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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 software engineer working in London. I recently relocated from the United States for work and I often get asked by colleagues why I decided to move to the UK, considering tech salaries in the US pay almost double. Truth is, I feel more financially secure here. I'm not sure whether I'll stay in the UK in the long run but so far I have been enjoying life across the pond!"
Occupation: Software engineer
Industry: Tech
Age: 25
Location: London
Salary: £70,000 + bonus.
Paycheque amount: £4,700 after tax and NI deductions.
Number of housemates: None
Pronouns: She/her
Industry: Tech
Age: 25
Location: London
Salary: £70,000 + bonus.
Paycheque amount: £4,700 after tax and NI deductions.
Number of housemates: None
Pronouns: She/her
Monthly Expenses
Housing costs: £2,000
Loan payments: None
Savings: £250,000 in retirement and brokerage accounts between the US and the UK.
Pension? I pay 10% per month and my company matches 7%.
Utilities: £40 electricity and gas, £26 water, £106 council tax.
All other monthly payments: £11 renter’s insurance, £20 internet, £0 phone bill (I’m on a family plan). Subscriptions: £5 Patreon.
Loan payments: None
Savings: £250,000 in retirement and brokerage accounts between the US and the UK.
Pension? I pay 10% per month and my company matches 7%.
Utilities: £40 electricity and gas, £26 water, £106 council tax.
All other monthly payments: £11 renter’s insurance, £20 internet, £0 phone bill (I’m on a family plan). Subscriptions: £5 Patreon.
Did you participate in any form of higher education? If yes, how did you pay for it?
I received my bachelor’s degree in the United States, which was partially covered by external scholarships and partially by my parents.
I received my bachelor’s degree in the United States, which was partially covered by external scholarships and partially by my parents.
Growing up, what kind of conversations did you have about money?
My parents set up a bank account, college fund and retirement fund for me before I was 10. Because they were immigrants, they had to learn about the American financial system on their own. As a result, they wanted me to develop good financial habits as early as possible. I’m immensely grateful for them, and I know I would not be where I am financially without their help.
My parents set up a bank account, college fund and retirement fund for me before I was 10. Because they were immigrants, they had to learn about the American financial system on their own. As a result, they wanted me to develop good financial habits as early as possible. I’m immensely grateful for them, and I know I would not be where I am financially without their help.
If you have, when did you move out of your parents'/guardians' house?
During university I was living on campus. I spent some time back home during COVID but after graduation I moved into my own flat.
During university I was living on campus. I spent some time back home during COVID but after graduation I moved into my own flat.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
At 21, after graduating from college, I started paying for my own living expenses. My parents and I are still very close but I would feel bad asking them for financial support.
At 21, after graduating from college, I started paying for my own living expenses. My parents and I are still very close but I would feel bad asking them for financial support.
What was your first job and why did you get it?
My first paid job was a summer internship in high school. I worked as a social media manager for a nonprofit.
My first paid job was a summer internship in high school. I worked as a social media manager for a nonprofit.
Do you worry about money now?
I worry about retirement, budgeting and taxes, but not my day-to-day expenses.
I worry about retirement, budgeting and taxes, but not my day-to-day expenses.
Do you or have you ever received passive or inherited income?
No.
No.
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