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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 solicitor living with my partner in Glasgow. I previously worked long and stressful hours at a large law firm but didn’t much enjoy the 'work hard, play hard' culture and made the decision to move to a public sector organisation for a better work-life balance around 18 months ago. Although this meant taking a pay cut, I didn’t mind because I love having the extra time to properly enjoy my evenings and weekends. Plus, I’ve had a couple of pay bumps since joining my new organisation and I now earn more than I did at the firm. I grew up in quite a cash-strapped household and until a few years ago really begrudged spending money on anything that I didn’t deem necessary. However, I’ve been working on my relationship with money and now make sure to spend a fair amount of my hard-earned disposable income on things that make me happy."
Occupation: Solicitor
Industry: Legal services
Age: 28
Location: Glasgow
Salary: £64,200
Paycheque amount: £3,353.54 (after tax, NI, pension contribution and student loan deductions).
Number of housemates: One: my fiancé, J (and our cat, C).
Pronouns: She/her
Industry: Legal services
Age: 28
Location: Glasgow
Salary: £64,200
Paycheque amount: £3,353.54 (after tax, NI, pension contribution and student loan deductions).
Number of housemates: One: my fiancé, J (and our cat, C).
Pronouns: She/her
Monthly Expenses
Housing costs: £527 for my part of the mortgage. I pay more than J in proportion to our incomes.
Loan payments: £246 student loan, £221 for some cosmetic dental treatment I’m undergoing.
Savings? £16,000 in a high interest, locked ISA, which I plan to put towards a move to a bigger place in a couple of years; £4,000 in a wedding fund, which I add £500 to each month; £5,000 in an emergency fund.
Utilities: £50 gas and electric (my half), £20 wi-fi (my half), £90 council tax (I pay more than J in proportion to our incomes).
Pension? I am a member of a defined benefit public sector pension scheme. I pay in around 7% of my monthly salary.
All other monthly payments: £31 phone, £9.75 contents insurance, £5 pet insurance, £10 charity donation. I pay £54 car insurance, £7 road tax, £6.63 TV licence, £30 building maintenance fee and J pays the other half.
Subscriptions: £21 gym membership, £10 Estrid, £16 coffee subscription, £4.50 Amazon Prime (split with J).
Loan payments: £246 student loan, £221 for some cosmetic dental treatment I’m undergoing.
Savings? £16,000 in a high interest, locked ISA, which I plan to put towards a move to a bigger place in a couple of years; £4,000 in a wedding fund, which I add £500 to each month; £5,000 in an emergency fund.
Utilities: £50 gas and electric (my half), £20 wi-fi (my half), £90 council tax (I pay more than J in proportion to our incomes).
Pension? I am a member of a defined benefit public sector pension scheme. I pay in around 7% of my monthly salary.
All other monthly payments: £31 phone, £9.75 contents insurance, £5 pet insurance, £10 charity donation. I pay £54 car insurance, £7 road tax, £6.63 TV licence, £30 building maintenance fee and J pays the other half.
Subscriptions: £21 gym membership, £10 Estrid, £16 coffee subscription, £4.50 Amazon Prime (split with J).
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I studied law at university in Scotland. My undergraduate tuition fees were paid by the government. Based on my parents’ income, I was entitled to the highest level of undergraduate student loan and a personal bursary, which I used to cover my living costs. I worked part-time throughout the majority of my studies to cover ‘wants’ like nights out and clothes. My tuition fees for my postgraduate diploma were paid by the law firm I went to work for when I left university, and I took a further small student loan that year to cover my living expenses.
Yes, I studied law at university in Scotland. My undergraduate tuition fees were paid by the government. Based on my parents’ income, I was entitled to the highest level of undergraduate student loan and a personal bursary, which I used to cover my living costs. I worked part-time throughout the majority of my studies to cover ‘wants’ like nights out and clothes. My tuition fees for my postgraduate diploma were paid by the law firm I went to work for when I left university, and I took a further small student loan that year to cover my living expenses.
Growing up, what kind of conversations did you have about money?
I don’t remember having many conversations about money when I was growing up but I was aware that it was often tight in my household. My parents ran a small business together (before they separated when I was in my early teens). Their income varied on a monthly basis and it caused them a bit of anxiety. As a child, whenever I asked them to buy me a new toy, my parents encouraged me to save up for it myself, giving me a small amount of money every week until I had enough to buy the item. This definitely influenced my attitude towards money — I’ve been an avid saver ever since my first paycheque.
I don’t remember having many conversations about money when I was growing up but I was aware that it was often tight in my household. My parents ran a small business together (before they separated when I was in my early teens). Their income varied on a monthly basis and it caused them a bit of anxiety. As a child, whenever I asked them to buy me a new toy, my parents encouraged me to save up for it myself, giving me a small amount of money every week until I had enough to buy the item. This definitely influenced my attitude towards money — I’ve been an avid saver ever since my first paycheque.
If you have, when did you move out of your parents'/guardians' house?
I moved out to go to university when I was 18, moving back for a few months between finishing my postgraduate course and starting my first full-time job when I was in my early 20s.
I moved out to go to university when I was 18, moving back for a few months between finishing my postgraduate course and starting my first full-time job when I was in my early 20s.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I became financially responsible for myself when I moved out at 18 but I didn’t pay any rent or bills for the few months when I went back to live with my mum after finishing university. I’ve been completely financially independent since I was 23.
I became financially responsible for myself when I moved out at 18 but I didn’t pay any rent or bills for the few months when I went back to live with my mum after finishing university. I’ve been completely financially independent since I was 23.
What was your first job and why did you get it?
I worked in a local supermarket stacking shelves when I was 17. I wanted money to fund my nights out and to have some savings because I knew I wanted to move to a different city to attend university.
I worked in a local supermarket stacking shelves when I was 17. I wanted money to fund my nights out and to have some savings because I knew I wanted to move to a different city to attend university.
Do you worry about money now?
I don’t worry about my own finances at the moment because I have a decent level of savings, my partner and I own our flat, my skills are in demand and I work in a stable industry. I do however worry about the future — potential future childcare costs and also that I’ll probably need to support my parents when they are no longer working as they don’t own property and don’t have much at all in the way of savings/pension funds.
Do you or have you ever received passive or inherited income?
No.
I don’t worry about my own finances at the moment because I have a decent level of savings, my partner and I own our flat, my skills are in demand and I work in a stable industry. I do however worry about the future — potential future childcare costs and also that I’ll probably need to support my parents when they are no longer working as they don’t own property and don’t have much at all in the way of savings/pension funds.
Do you or have you ever received passive or inherited income?
No.
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