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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 25-year-old living in Dorset with my partner, J, and our litdtle girl, K, who is 6 months old. I wrote a Money Diary in 2020 while I was on furlough and now I'm on maternity leave with statutory maternity pay, which is pretty shocking. We started a joint savings account when we found out I was pregnant to help cover the shortfall during this period. I’m really enjoying this time with my little girl and I am already dreading going back to work."
Occupation: Service coordinator
Industry: Engineering
Age: 25
Location: Dorset
Salary: £26,966
Paycheque amount: Usually £1,700 but on mat leave it's currently £750.
Number of housemates: Two: my partner, J, and baby, K.
Pronouns: She/her
Industry: Engineering
Age: 25
Location: Dorset
Salary: £26,966
Paycheque amount: Usually £1,700 but on mat leave it's currently £750.
Number of housemates: Two: my partner, J, and baby, K.
Pronouns: She/her
Monthly Expenses
Housing costs: £875 rent. J and I have a joint account and we pay in £1,600 between us each month to cover rent, bills and a food shop. We used to split this 50/50, however I now put in £450 due to being on maternity leave.
Loan payments: £0
Pension: I contribute 6% of my salary, which currently is working out to about £35.
Savings? £19,000 in a LISA, £9,000 split across regular savings and £2,000 in a joint savings account with J. I have saved this all pretty much myself. I received £6,500 when I turned 18, which was set up when my dad passed away, but I put this towards a cosmetic surgery. I am currently not adding to my own savings but putting £15 a month into a junior ISA for K.
Utilities: £100.80 gas and electric, £169 council tax, £54.50 water and £25 internet. All comes out of the joint account as noted above.
All other monthly payments: £17 life insurance, £70 car, £25 phone (J is paying for this for me currently). Subscriptions: £5 Spotify, £5 Disney+.
Loan payments: £0
Pension: I contribute 6% of my salary, which currently is working out to about £35.
Savings? £19,000 in a LISA, £9,000 split across regular savings and £2,000 in a joint savings account with J. I have saved this all pretty much myself. I received £6,500 when I turned 18, which was set up when my dad passed away, but I put this towards a cosmetic surgery. I am currently not adding to my own savings but putting £15 a month into a junior ISA for K.
Utilities: £100.80 gas and electric, £169 council tax, £54.50 water and £25 internet. All comes out of the joint account as noted above.
All other monthly payments: £17 life insurance, £70 car, £25 phone (J is paying for this for me currently). Subscriptions: £5 Spotify, £5 Disney+.
Did you participate in any form of higher education? If yes, how did you pay for it?
I did not.
I did not.
Growing up, what kind of conversations did you have about money?
I grew up with just my mum and brother as my dad passed away when I was young. He had set up a widow's pension so my mum didn’t have to work as he wanted her to be home with us. At the time I didn’t notice any struggles but looking back, my mum made lots of sacrifices to make this work. We started talking about money when I was about 12. I was given a little pocket money and my mum would talk about how best to use it instead of just using it for sweets. I think she set me up to be the way I am now with money, which is frugal!
I grew up with just my mum and brother as my dad passed away when I was young. He had set up a widow's pension so my mum didn’t have to work as he wanted her to be home with us. At the time I didn’t notice any struggles but looking back, my mum made lots of sacrifices to make this work. We started talking about money when I was about 12. I was given a little pocket money and my mum would talk about how best to use it instead of just using it for sweets. I think she set me up to be the way I am now with money, which is frugal!
If you have, when did you move out of your parents'/guardians' house?
I moved out when I was 23 to live with my partner, J.
I moved out when I was 23 to live with my partner, J.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would say I became financially responsible when I moved out. Even though I paid rent when I lived with my mum, it was minimal and allowed me to save and spend as I wanted without worrying. However, now I feel I have gone back to people covering for me as J is picking up a lot and our family is super helpful with K and buying us formula, nappies etc. every so often.
I would say I became financially responsible when I moved out. Even though I paid rent when I lived with my mum, it was minimal and allowed me to save and spend as I wanted without worrying. However, now I feel I have gone back to people covering for me as J is picking up a lot and our family is super helpful with K and buying us formula, nappies etc. every so often.
What was your first job and why did you get it?
Weekend job in a local shoe shop at 16 to have some spending money for myself.
Weekend job in a local shoe shop at 16 to have some spending money for myself.
Do you worry about money now?
Yes I do. We want to buy a house but J needs to build up his savings, which he’s put on hold while I’m off work. I’m worried about going back to work as I will need to go part-time as nursery costs are astronomical.
Yes I do. We want to buy a house but J needs to build up his savings, which he’s put on hold while I’m off work. I’m worried about going back to work as I will need to go part-time as nursery costs are astronomical.
Do you or have you ever received passive or inherited income?
Yes, I received £6,500 when I turned 18, which my dad set up and my mum added to after he passed.
Yes, I received £6,500 when I turned 18, which my dad set up and my mum added to after he passed.
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