ADVERTISEMENT
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 27 year-old first-time mum to a gorgeous (and very active!) 11 month-old baby. We live in a large town in the South West and have been based here for four years, moving here for my job shortly after we got married. My husband found work here and we bought a two bed mid-terrace house in 2022, so we're settled here for now, an alien concept to me as I moved around very frequently as a child!
I'm currently on the last month of the unpaid portion of my maternity leave (I was previously a children's social worker, earning £38,000), however I've decided not to go back to work for now as there wasn't enough flexibility offered by my employer. F will only be this small once so I don't want to regret not being at home with her! I found my job super rewarding, although very full on and am a little sad not to be going back in any capacity but know that being at home is the right place for now. This decision came in the same month my husband took a significant (£16,000) pay cut, to move from a job he wasn't enjoying to one that's already giving him much more job satisfaction and better long term prospects. While we've both made pretty drastic financial decisions in the last few months, we feel really settled that they're the right decisions for our family for now.
We are trying to save for a hopeful move to a larger house in a couple of years (ideally so we can have more kids), as well as doing up bits of our current house. My husband is naturally much more frugal than I am, although I like to think I'm generally quite financially sensible and savvy about finding offers, but I'm definitely more prone to treating myself than T is. I think we're pretty good at living within our means, although we're adjusting to what that looks like with our new budget."
I'm currently on the last month of the unpaid portion of my maternity leave (I was previously a children's social worker, earning £38,000), however I've decided not to go back to work for now as there wasn't enough flexibility offered by my employer. F will only be this small once so I don't want to regret not being at home with her! I found my job super rewarding, although very full on and am a little sad not to be going back in any capacity but know that being at home is the right place for now. This decision came in the same month my husband took a significant (£16,000) pay cut, to move from a job he wasn't enjoying to one that's already giving him much more job satisfaction and better long term prospects. While we've both made pretty drastic financial decisions in the last few months, we feel really settled that they're the right decisions for our family for now.
We are trying to save for a hopeful move to a larger house in a couple of years (ideally so we can have more kids), as well as doing up bits of our current house. My husband is naturally much more frugal than I am, although I like to think I'm generally quite financially sensible and savvy about finding offers, but I'm definitely more prone to treating myself than T is. I think we're pretty good at living within our means, although we're adjusting to what that looks like with our new budget."
Occupation: Maternity leave/Stay-at-home parent
Industry: N/A
Age: 27
Location: South West
Salary: £0, my husband T earns around £38,000.
Paycheque Amount: £0, T’s is roughly £2,200 (this is only his second month in the role so we're unsure exactly what it will settle down to).
Number of housemates: Two, my husband T and our 11 month-old baby, F.
Pronouns: She/her
Industry: N/A
Age: 27
Location: South West
Salary: £0, my husband T earns around £38,000.
Paycheque Amount: £0, T’s is roughly £2,200 (this is only his second month in the role so we're unsure exactly what it will settle down to).
Number of housemates: Two, my husband T and our 11 month-old baby, F.
Pronouns: She/her
Monthly Expenses
Housing costs: £867 mortgage, although this is due to change in the summer and it's likely to go up as we were lucky to get in with a 2% interest rate. We've been overpaying by £133 each month.
Loan payments: £13,000 left in my student loan which I'm not currently paying towards while I'm not working.
Savings?: £5,600 split across three regular savers, £6,400 in easy access savings.
Pension? I have two pensions that I kept meaning to consolidate but never got around to before I left work. I have £1,850 in my pension from my first post-university job and £2,600 in my pension from my current job.
Utilities: £92 energy, £38.13 water, £66 council tax, £20 wifi.
All other monthly payments: £15 TV license, £24.25 phones (both on SIM only contracts), £23.59 life insurance, £200 church, £32 sponsored child, £5 Tearfund, £50 to F’s ISA. Annually: £160 car tax, £375 car insurance, £210 home insurance.
Subscriptions: £11.99 Spotify.
Loan payments: £13,000 left in my student loan which I'm not currently paying towards while I'm not working.
Savings?: £5,600 split across three regular savers, £6,400 in easy access savings.
Pension? I have two pensions that I kept meaning to consolidate but never got around to before I left work. I have £1,850 in my pension from my first post-university job and £2,600 in my pension from my current job.
Utilities: £92 energy, £38.13 water, £66 council tax, £20 wifi.
All other monthly payments: £15 TV license, £24.25 phones (both on SIM only contracts), £23.59 life insurance, £200 church, £32 sponsored child, £5 Tearfund, £50 to F’s ISA. Annually: £160 car tax, £375 car insurance, £210 home insurance.
Subscriptions: £11.99 Spotify.
Did you participate in any form of higher education? If yes, how did you pay for it?
I did an undergraduate degree when I left school and was very lucky that an inheritance paid my tuition fees. I then took out a maintenance loan for my living expenses and I worked throughout the holidays too. I did a social work master's degree on the job to avoid any more university fees and received an £18,000 bursary for doing this (although trying to balance working full time and doing a full time master's degree was hard work!).
I did an undergraduate degree when I left school and was very lucky that an inheritance paid my tuition fees. I then took out a maintenance loan for my living expenses and I worked throughout the holidays too. I did a social work master's degree on the job to avoid any more university fees and received an £18,000 bursary for doing this (although trying to balance working full time and doing a full time master's degree was hard work!).
Growing up, what kind of conversations did you have about money?
My dad in particular was very open about money and is very financially literate. He taught us early on about the importance of saving and budgeting and getting our money to work for us through finding good interest rates. Mum never really spoke to us about that side of finances, but is always very generous at treating us and giving us money if she feels we could use it!
My dad in particular was very open about money and is very financially literate. He taught us early on about the importance of saving and budgeting and getting our money to work for us through finding good interest rates. Mum never really spoke to us about that side of finances, but is always very generous at treating us and giving us money if she feels we could use it!
If you have, when did you move out of your parents/guardians house?
I left home to go to university at 18. At 21 I left university and began working and living in a school, however I returned home briefly for a few months when I was furloughed. I moved out again later in 2020, before getting married to T.
I left home to go to university at 18. At 21 I left university and began working and living in a school, however I returned home briefly for a few months when I was furloughed. I moved out again later in 2020, before getting married to T.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
T and I have totally shared finances since we married and both had periods where we were the sole earner. At the moment he's fulfilling this role, however we still have savings from my previous employment.
T and I have totally shared finances since we married and both had periods where we were the sole earner. At the moment he's fulfilling this role, however we still have savings from my previous employment.
What was your first job and why did you get it?
I worked in the next village over for a man who made artisan pies out of a small shed. I got this job as a way of earning spending money and saving towards a post-school holiday once I turned 18.
I worked in the next village over for a man who made artisan pies out of a small shed. I got this job as a way of earning spending money and saving towards a post-school holiday once I turned 18.
Do you worry about money now?
Yes and no. I know that we're able to live within our means and budget effectively, with various pots that guide our spending on non-necessary items. However, I do worry about how much we'll be able to save due to our reduced income and what this means for the future. We'd love to have two or three more children, but would struggle to fit in our current house and I wonder whether we'll be able to afford to move house without me going back to work. I know that my family would always support us if we ever found ourselves struggling and feel very lucky to have that safety net.
Yes and no. I know that we're able to live within our means and budget effectively, with various pots that guide our spending on non-necessary items. However, I do worry about how much we'll be able to save due to our reduced income and what this means for the future. We'd love to have two or three more children, but would struggle to fit in our current house and I wonder whether we'll be able to afford to move house without me going back to work. I know that my family would always support us if we ever found ourselves struggling and feel very lucky to have that safety net.
Do you or have you ever received passive or inherited income?
I received some inheritance money which paid my tuition fees for my undergraduate degree. This was such a blessing and has meant that my student loan is only around £13,000, so may well end up being paid off. In 2017, I received £4,000 which went towards my first car and the remainder into my Help to Buy ISA that ended up being our house deposit.
I received some inheritance money which paid my tuition fees for my undergraduate degree. This was such a blessing and has meant that my student loan is only around £13,000, so may well end up being paid off. In 2017, I received £4,000 which went towards my first car and the remainder into my Help to Buy ISA that ended up being our house deposit.
ADVERTISEMENT