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.
“I’m 33 and live in London with my husband and our cat. I previously wrote a Money Diary where I had just quit my job, and what followed was quite a rollercoaster. I was unfortunately made redundant after just less than a year in my job, rushed into a new job as I was spending so much on wedding planning, and have recently quit that one due to another toxic work environment (this one was way worse). I’ve learned a lot about what I want from a job in the future, and also been trying to save more so that I don’t ever get trapped in a job that destroys my mental health ever again. Since my last diary, I have gotten engaged and married and paid off my student loan. The wedding cost around £30,000 and we managed the cost of this with a £15,000 loan to manage cash flow and get some discounts on paying upfront (this was paid back in 15 of the 24 months of the agreement) and we received maybe £5,000 from our parents in total.”
Occupation: Senior partnerships manager
Industry: Currently fin tech, soon to be hospitality.
Age: 33
Location: London
Salary: £65,000 (This is the same at my new job.)
Paycheque amount: £3,742 — I assume this will reduce a little as my pension contributions may be higher.
Number of housemates: One husband, one fur baby.
Pronouns: She/her
Industry: Currently fin tech, soon to be hospitality.
Age: 33
Location: London
Salary: £65,000 (This is the same at my new job.)
Paycheque amount: £3,742 — I assume this will reduce a little as my pension contributions may be higher.
Number of housemates: One husband, one fur baby.
Pronouns: She/her
Housing costs: £949 mortgage. We pay all housing costs from the joint account.
Loan payments: £45 on a sofa bed paid from the joint account (there are maybe six payments left).
Savings? £4,263 in my personal savings, £3,100 in joint savings. We recently bought a car in cash for £11,100 so this depleted my savings but the finance options weren’t good enough to consider. My husband pays me back in chunks for the car as it came from my savings, but he isn’t paying this month due to it being an expensive one.
Pension? £35,248.17 in Pension Bee and £5,000-£6,000 in my current pension, which will be transferred in a few months.
Utilities: £130 service charge, £14 pet insurance, £47 car insurance, £241 council tax, £49 life and critical illness cover (this is covered in my new role so I may cancel it), £54 internet, £13 TV license, £110 gas and electric, £60 water.
All other monthly payments: £45 phone payment, £195 gym. Subscriptions: £21.25 supplements, £24.99 Skin + Me, £4.77 Oura membership, £25 Nespresso.
Did you participate in any form of higher education? If yes, how did you pay for it? I did a sandwich degree starting in 2007 so paid around £3,000 per year. I took out a full loan for three years and my dad paid the £700 course fee for the year out. He also paid my rent. I worked from second year onwards, earning a salary of £18,000 on my sandwich year, which I pretty much wasted. I had no understanding of money at the time and regret not teaching myself. I left with £22,000 of debt.
Loan payments: £45 on a sofa bed paid from the joint account (there are maybe six payments left).
Savings? £4,263 in my personal savings, £3,100 in joint savings. We recently bought a car in cash for £11,100 so this depleted my savings but the finance options weren’t good enough to consider. My husband pays me back in chunks for the car as it came from my savings, but he isn’t paying this month due to it being an expensive one.
Pension? £35,248.17 in Pension Bee and £5,000-£6,000 in my current pension, which will be transferred in a few months.
Utilities: £130 service charge, £14 pet insurance, £47 car insurance, £241 council tax, £49 life and critical illness cover (this is covered in my new role so I may cancel it), £54 internet, £13 TV license, £110 gas and electric, £60 water.
All other monthly payments: £45 phone payment, £195 gym. Subscriptions: £21.25 supplements, £24.99 Skin + Me, £4.77 Oura membership, £25 Nespresso.
Did you participate in any form of higher education? If yes, how did you pay for it? I did a sandwich degree starting in 2007 so paid around £3,000 per year. I took out a full loan for three years and my dad paid the £700 course fee for the year out. He also paid my rent. I worked from second year onwards, earning a salary of £18,000 on my sandwich year, which I pretty much wasted. I had no understanding of money at the time and regret not teaching myself. I left with £22,000 of debt.
Growing up, what kind of conversations did you have about money?
None, hence my lack of knowledge when I started earning. We were always comfortable, I went on nice holidays and my mum didn’t have to work. When my parents split, money was a huge source of tension but was never in short supply.
None, hence my lack of knowledge when I started earning. We were always comfortable, I went on nice holidays and my mum didn’t have to work. When my parents split, money was a huge source of tension but was never in short supply.
If you have, when did you move out of your parents’/guardians’ house?
I was in and out until I was 25 due to periods away at uni, breakups and being out of work.
I was in and out until I was 25 due to periods away at uni, breakups and being out of work.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I could not maintain my lifestyle without my husband, who earns around £90,000 per year (it varies). My parents have also been extremely generous over the years. My dad and stepmum have gifted us about £40,000 to set us up with a good life. This mostly went on our flat deposit then some towards our wedding loan, and a bit towards the recent car purchase. Given I have always had an okay salary, I am embarrassed that I needed this help to be where I am now and I’m trying to save towards my future.
I could not maintain my lifestyle without my husband, who earns around £90,000 per year (it varies). My parents have also been extremely generous over the years. My dad and stepmum have gifted us about £40,000 to set us up with a good life. This mostly went on our flat deposit then some towards our wedding loan, and a bit towards the recent car purchase. Given I have always had an okay salary, I am embarrassed that I needed this help to be where I am now and I’m trying to save towards my future.
What was your first job and why did you get it?
Working in Primark at 16. Getting a job was not an option (my mum insisted). I quit when I went to uni as I couldn’t transfer to a different store. I didn’t work in my first year but aside from that, and a three-month career break, I have been employed since.
Do you worry about money now?
Not day to day, but my grandmother has recently needed to enter care and the costs are terrifying. I have shifted my focus to ensure I have enough money for my future so I can be comfortable in later life. I have a long way to go though.
Working in Primark at 16. Getting a job was not an option (my mum insisted). I quit when I went to uni as I couldn’t transfer to a different store. I didn’t work in my first year but aside from that, and a three-month career break, I have been employed since.
Do you worry about money now?
Not day to day, but my grandmother has recently needed to enter care and the costs are terrifying. I have shifted my focus to ensure I have enough money for my future so I can be comfortable in later life. I have a long way to go though.
Do you or have you ever received passive or inherited income?
No inheritance, although I have received a lot of gifted money in the last 10 years.
No inheritance, although I have received a lot of gifted money in the last 10 years.
ADVERTISEMENT