Money Diary 26-Year-Old Solicitor On 150k

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 26-year-old solicitor living in London. I have lived here for the past five years. I lived in a city outside London for three years while doing my undergrad and I lived outside the UK before that. Living in London is great but it’s very easy to spend lots of money, especially given that I am not the best saver (20% off on ASOS gets me every time)."

Occupation: Solicitor
Industry: Legal services
Age: 26
Location: London
Salary: £150,000
Paycheque amount: £7,269.36
Number of housemates: One: my boyfriend, A.
Pronouns: She/her

Monthly Expenses

Housing costs: £1,425 for my part of the rent (I pay about 60% and A pays the rest).
Loan payments: £0
Savings? I save a different amount every month but I have a standing order of £650 every month to my savings account. I will usually also put at least £1,000 in my stocks and shares ISA every month. I currently have about £33,500 saved (split between several savings accounts and my stocks and shares ISA).
Pension? I pay £293.52 in every month (I contribute 5% of my salary and my employer contributes 3%).
Utilities: A and I split utilities in half every month. £65 for energy (this will change depending on the season), £6.50 for contents insurance, £29.24 for water, £83.12 for council tax, £9 for Wi-Fi.
All other monthly payments: Phone bill £21.86, gym £25. Tesco Delivery Saver £24 every six months (A and I split the cost in half), ASOS Premier Delivery £9.95 a year. Subscriptions: Now TV £8.98, Apple storage £2.49, Spotify Duo £7.99 (split with my brother). Amazon £40 per year (A and I split the cost in half).

Did you participate in any form of higher education? If yes, how did you pay for it?

I studied law as an undergraduate degree in a university outside London and then I went on to do an LPC (legal practice course, required in the UK to become a solicitor) in London. My parents paid for my undergrad and my employer paid for the LPC. My parents placed a very high value on education and I am extremely grateful to them for this, as well as for paying for my degree and allowing me to start my career debt-free.

Growing up, what kind of conversations did you have about money?

My parents did not really discuss money or their finances with us except the usual 'money doesn't grow on trees, you need to be careful and save' when I was young. My parents were not frugal but neither did they spend unnecessarily. We did not have expensive cars or go on expensive/many holidays but we never wanted for anything. From university onwards, they spoke to my siblings and me more about the importance of saving for the future and having a well-paying job.

If you have, when did you move out of your parents'/guardians' house?

I moved out of my parents' house when I was 18 to go to university. I then moved into a flat they own in London on and off between the ages of 21 and 26 (where I paid the utilities but a reduced rent). I have now moved out and have no plans (hopefully!) of going back.

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 100% financially responsible this year when I moved in with A. I have been financially responsible since the age of 23 in all aspects bar that I lived in a flat my parents owned and so I paid a deducted rent. I am very grateful to them as it allowed me to save and spend more money on wants rather than needs.

What was your first job and why did you get it?

My first job was as a nanny during my gap year between my undergraduate degree and my LPC. I worked for a family with three boys for about six months every weekday afternoon. It was a great job and I was very sad to leave when I did. I supplemented that with ad hoc babysitting during the day or at the weekend. I got this job in order to support myself during my year off studying and to supplement my travel fund.

Do you worry about money now?

Not really. I am very lucky that I have a high salary and if worst came to worst, my parents could support me if I was between jobs. I do worry about the future and when we decide to have children as having a family in London is very expensive. I also worry about a recession affecting my line of work.

Do you or have you ever received passive or inherited income? If yes, please explain.

I received a sum of money from my grandfather when he died, which allowed me to take a year out and travel between university and my LPC. My parents also kindly paid for my undergraduate degree and so I have no student loans. I will forever be extremely grateful to my parents for this and I would count this as passive income because it has made a huge difference to my life (and I would hope to do the same for my children one day).