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Welcome to Money Diaries, where we're tackling what might be the last taboo facing modern working women: money. We're asking a cross-section of women 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 engineer living in London with one flatmate. London has been home for a little over a decade now and prior to that I grew up in Lasgidi (Lagos). I used to be a splurger with a leaky budget and very active social life prior to the pandemic. I didn’t know where my money was going and lifestyle creep was gradually setting in as I earned more money.
In 2019 I was on a lower salary: ~£53k. I froze my lifestyle costs and focused on earning more money. In early 2020 I suffered a family loss and had to take on some additional financial responsibility over a few months. It was quite a stressful period but I had an emergency fund back then, which came in handy.
My money mindset changed completely over the course of 2020 due to that experience and the pandemic. I’m now focusing on growing my money rather than saving in my bank account. I met my partner during the pandemic which has been great. We often have open conversations about money and our ideal lifestyle in the future. Long term I would love to split my time between the UK and somewhere hot as I’m a tropical babe. In the medium term I’m focusing on increasing my income and developing my side hustle into a sustainable small business. In the short term I'm focusing on maintaining the good investment habits I formed during lockdown."
Industry: Technology
Age: 28
Location: London
Salary: £72,500 + bonuses
Paycheque amount: ~£4,050 (after tax and pension)
Number of housemates: One
Age: 28
Location: London
Salary: £72,500 + bonuses
Paycheque amount: ~£4,050 (after tax and pension)
Number of housemates: One
Monthly Expenses
Housing costs: £885
Loan payments: £0
Credit cards: I own an AMEX which I sometimes use for larger purchases and repay at the end of the month.
Utilities: ~£150-165 monthly (council tax, water, gas and electricity, internet, TV licence etc.).
Transportation: I budget about £100 for this.
Phone bill: £24 for a SIM-only contract.
Savings? £6.5k in emergency fund and ~£15k in other savings. After rent I have about £3,000 left and I save about 67% of this on average. I have various pots based on my goals. Cash LISA pot (£400), Help to Buy ISA pot (£200), Stocks and shares ISA (£900), Stocks and shares (handpicked) (£200), Travel pot (£250), Cryptocurrency pot (£50).
Other: The rest of my money goes towards lifestyle costs like food, fitness, subscriptions, family support, charity donations, self-care. Food is my biggest personal cost at the moment. I spend about £450 on this monthly, which includes groceries, eating out and entertainment.
Loan payments: £0
Credit cards: I own an AMEX which I sometimes use for larger purchases and repay at the end of the month.
Utilities: ~£150-165 monthly (council tax, water, gas and electricity, internet, TV licence etc.).
Transportation: I budget about £100 for this.
Phone bill: £24 for a SIM-only contract.
Savings? £6.5k in emergency fund and ~£15k in other savings. After rent I have about £3,000 left and I save about 67% of this on average. I have various pots based on my goals. Cash LISA pot (£400), Help to Buy ISA pot (£200), Stocks and shares ISA (£900), Stocks and shares (handpicked) (£200), Travel pot (£250), Cryptocurrency pot (£50).
Other: The rest of my money goes towards lifestyle costs like food, fitness, subscriptions, family support, charity donations, self-care. Food is my biggest personal cost at the moment. I spend about £450 on this monthly, which includes groceries, eating out and entertainment.
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