Money Diary: A Sales & Media Assistant On 28k

This week: "I've just moved in with my partner after being together for a year and a half. I’m very lucky that she owns her flat so my bills are now decreasing. I’ve never really had the chance to save before, as all my salary went on bills and general life. I’m really glad I can finally get some savings behind me and hopefully get a job with a higher salary soon so I can save even more. 

One day we would like to sell the flat and move out of London but for now we are happy where we are. I’d like to be in a position where I can save so we can buy together when we do eventually move. My salary isn’t great but it’s surprisingly good for the level I’m at and the industry I’m in. I love working in publishing but I think my next move will be a similar role in a different industry so I can earn more. I was almost made redundant earlier this year, which was pretty scary, so my determination to start saving is higher than ever. If I had lost my job I would have been in a really tricky position and I would have needed to find a new job very quickly to continue paying rent and bills. Luckily I was able to take a very similar role at the company and nothing much has really changed in my day-to-day job. It definitely opened my eyes and made me realise my industry isn’t very stable so I’m keen to consider other options next year."

Occupation: Sales and media assistant
Industry: Publishing
Age: 26
Location: London
Salary: £28,000
Paycheque amount: £1,789 after taxes, pension, student loan and all that fun stuff.
Number of housemates: My partner, L, plus cat (D) and dog (M).
Pronouns: She/her
 
Monthly Expenses
 
Housing costs: £100 rent paid to my partner as she owns the flat. This is to cover the monthly ground rent, which we split equally.
Loan payments: £39 student loan.
Pension? Yes, I contribute 5% and my employer contributes 3%. 
Savings? £2,000. I’ve not managed to save much as I’ve not been earning enough and my previous rent and bills came to nearly £900 per month. Now that I’ve moved in with my partner, I can dedicate more of my monthly earnings to saving and when I get my deposit back from my previous place, that will go straight into savings too. 
Utilities: £17.50 Wi-Fi, £12.50 water, £43.50 electric, £56 council tax. 
All other monthly payments: £12 phone data plan, £48 car insurance, £44 for our storage unit. Subscriptions: £10 Spotify subscription, £2.49 Apple storage.
 
Did you participate in any form of higher education? If yes, how did you pay for it?

Yes, I studied for an undergraduate degree and then a postgraduate degree straight afterwards to maximise my chances of employment in the publishing industry. I was able to pay for it through student loans and a part-time job in a café throughout my entire time at university.
 
Growing up, what kind of conversations did you have about money?

My parents never really educated me about finances. They encouraged me to get a job as soon as I was able to but other than that they never pressured me into saving or taught me how to handle finances in the long term. My mum worked full-time in a low-paid job and my dad had two jobs but we were always comfortable and I never felt any worry from them. I think their knowledge about finances was also minimal and their main focus was to own our home and be able to afford a holiday every summer. My dad is now hospitalised with a severe illness and my mum is hoping to sell the house soon so she can buy somewhere much smaller and affordable. This has been a real worry for me as my dad made more money and took care of the finances. 
 
If you have, when did you move out of your parents'/guardians' house?

I moved out to go to university at 18 and I haven’t moved back. 
 
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?

I became financially responsible when I moved out at 18 and I have paid for everything since then. I’m very fortunate to have a partner who owns a home that I am now moving into but I will pay my fair share of everything. 
 
What was your first job and why did you get it?

I worked at a clothes shop as a Christmas temp when I was 16 so I could save for driving lessons and my first car. I then worked various minimum wage jobs in hospitality until I graduated and got a job in publishing. 
 
Do you worry about money now?

Yes, I worry about money a lot. I don’t really think I earn enough to be living in London. I’m careful with what I spend day to day but I wouldn’t say I let it stop me from living. I mainly spend my money on food and like to save for travelling and festivals in the summer. Now that I’ll be living with my partner and spending much less on rent and bills, I’m going to really focus on saving as much as I can to have a comfortable safety net and to learn more about how to build those savings long-term as I feel like my knowledge in that area is quite poor. 
 
Do you or have you ever received passive or inherited income?

I’ve never received any passive or inherited income.