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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 software developer living in Edinburgh. I moved here in 2023 for my current role, which was my first as a dev, after I finished up my master's degree earlier that year. I really like my life in Edinburgh and hope to stay here for a while! With regards to money, I am probably a mixture of saver and spender. I don’t tend to feel guilty about spending money on small treats like a coffee here and there, a meal out, or a holiday with my friends, but after being a perpetual student for so long my habits in other areas are more stingy (I cook for myself a lot, I buy most of my clothes at charity shops, I don’t have a car)".
Occupation: Software developer
Industry: Technology & Telecommunications
Age: 28
Location: Edinburgh
Salary: £37,852
Paycheque Amount: £2,353
Number of housemates: One
Pronouns: They/Them
Industry: Technology & Telecommunications
Age: 28
Location: Edinburgh
Salary: £37,852
Paycheque Amount: £2,353
Number of housemates: One
Pronouns: They/Them
Monthly Expenses
Housing costs: £650 rent.
Loan payments: £70 student loan.
Savings?: £2,736.41 in a LISA, £1,000
high-interest savings account, approximately £3,150 easy access savings, approximately £1,800 investments.
Pension? I have a company pension, my contributions and my employers’ matched contribution combine to a total of 9% of my monthly salary. I am aiming to increase my contributions in the near- to mid-term as I currently don’t have a lot saved.
Utilities: £83 council tax and water, £51 energy, £10.50 broadband. This is my half of a 50/50 arrangement with my flatmate K.
All other monthly payments? £8 phone bill, £15 charity/cultural donations, £22 beauty, £10 art classes. Subscriptions: £1 Spotify currently as it was on offer.
Loan payments: £70 student loan.
Savings?: £2,736.41 in a LISA, £1,000
high-interest savings account, approximately £3,150 easy access savings, approximately £1,800 investments.
Pension? I have a company pension, my contributions and my employers’ matched contribution combine to a total of 9% of my monthly salary. I am aiming to increase my contributions in the near- to mid-term as I currently don’t have a lot saved.
Utilities: £83 council tax and water, £51 energy, £10.50 broadband. This is my half of a 50/50 arrangement with my flatmate K.
All other monthly payments? £8 phone bill, £15 charity/cultural donations, £22 beauty, £10 art classes. Subscriptions: £1 Spotify currently as it was on offer.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I did an undergraduate degree and a master's. My undergraduate degree, at an English university, was paid for with a UK government loan, support from my parents for living expenses and a hodge-podge variety of scholarships, stipends and holiday and freelance jobs. For my postgraduate degree, I was fortunate enough to get a full studentship which was enough to fully cover my fees and living expenses.
Yes, I did an undergraduate degree and a master's. My undergraduate degree, at an English university, was paid for with a UK government loan, support from my parents for living expenses and a hodge-podge variety of scholarships, stipends and holiday and freelance jobs. For my postgraduate degree, I was fortunate enough to get a full studentship which was enough to fully cover my fees and living expenses.
Growing up, what kind of conversations did you have about money?
I only remember having a handful of conversations about money with them during my childhood, and when they had money worries, for example around redundancy and underemployment, they largely shielded us from the anxiety. When it came to career advice, both of my parents had a “follow your passion, not your pension” ethos. They encouraged me to do a master's in a subject I loved, and when I eventually decided to leave academia none of the pressure to make that decision came from them.
I only remember having a handful of conversations about money with them during my childhood, and when they had money worries, for example around redundancy and underemployment, they largely shielded us from the anxiety. When it came to career advice, both of my parents had a “follow your passion, not your pension” ethos. They encouraged me to do a master's in a subject I loved, and when I eventually decided to leave academia none of the pressure to make that decision came from them.
If you have, when did you move out of your parents/guardians house?
I moved out when I was 18 and going to uni. However, I moved back in with my parents for a few months during lockdown and also in between finishing my master's and starting my current job.
I moved out when I was 18 and going to uni. However, I moved back in with my parents for a few months during lockdown and also in between finishing my master's and starting my current job.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I was lucky to be able to gradually phase into financial responsibility. I lived overseas during part of my undergraduate and that definitely helped build my independence. By the time I took on my first full-time job after graduating, it felt more like a step up rather than a jump off the deep end. I’ve been financially responsible for myself since I was 23.
I was lucky to be able to gradually phase into financial responsibility. I lived overseas during part of my undergraduate and that definitely helped build my independence. By the time I took on my first full-time job after graduating, it felt more like a step up rather than a jump off the deep end. I’ve been financially responsible for myself since I was 23.
What was your first job and why did you get it?
My first job was washing dishes at a nearby restaurant that hosted big Christmas parties, because I wanted some money for Christmas presents. It was a local family business and they paid me cash in hand.
My first job was washing dishes at a nearby restaurant that hosted big Christmas parties, because I wanted some money for Christmas presents. It was a local family business and they paid me cash in hand.
Do you worry about money now?
Yes. Although I’m fine for day-to-day expenses, I worry that I am financially “behind” other people my age, because I spent most of my early and mid-20s as a perpetual student. I don’t regret my decisions, but I do think I was quite naïve to the opportunity cost of spending so long in full-time education. I really feel my lack of savings compared to people my age who have been working and building their financial wellbeing diligently for years. I try to be relatively frugal in my day-to-day spending, which is an effort to make up for lost time.
Yes. Although I’m fine for day-to-day expenses, I worry that I am financially “behind” other people my age, because I spent most of my early and mid-20s as a perpetual student. I don’t regret my decisions, but I do think I was quite naïve to the opportunity cost of spending so long in full-time education. I really feel my lack of savings compared to people my age who have been working and building their financial wellbeing diligently for years. I try to be relatively frugal in my day-to-day spending, which is an effort to make up for lost time.
Do you or have you ever received passive or inherited income?
No.
No.
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