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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.
This week: “I’m a 33-year-old mum of the coolest daughter living in the North West. I am recently separated from my daughter’s dad and entering my single-gal era. I won’t lie, the past few months have been incredibly tough, but I am now focused on building a good life for myself and my daughter. I teach at a secondary school and I love working in education. I have steadily climbed the pay-scale over the last seven years and now earn the most I have ever earned. I also have a side hustle and an idea for another, but my life is so different to what it was a year ago that I actually feel skint! One of the main reasons I wanted to write a Money Diary is because it will make me spend money deliberately, rather than in a casual way. I got into this habit when things were much easier and there were two salaries coming in. I have now moved from a mortgaged home and into a rented apartment, and it’s a bit of a financial shock!”
Occupation: Secondary school teacher
Industry: Education
Age: 33
Location: North West
Salary: £43,266
Paycheque Amount: £2,400 to £2,500 pay cheque, plus £140 to 260 tutoring one night a week.
Number of housemates: One, my daughter, N.
Pronouns: She/her
Industry: Education
Age: 33
Location: North West
Salary: £43,266
Paycheque Amount: £2,400 to £2,500 pay cheque, plus £140 to 260 tutoring one night a week.
Number of housemates: One, my daughter, N.
Pronouns: She/her
Monthly Expenses
Housing costs: £800 rent
Loan payments: £125 minimum payment goes to paying down credit card debt I racked up a couple of years ago when I furnished a house and did lots of impulse spending. I am on a mission to pay off this debt over the next two years. It wasn’t worth it, guys!
Savings?: No accessible savings, but £1,490 in a LISA stocks and shares account. I also have £25k tied up in my shared property with my ex-partner, which will become available when the house is remortgaged and will hopefully allow me to get back on the property ladder.
Pension? 9.6% goes into my teaching pension and my employer pays in 23.68%. I have a previous Legal and General pension that’s currently worth about £3k too, then the LISA which I can only access aged 60.
Utilities: £131 council tax; £38 water; £113 gas and electric; £36 Sky Broadband with Sky TV and Netflix included.
All other monthly payments: £260 car; £15.75 car tax; £40 car insurance; £16.60 for dental care; £38 life insurance; £30ish for nursery payments; £18.40 for teaching union; £10 SIM-only contract.
Subscriptions: £10.99 Spotify.
Loan payments: £125 minimum payment goes to paying down credit card debt I racked up a couple of years ago when I furnished a house and did lots of impulse spending. I am on a mission to pay off this debt over the next two years. It wasn’t worth it, guys!
Savings?: No accessible savings, but £1,490 in a LISA stocks and shares account. I also have £25k tied up in my shared property with my ex-partner, which will become available when the house is remortgaged and will hopefully allow me to get back on the property ladder.
Pension? 9.6% goes into my teaching pension and my employer pays in 23.68%. I have a previous Legal and General pension that’s currently worth about £3k too, then the LISA which I can only access aged 60.
Utilities: £131 council tax; £38 water; £113 gas and electric; £36 Sky Broadband with Sky TV and Netflix included.
All other monthly payments: £260 car; £15.75 car tax; £40 car insurance; £16.60 for dental care; £38 life insurance; £30ish for nursery payments; £18.40 for teaching union; £10 SIM-only contract.
Subscriptions: £10.99 Spotify.
Did you participate in any form of higher education? If yes, how did you pay for it? Yes, I did a BA Hons degree and borrowed the course fees and received a maintenance loan. My current student debt is still more than £19,000, despite working for the last decade. My parents paid for my rent and my spending money in the holidays which I was really grateful for; it meant I got a carefree experience. I know if I was studying now I would really struggle with the price of things.
Growing up, what kind of conversations did you have about money?
We would talk a lot about career choices and what would make us financially comfortable, but I don’t think anyone could have predicted quite how ridiculous the price of things would become. Even steady jobs like mine don’t fund comfort, especially in a single-salary household. The attitude to money was that it was to be enjoyed and you can’t take it with you, but my parents reached a point where they were really comfortable which I think allows you to have that mindset. They taught me that you need to invest wisely and let your savings work for you, and that compound interest is your best friend.
We would talk a lot about career choices and what would make us financially comfortable, but I don’t think anyone could have predicted quite how ridiculous the price of things would become. Even steady jobs like mine don’t fund comfort, especially in a single-salary household. The attitude to money was that it was to be enjoyed and you can’t take it with you, but my parents reached a point where they were really comfortable which I think allows you to have that mindset. They taught me that you need to invest wisely and let your savings work for you, and that compound interest is your best friend.
If you have, when did you move out of your parents’/guardians’ house?
I lived away at university for three years, then moved back in, figuring things out and being creative, for three years (I realise that’s taking the mick, with hindsight!). When I started teacher training and got my first placement, I moved out with my best friend, then bought my first property a year later with my ex-partner.
I lived away at university for three years, then moved back in, figuring things out and being creative, for three years (I realise that’s taking the mick, with hindsight!). When I started teacher training and got my first placement, I moved out with my best friend, then bought my first property a year later with my ex-partner.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I became financially responsible for myself age 25 when I moved out with my friend.
I became financially responsible for myself age 25 when I moved out with my friend.
What was your first job and why did you get it?
When I was at college, I was a cleaner a couple of nights a week, for spending money.
When I was at college, I was a cleaner a couple of nights a week, for spending money.
Do you worry about money now?
Yes, I do worry about money now because everything is so horribly expensive, and I have debt to crawl out of. I want to give my daughter a good life and I want her to have lots of opportunities and these things cost money. I also want to be able to help her financially when she is older, because I fear the future will be bleak! Once my debts are cleared, I aim to build a decent accessible savings pot.
Yes, I do worry about money now because everything is so horribly expensive, and I have debt to crawl out of. I want to give my daughter a good life and I want her to have lots of opportunities and these things cost money. I also want to be able to help her financially when she is older, because I fear the future will be bleak! Once my debts are cleared, I aim to build a decent accessible savings pot.
Do you or have you ever received passive or inherited income?
£7.5k from my late grandad. My grandad was the best saver I have ever known. The money he gave to us grandkids was wads of cash hidden in the kickboards of the kitchen. He just saved and saved and saved. I used this for my share of the deposit on our modest first property.
£7.5k from my late grandad. My grandad was the best saver I have ever known. The money he gave to us grandkids was wads of cash hidden in the kickboards of the kitchen. He just saved and saved and saved. I used this for my share of the deposit on our modest first property.
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