENT
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 36 years old and working as a residential property solicitor. I have lived in London for the last 15 years after agreeing to come for my postgraduate course as my then boyfriend, now husband, was in the city. I have fallen in love with it here and adore the area we are in now. We have all the advantages of being in London but are also very close to lots of green space. I live with my husband, who I have been with since we were in secondary school, and our 3-year-old son. After maternity leave I returned to work part-time so I could have some additional time with our son. I was so lucky to be able to do this; although doing my job in four days a week was very hard, it was absolutely the best thing to have that extra day with my son for adventures. I returned to work full-time in April this year as we plan on moving soon so I needed a full-time salary to get a big enough mortgage. We have a joint account for all shared expenses e.g. housing and anything connected to our son, and then our own accounts with spending money. My husband earns slightly less than me but puts more into the joint account as I am better at saving. I do the saving and then pay for holidays, car repairs, house maintenance etc. We both get to spend what is left in our accounts however we wish. It seems to work for us."
Occupation: Residential property solicitor
Industry: Law
Age: 36
Location: London
Salary: £70,000 plus variable bonus (this year it was just under £6,000, last year it was just over £17,000).
Paycheque amount: £4,094.74
Number of housemates: Two humans (my husband, P, and my son, J) plus two cats.
Pronouns: She/her
Industry: Law
Age: 36
Location: London
Salary: £70,000 plus variable bonus (this year it was just under £6,000, last year it was just over £17,000).
Paycheque amount: £4,094.74
Number of housemates: Two humans (my husband, P, and my son, J) plus two cats.
Pronouns: She/her
Monthly Expenses
Housing costs: £2,246 for our mortgage. The interest rate went up 3.5% as we came to the end of our old fixed rate so it is now almost £600 more a month.
Loan payments: £0
Savings? £14,000 approximately in savings. I aim to save around £1,400 a month.
Pension? I have a workplace pension that I contribute to by way of salary sacrifice. I put in £297.50 a month and work puts in 3% plus half of the NI saving for it being salary sacrifice, I believe. I also sacrificed £2,000 of my bonus into my pension this year. It is something that I need to increase but it never feels like the biggest priority.
Utilities: All from the joint account, along with the mortgage (I pay in £2,050 and P puts in £2,400 a month): £169 council tax, £81.35 gas and electric, £47.87 broadband, water around £140 twice a year.
All other monthly payments: £927 nursery fees (just went up by £126 a month — bad timing with the mortgage increase, too), £16.62 road tax, £15 TV licence, £32.69 life insurance for P and me, £13 monthly account fee (provides travel insurance, breakdown cover and phone insurance), £16.32 my phone, £20 P’s phone — all of these come from the joint account.
Subscriptions: £24.95 Apple subscription (TV, Music and storage), £9 Amazon Prime, £12 Disney+ (all from the joint account). £10 dog rescue, £5 cats protection, £5 donkey sanctuary (these are from my account).
Loan payments: £0
Savings? £14,000 approximately in savings. I aim to save around £1,400 a month.
Pension? I have a workplace pension that I contribute to by way of salary sacrifice. I put in £297.50 a month and work puts in 3% plus half of the NI saving for it being salary sacrifice, I believe. I also sacrificed £2,000 of my bonus into my pension this year. It is something that I need to increase but it never feels like the biggest priority.
Utilities: All from the joint account, along with the mortgage (I pay in £2,050 and P puts in £2,400 a month): £169 council tax, £81.35 gas and electric, £47.87 broadband, water around £140 twice a year.
All other monthly payments: £927 nursery fees (just went up by £126 a month — bad timing with the mortgage increase, too), £16.62 road tax, £15 TV licence, £32.69 life insurance for P and me, £13 monthly account fee (provides travel insurance, breakdown cover and phone insurance), £16.32 my phone, £20 P’s phone — all of these come from the joint account.
Subscriptions: £24.95 Apple subscription (TV, Music and storage), £9 Amazon Prime, £12 Disney+ (all from the joint account). £10 dog rescue, £5 cats protection, £5 donkey sanctuary (these are from my account).
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I went to university for my LLB. I was the first in my family to go to university and I received a few grants due to this/coming from a low-income household. The balance was funded by student loans, which have now been paid back. I also did a postgraduate course (LPC) which was needed before training to be a solicitor. My parents generously paid for the course (approx. £8,500) and I took out a professional skills loan of £9,000 to live off. This was paid back about 10 years ago now.
Yes, I went to university for my LLB. I was the first in my family to go to university and I received a few grants due to this/coming from a low-income household. The balance was funded by student loans, which have now been paid back. I also did a postgraduate course (LPC) which was needed before training to be a solicitor. My parents generously paid for the course (approx. £8,500) and I took out a professional skills loan of £9,000 to live off. This was paid back about 10 years ago now.
Growing up, what kind of conversations did you have about money?
We didn’t have loads of conversations about money growing up but I did have pocket money and was taught to save up if I wanted something specific. When I wanted to go on a school residential trip it was either a birthday/Christmas present or I had to do extra chores to ‘earn’ the cost of going e.g. cooking the family Sunday roast was £4, doing the ironing was £2. I never felt like I was missing out but we were aware we could not have everything all the time. I once did the exams for the local private school and while they offered a 50% scholarship on fees (the most they offered), it was not possible for my parents to pay the other half or afford any of the extracurricular activities so the scholarship was turned down.
We didn’t have loads of conversations about money growing up but I did have pocket money and was taught to save up if I wanted something specific. When I wanted to go on a school residential trip it was either a birthday/Christmas present or I had to do extra chores to ‘earn’ the cost of going e.g. cooking the family Sunday roast was £4, doing the ironing was £2. I never felt like I was missing out but we were aware we could not have everything all the time. I once did the exams for the local private school and while they offered a 50% scholarship on fees (the most they offered), it was not possible for my parents to pay the other half or afford any of the extracurricular activities so the scholarship was turned down.
If you have, when did you move out of your parents'/guardians' house?
I moved out at 18 to go to university and just went back for some of the holidays. I also spent some of the university holidays in London with P doing law firm work placements.
I moved out at 18 to go to university and just went back for some of the holidays. I also spent some of the university holidays in London with P doing law firm work placements.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
Probably when I was 21 and moved in with P. However, I would not be able to live the lifestyle I have without him contributing towards the costs as well.
Probably when I was 21 and moved in with P. However, I would not be able to live the lifestyle I have without him contributing towards the costs as well.
What was your first job and why did you get it?
My first job was at Pizza Hut when I was 15. I got it as I wanted more money for fun stuff to do with my friends, plus a lot of my friends were also getting jobs so it seemed like the thing to do.
My first job was at Pizza Hut when I was 15. I got it as I wanted more money for fun stuff to do with my friends, plus a lot of my friends were also getting jobs so it seemed like the thing to do.
Do you worry about money now?
Not generally on a day-to-day basis but I do worry about the cost of our next house and how much the mortgage will be. I also have concerns about how our son will ever be able to buy a house.
Not generally on a day-to-day basis but I do worry about the cost of our next house and how much the mortgage will be. I also have concerns about how our son will ever be able to buy a house.
Do you or have you ever received passive or inherited income? If yes, please explain.
I inherited around £150 from my grandad when he died when I was 15. My parents also paid for my LPC as mentioned above when I was 21.
I inherited around £150 from my grandad when he died when I was 15. My parents also paid for my LPC as mentioned above when I was 21.
ADVERTISEMENT