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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 28-year-old chartered accountant working as an M&A consultant, living in Berkshire. I have lived here for three years, and live with my husband, B. We both work in stressful jobs and have worked really hard to get where we are. Saving is an important goal for us as we do want a family in the future and aim to be mortgage-free in our 40s. Having said that, we also understand that our 20s and 30s is the time to have different experiences and try to have a good balance between enjoying our income and saving for the future."
Occupation: Senior manager — M&A consulting
Industry: Finance
Age: 28
Location: Berkshire
Salary: £85,500
Paycheque amount: £4,640
Number of housemates: One: my husband, B.
Pronouns: She/her
Industry: Finance
Age: 28
Location: Berkshire
Salary: £85,500
Paycheque amount: £4,640
Number of housemates: One: my husband, B.
Pronouns: She/her
Monthly Expenses
Housing costs: £1,285 for my half of the mortgage.
Loan payments: I do not have any long-term debt.
Savings? My partner and I do not combine our savings (B earns a similar wage to me). I have £56,000 in an ISA, which includes my emergency fund (currently at £19,000), £300 in my easy-access bank account and £3,000 in a separate bank account, earmarked as my travel fund.
Utilities: £130 gas and electricity, £18 water, £120 council tax, £10 direct debit for annual boiler service.
Pension? Yes, I have a workplace pension and contribute £570 per month. My employer matches it and I currently have £41,000 in the pot.
All other monthly payments: £27 life insurance, £16 internet, £27 gym. I spend £40-60 on different charities and support friends in their fundraising. £500-£1,000 credit card payments. Subscriptions: £8 Disney+, £50 The Economist (annual).
Loan payments: I do not have any long-term debt.
Savings? My partner and I do not combine our savings (B earns a similar wage to me). I have £56,000 in an ISA, which includes my emergency fund (currently at £19,000), £300 in my easy-access bank account and £3,000 in a separate bank account, earmarked as my travel fund.
Utilities: £130 gas and electricity, £18 water, £120 council tax, £10 direct debit for annual boiler service.
Pension? Yes, I have a workplace pension and contribute £570 per month. My employer matches it and I currently have £41,000 in the pot.
All other monthly payments: £27 life insurance, £16 internet, £27 gym. I spend £40-60 on different charities and support friends in their fundraising. £500-£1,000 credit card payments. Subscriptions: £8 Disney+, £50 The Economist (annual).
Did you participate in any form of higher education?
I went to a community college for my undergraduate degree in Asia (that’s where I'm from) and was lucky to have an inexpensive education as my parents paid for my degree. I completed my ACA alongside my bachelor's degree to become a chartered accountant. ACA was not an expensive professional qualification (compared to a traditional university degree) and was partly funded by myself and partly by my parents. I lived with my parents while pursuing my higher education and therefore did not have significant living costs. I did plan to take a career break to pursue an MBA but could not come to terms with how expensive it is and therefore did not go ahead with it.
I went to a community college for my undergraduate degree in Asia (that’s where I'm from) and was lucky to have an inexpensive education as my parents paid for my degree. I completed my ACA alongside my bachelor's degree to become a chartered accountant. ACA was not an expensive professional qualification (compared to a traditional university degree) and was partly funded by myself and partly by my parents. I lived with my parents while pursuing my higher education and therefore did not have significant living costs. I did plan to take a career break to pursue an MBA but could not come to terms with how expensive it is and therefore did not go ahead with it.
Growing up, what kind of conversations did you have about money?
Both my parents came from poverty and would save every penny they could. Although we never had holidays abroad or even locally, they always ensured our school fees were paid, we had clean clothes to wear, nutritious food to eat and a house to live in, which I am very grateful for. My father emphasised the importance of education as well as investing from an early age. My mother is also a saver and has taught me the art of living within my means. The downside of this is that I never saw them spending money on themselves and that is something I struggle with as well. I do appreciate the happiness we get from occasionally pampering ourselves and try to enjoy different experiences every once in a while.
Both my parents came from poverty and would save every penny they could. Although we never had holidays abroad or even locally, they always ensured our school fees were paid, we had clean clothes to wear, nutritious food to eat and a house to live in, which I am very grateful for. My father emphasised the importance of education as well as investing from an early age. My mother is also a saver and has taught me the art of living within my means. The downside of this is that I never saw them spending money on themselves and that is something I struggle with as well. I do appreciate the happiness we get from occasionally pampering ourselves and try to enjoy different experiences every once in a while.
If you have, when did you move out of your parents’/guardians’ house?
I moved out at the age of 23, sharing an apartment with two women.
I moved out at the age of 23, sharing an apartment with two women.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would say at the age of 23 when I moved out, although I’ve been paying for all my personal expenses plus part of my education since I was 18.
I would say at the age of 23 when I moved out, although I’ve been paying for all my personal expenses plus part of my education since I was 18.
What was your first job and why did you get it?
I got my first job at 18, as an audit intern at a reputed audit firm while studying for my ACA. It did not pay a lot, although it did mean a lot of free meals at work and getting to travel a bit for work. Other than my daily commuting expenses and a bit of shopping every now and then, I saved most of it.
I got my first job at 18, as an audit intern at a reputed audit firm while studying for my ACA. It did not pay a lot, although it did mean a lot of free meals at work and getting to travel a bit for work. Other than my daily commuting expenses and a bit of shopping every now and then, I saved most of it.
Do you worry about money now?
I do worry if I have an expensive month. Spending money can be hard but I have become more relaxed in the last few years. My biggest fear is losing it all and not being able to care for my future family as well as my ageing parents. When I visit my home country, I'm able to take my parents on holidays and buy them gifts, and I realise that I'm comfortable.
I do worry if I have an expensive month. Spending money can be hard but I have become more relaxed in the last few years. My biggest fear is losing it all and not being able to care for my future family as well as my ageing parents. When I visit my home country, I'm able to take my parents on holidays and buy them gifts, and I realise that I'm comfortable.
Do you or have you ever received passive or inherited income?
My parents gifted me £25,000 when I got engaged to B. I used it for our house deposit.
My parents gifted me £25,000 when I got engaged to B. I used it for our house deposit.
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