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 a 32-year-old secondary teacher originally from Australia. After finishing university, I moved to the UK to teach in 2013, and part of my two-year youth visa was spent working at a boarding school in the countryside. I was very much keen on staying in Europe, so I worked at an international school in Germany for the next two years. My A-level equivalent in German came in handy there! Then through a mutual friend, I met my husband, A, who’s also a teacher. We looked into him moving to Germany, or me moving back to England, and then I happened to land a job at the same school as him. After a five-year visa, I got my permanent residency. All up, it’s cost around £10,000 for the right to stay in a country I wasn’t born in. This February, we moved house, and in April, we got married in France. I’ve always been sensible with money, and I save what I can, without denying myself anything I want within reason.”
Occupation: Secondary teacher
Industry: Education
Age: 32
Location: Southwest England
Salary: £45,148 (this will increase soon as I’m moving up a pay scale)
Paycheque Amount: £2,608.04 (net)
Number of housemates: Two: husband, A, and Labrador, E
Pronouns: She/her
Industry: Education
Age: 32
Location: Southwest England
Salary: £45,148 (this will increase soon as I’m moving up a pay scale)
Paycheque Amount: £2,608.04 (net)
Number of housemates: Two: husband, A, and Labrador, E
Pronouns: She/her
Monthly Expenses
Housing costs: £822 each
Loan payments: Other than our mortgage, none.
Savings?: £10,300 (across a current and easy-access saver account with one bank), £1,250 in a savings account that’s locked for a year with another bank, £1,024.12 in a LISA that can be accessed at age 60.
Pension?: My school pays £890.92/month and I pay £361.18/month. I’m going to look into if it’d be worthwhile increasing my contributions, as if I go part time at some point, it could compensate for a lower pension then, and I’d certainly like to retire earlier than the state pension age!
Utilities: My half comes to: £39 TV and internet; £6.62 TV licence; £30 energy; £12.50 water; £116 council tax.
All other monthly payments: My half comes to: £138.78, car lease; £34.50 car insurance; £15.93 pet insurance; £7.99 vet pet plan. My own payments include: £23.36 teaching union membership; £13.79 life insurance; £20 contact lenses; £20 LISA; £7 phone. Subscriptions: £5.49 Netflix; £4.49 Amazon; £3.33 yearly grocery delivery pass.
Loan payments: Other than our mortgage, none.
Savings?: £10,300 (across a current and easy-access saver account with one bank), £1,250 in a savings account that’s locked for a year with another bank, £1,024.12 in a LISA that can be accessed at age 60.
Pension?: My school pays £890.92/month and I pay £361.18/month. I’m going to look into if it’d be worthwhile increasing my contributions, as if I go part time at some point, it could compensate for a lower pension then, and I’d certainly like to retire earlier than the state pension age!
Utilities: My half comes to: £39 TV and internet; £6.62 TV licence; £30 energy; £12.50 water; £116 council tax.
All other monthly payments: My half comes to: £138.78, car lease; £34.50 car insurance; £15.93 pet insurance; £7.99 vet pet plan. My own payments include: £23.36 teaching union membership; £13.79 life insurance; £20 contact lenses; £20 LISA; £7 phone. Subscriptions: £5.49 Netflix; £4.49 Amazon; £3.33 yearly grocery delivery pass.
Did you participate in any form of higher education? If yes, how did you pay for it?
I did an arts/education degree which my parents very generously paid for, so that I could graduate debt free. This was as long as I didn’t fail any units! At the time, the Australian government was subsidising education and nursing degrees as there was — and still is — a shortage for those jobs. My four-year degree cost A$20,000.
I did an arts/education degree which my parents very generously paid for, so that I could graduate debt free. This was as long as I didn’t fail any units! At the time, the Australian government was subsidising education and nursing degrees as there was — and still is — a shortage for those jobs. My four-year degree cost A$20,000.
Growing up, what kind of conversations did you have about money?
My parents are very open about financial management and impressed on me the importance of saving and not getting into credit card debt. As a family, we’re all risk averse. One bank ran a primary school program called Dollarmites, where we had a bank book with a pocket for money to go into, which we could bring into school each week. So I routinely saw small amounts of money being banked for me from a young age. My parents placed value on our (myself and my sister’s) education and giving us the opportunity to travel. We had a modest house and car but went to private school, which is more commonplace in Australia than the UK. By the time I was a teenager, we were going abroad most years.
My parents are very open about financial management and impressed on me the importance of saving and not getting into credit card debt. As a family, we’re all risk averse. One bank ran a primary school program called Dollarmites, where we had a bank book with a pocket for money to go into, which we could bring into school each week. So I routinely saw small amounts of money being banked for me from a young age. My parents placed value on our (myself and my sister’s) education and giving us the opportunity to travel. We had a modest house and car but went to private school, which is more commonplace in Australia than the UK. By the time I was a teenager, we were going abroad most years.
If you have, when did you move out of your parents’/guardians’ house?
I left home at 22 when I moved to London. In Australia, it’s unusual to move out for university (and very expensive to!), unless you’re going to one far away. I didn’t have to contribute financially when I was at home.
I left home at 22 when I moved to London. In Australia, it’s unusual to move out for university (and very expensive to!), unless you’re going to one far away. I didn’t have to contribute financially when I was at home.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
At 22, once I had moved to England. I saved throughout university for my move, as it had long been a goal of mine. I was quickly able to start earning in London and have been independent since.
At 22, once I had moved to England. I saved throughout university for my move, as it had long been a goal of mine. I was quickly able to start earning in London and have been independent since.
What was your first job and why did you get it?
Before starting university, I got a job at my local newsagent, because I wanted to earn my own money and have something to put on my CV. I worked a couple of shifts a week and had a second job on Saturday mornings at a tuition college, doing some extra English with a small group of primary students.
Before starting university, I got a job at my local newsagent, because I wanted to earn my own money and have something to put on my CV. I worked a couple of shifts a week and had a second job on Saturday mornings at a tuition college, doing some extra English with a small group of primary students.
Do you worry about money now?
I’m very privileged to be able to say no. I have a stable job and income that I can live comfortably off, and I don’t have to worry about whether I can afford things I need or want. Of course, it helps that there’s someone else to share bills with. We plan on having a kid in the future, and I’ve read that it costs around £200k to raise a child until 18, so a chunk of our finances will go towards them when that day comes.
I’m very privileged to be able to say no. I have a stable job and income that I can live comfortably off, and I don’t have to worry about whether I can afford things I need or want. Of course, it helps that there’s someone else to share bills with. We plan on having a kid in the future, and I’ve read that it costs around £200k to raise a child until 18, so a chunk of our finances will go towards them when that day comes.
Do you or have you ever received passive or inherited income?
A and I planned a small-ish wedding as we didn’t want to blow our savings, but my parents insisted on making a contribution, which further saved us some money, and which we are hugely appreciative of. A had some inheritance from his mum passing away a few years ago, which we put towards our house move this year.
A and I planned a small-ish wedding as we didn’t want to blow our savings, but my parents insisted on making a contribution, which further saved us some money, and which we are hugely appreciative of. A had some inheritance from his mum passing away a few years ago, which we put towards our house move this year.
If you’d like to submit your own Money Diary then please do send a bit of information about you and your situation to moneydiary@refinery29.uk. We pay £100 for each published diary. Apologies but we’re not able to reply to every email.
ADVERTISEMENT