Money Diary: A 24-Year-Old School Teacher On 29k

This week: "I’m a 24-year-old secondary school teacher in Hertfordshire. I’m in my third year of teaching and moved out of my mum’s house just over a year ago. I live with my partner, C, who works in finance. He earns a little bit more than me. We’ve been together almost two years and have lived together for almost 14 months (we moved in together VERY early but it’s worked out great so far). I spend a little more than C because he doesn’t drive so I have petrol, insurance, services, MOT etc. to consider. To make up for this, he usually pays when we eat out or will cover other additional expenses. 

Generally I would say that I’m a spender but I’m trying to be a saver! I have a few money goals that I’m working towards at the moment. Long-term goals are to save for a deposit for a house (a chill £30k going by house prices in the area) and a newer car (or at least one with A/C). Short-term goals are to save for a nice holiday with C, as we haven’t been abroad together yet. I work two evenings per week tutoring and work late on the other days. I try not to bring work home but C is very understanding if it does happen. We try to keep a structure throughout the week and relax a little at the weekend. This is when we spend the majority of our money."
 
Occupation: Teacher
Industry: Education (public sector)
Age: 24
Location: Hertfordshire
Salary: £29,000 plus £3,000 per year in tutoring (subject to tax)
Paycheque amount: £1,750 per month plus £300 per month for tutoring
Number of housemates: One
Pronouns: She/her
 
Monthly Expenses
 
Housing costs: £425 each for rent.
Loan payments: £11 student loan, taken out of paycheque.
Savings? £50 to emergency pot, £400 to ISA/house deposit, £300 to tutoring pot, £250 to car pot.
Pension? I pay 8.6% of my salary into my pension and my school matches this. I have about £5,000 in my pension at the moment. 
Utilities: £200 each for bills (council tax, TV licence, water, electricity, Wi-Fi and contents insurance).
All other monthly payments: £25 phone bill, £25 gym membership, £25 car warranty. Subscriptions: £10 Spotify, £6 Netflix, £7 union fees.

I went to university at 18 and took out student loans to pay for it. In my first year I received a maintenance loan and grant to supplement my part-time work, however the grant was removed in my second year. I wish I had spent a year out before going so that I could have saved money. It was very expensive and working full-time on top of university to manage living costs was stressful.
 
Growing up, what kind of conversations did you have about money?

In the space of a few years we went from living on benefits while my mum raised me with no child support from my dad to a comfortably middle class income. I was always taught to be frugal and be sensible with purchases but the only financial advice I was taught is that all debt except for a mortgage is terrible and I should avoid it at all costs.
 
If you have, when did you move out of your parents'/guardians' house?

I moved out temporarily for university between 18 and 21 but I moved out for good when I was 23. It was the best thing I ever did. My relationship with my mum improved so much when we didn’t live under the same roof. 
 
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?

I paid for all of my outgoings as soon as I started at McDonald's at 17 but I wasn't truly responsible until I moved out, about a year ago. I paid reduced rent for my room at home once I had a full-time job and this really helped me save as I was learning to drive at the time and I was able to throw most of my wages at that instead. I paid £200 per month for my room at my mum’s, as well as general housekeeping. I paid for my own bills and groceries. 
 
What was your first job and why did you get it?

I worked for my mum at 13, delivering leaflets for her business one day a week, plus every day in the school holidays.
 
Do you worry about money now?

Yes. I worry about my car breaking and not being able to fix it. I worry about stretching my money each month and I worry that I'll never be able to save enough to get a mortgage. I try to find a balance between saving for the future, working to build up my teaching experience and enjoying my youth. Some months are more of one than another. 
 
Do you or have you ever received passive or inherited income?

Yes, I received about £7,000 from my parents when I was at university. I was told I had to use it for a house deposit but I had to dip into it to afford my rent as I had a £2,000 shortfall between my rent and my student loan and job. I have since repaid that and added more.