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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.
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This week: "I'm 29 years old and living in Manchester, working as a data analyst for a charity. Since my first diary a year and a half ago, I’ve changed career direction, been on some lovely holidays, made lots of new close friends in Manchester and am now about to start looking for a flat to buy. To that end, I am trying to bulk up my savings as much as possible while still having a social life. After the purchase is complete, I’ll probably look at getting a new job to increase my income."
Occupation: Senior marketing data analyst
Industry: Nonprofit
Age: 29
Location: Manchester
Salary: £40,800
Paycheque amount: £2,504.64
Number of housemates: One: G (and my cat, S).
Pronouns: She/her
Industry: Nonprofit
Age: 29
Location: Manchester
Salary: £40,800
Paycheque amount: £2,504.64
Number of housemates: One: G (and my cat, S).
Pronouns: She/her
Monthly Expenses
Housing costs: £682.50 rent.
Loan payments: £101 student loan repayment comes out of my gross pay.
Pension? I pay £170, matched by my employer.
Savings? I currently have £24,400 in a LISA, £5,500 in a regular savings account, £1,351 in my cat-sitting earnings pot and £300 in a pot for my 30th next year, as I’d like to plan a trip with a friend and a party. At the moment, I only put ‘round-ups’ into my LISA, £50 a month into the 30th pot, and anything else I have left at the end of the month goes into regular savings, in anticipation of buying a flat and all the associated fees/furniture costs. On average this year I’ve saved around £500 a month from my main salary and earned around £135 a month from cat-sitting, although this varies wildly month by month.
Utilities: I transfer my flatmate £202.27 a month, which covers water, electric, council tax and TV licence.
All other monthly payments: £12.87 pet insurance, £32.60 cat food subscription, £22.99 gym membership, £140 personal trainer, £21 contact lenses, £10 phone contract, £5 donation to Marine Conservation Society. Subscriptions: £10.99 Netflix, £2.99 Now TV.
Loan payments: £101 student loan repayment comes out of my gross pay.
Pension? I pay £170, matched by my employer.
Savings? I currently have £24,400 in a LISA, £5,500 in a regular savings account, £1,351 in my cat-sitting earnings pot and £300 in a pot for my 30th next year, as I’d like to plan a trip with a friend and a party. At the moment, I only put ‘round-ups’ into my LISA, £50 a month into the 30th pot, and anything else I have left at the end of the month goes into regular savings, in anticipation of buying a flat and all the associated fees/furniture costs. On average this year I’ve saved around £500 a month from my main salary and earned around £135 a month from cat-sitting, although this varies wildly month by month.
Utilities: I transfer my flatmate £202.27 a month, which covers water, electric, council tax and TV licence.
All other monthly payments: £12.87 pet insurance, £32.60 cat food subscription, £22.99 gym membership, £140 personal trainer, £21 contact lenses, £10 phone contract, £5 donation to Marine Conservation Society. Subscriptions: £10.99 Netflix, £2.99 Now TV.
Did you participate in any form of higher education? If yes, how did you pay for it?
There’s more detail on all of these questions in my original diary, but to recap: I did a three-year English degree, paid for by student loans. I got the minimum maintenance loan and worked three jobs during holidays to pay for everything else. I also received a £2,000 academic grant, which I used to pay for my car insurance and MOT for when I was working.
There’s more detail on all of these questions in my original diary, but to recap: I did a three-year English degree, paid for by student loans. I got the minimum maintenance loan and worked three jobs during holidays to pay for everything else. I also received a £2,000 academic grant, which I used to pay for my car insurance and MOT for when I was working.
Growing up, what kind of conversations did you have about money?
My parents were very frugal and would take out cash every week to stick to their budget, do a monthly audit of all their receipts, spending, etc. Their financial situation is much better now that we are adults; they are very comfortable and support us when we need it.
My parents were very frugal and would take out cash every week to stick to their budget, do a monthly audit of all their receipts, spending, etc. Their financial situation is much better now that we are adults; they are very comfortable and support us when we need it.
If you have, when did you move out of your parents'/guardians' house?
I moved out six months after university at 21, to live in London for my grad job.
I moved out six months after university at 21, to live in London for my grad job.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
My parents continued to cover some small bits for the first few years after I moved out, like my contact lenses and phone contract. They would also loan me odd amounts to pay for things like security deposits when I was moving between rental houses. I became fully responsible for myself when I moved to Manchester about five years ago.
My parents continued to cover some small bits for the first few years after I moved out, like my contact lenses and phone contract. They would also loan me odd amounts to pay for things like security deposits when I was moving between rental houses. I became fully responsible for myself when I moved to Manchester about five years ago.
What was your first job and why did you get it?
I trained as a lifeguard when I was 16, which I'd say was my first ‘proper’ job. I did odd admin work at my mum’s office and had a paper round when I was younger.
I trained as a lifeguard when I was 16, which I'd say was my first ‘proper’ job. I did odd admin work at my mum’s office and had a paper round when I was younger.
Do you worry about money now?
Looking back at my first diary, I am happy to see that I am less stressed about money than I was, as my earnings have increased and I feel comfortable. However, I am currently looking to buy a flat, which is making me very nervous; after eight years of saving, seeing my accounts go down to £0 will be terrifying! I’m also worried about the monthly payments. I haven’t decided yet if I want to buy a two-bedroom flat and take in a lodger, which would make it cheaper than I currently pay, or if I want to increase my outgoings to get a one-bed, live a lot more frugally and have the place to myself.
Looking back at my first diary, I am happy to see that I am less stressed about money than I was, as my earnings have increased and I feel comfortable. However, I am currently looking to buy a flat, which is making me very nervous; after eight years of saving, seeing my accounts go down to £0 will be terrifying! I’m also worried about the monthly payments. I haven’t decided yet if I want to buy a two-bedroom flat and take in a lodger, which would make it cheaper than I currently pay, or if I want to increase my outgoings to get a one-bed, live a lot more frugally and have the place to myself.
Do you or have you ever received passive or inherited income?
Other than occasional support from my parents and the £2,000 listed in my first diary, I also have a small amount in premium bonds, which my grandparents bought when I was young. This is a minimal amount and I’ve never won anything on them! If I do buy a flat, I think my parents will probably gift me a few thousand pounds to help with the cost, as I know they did this for my brother recently. I’m not counting on that though and want to make sure I can pay for everything myself, with anything extra as a lovely bonus.
Other than occasional support from my parents and the £2,000 listed in my first diary, I also have a small amount in premium bonds, which my grandparents bought when I was young. This is a minimal amount and I’ve never won anything on them! If I do buy a flat, I think my parents will probably gift me a few thousand pounds to help with the cost, as I know they did this for my brother recently. I’m not counting on that though and want to make sure I can pay for everything myself, with anything extra as a lovely bonus.
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