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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 32 and live with my husband and our 2-year-old twins. Since we married we have seen all income as joint and up until last year I worked in account management, bringing in circa £70k a year. My want to be with my children while they are young (plus childcare costs for two are insane!) made me decide to become a stay-at-home parent for a few years and I love it! I have since taken a small, zero-hours contract job with a charity, which I can do in the evenings. I plan to go back into the workforce on more hours once my children are in school. It feels daunting to rely on someone else’s salary and I'm conscious of the impression it has on my young children, but I remind myself that feminism is about having the choice. I know too many women who work because they have to, and too many who stay home because they can’t afford to work, so I am privileged to have the choice to do what I love. Childcare is undervalued both as a career and in society, and my husband and I are very clear our roles are equal to the success of our home and family. We are pleased that our setup allows us a life that is a little bit slower, a lot more secondhand and low-key and thus, for us, more enjoyable. I also love the challenge of living on a budget."
Occupation: Stay-at-home parent/admin assistant
Industry: Charity
Age: 32
Location: Bedfordshire
Salary: My husband and I have a joint salary of circa £48,000.
Paycheque amount: Mine varies each month, last month it was £165. My husband's is circa £2,700.
Number of housemates: Three: my husband, E, and our 2-year-old twins, A and P.
Industry: Charity
Age: 32
Location: Bedfordshire
Salary: My husband and I have a joint salary of circa £48,000.
Paycheque amount: Mine varies each month, last month it was £165. My husband's is circa £2,700.
Number of housemates: Three: my husband, E, and our 2-year-old twins, A and P.
Monthly Expenses
Housing costs: £675 mortgage (we were lucky to have locked in before the interest rate rises).
Loan payments: None.
Savings? About £49k across various pots, this includes what we save for P and A to access at 18.
Pension? I pay nothing at present but in my last 18 months working full time, my salary really jumped up. We agreed to put all of that extra cash straight into my pension and it currently sits at about £75k. It is a huge reason why I feel comfortable taking a career break.
Utilities: £70 for gas and electric and £48 for water.
All other monthly payments: £34 internet, £42 life and critical illness cover, £165 council tax, £332 into a separate account for yearly bills (car insurance etc.), £18 SIM-only bills. We allocate ourselves £125 each as our personal spending money to do whatever we like with. Subscriptions: £4.99 Netflix. We currently have a freebie Disney+ membership.
Loan payments: None.
Savings? About £49k across various pots, this includes what we save for P and A to access at 18.
Pension? I pay nothing at present but in my last 18 months working full time, my salary really jumped up. We agreed to put all of that extra cash straight into my pension and it currently sits at about £75k. It is a huge reason why I feel comfortable taking a career break.
Utilities: £70 for gas and electric and £48 for water.
All other monthly payments: £34 internet, £42 life and critical illness cover, £165 council tax, £332 into a separate account for yearly bills (car insurance etc.), £18 SIM-only bills. We allocate ourselves £125 each as our personal spending money to do whatever we like with. Subscriptions: £4.99 Netflix. We currently have a freebie Disney+ membership.
Did you participate in any form of higher education? If yes, how did you pay for it?
I went to university, which I paid for with the maximum student and maintenance loans and grants, and by working every random job I could get my hands on. I was also fortunate to get a small bursary every year. University changed my life in the independence it gave me from my environment growing up. It was expensive (I paid off a large chunk of my student loan when I was working) but it literally changed my life, and me, for the better and thus it was worth every penny.
I went to university, which I paid for with the maximum student and maintenance loans and grants, and by working every random job I could get my hands on. I was also fortunate to get a small bursary every year. University changed my life in the independence it gave me from my environment growing up. It was expensive (I paid off a large chunk of my student loan when I was working) but it literally changed my life, and me, for the better and thus it was worth every penny.
Growing up, what kind of conversations did you have about money?
My upbringing was neglectful and physically abusive at times and my parents were awful with money. It was not uncommon growing up to have bailiffs knocking at the door or have no money left on the electric meter. It pushed me to educate myself on money management and to be a saver, but also keeps me grounded as I know what it is to have very little and I realise how fortunate I now am.
My upbringing was neglectful and physically abusive at times and my parents were awful with money. It was not uncommon growing up to have bailiffs knocking at the door or have no money left on the electric meter. It pushed me to educate myself on money management and to be a saver, but also keeps me grounded as I know what it is to have very little and I realise how fortunate I now am.
If you have, when did you move out of your parents'/guardians' house?
I moved out to go to university at 17, which was hard as you can't access credit until 18. Until my student loan hit two weeks after starting uni, I had just £30 to live off that my grandparents had given me (freshers' week was a write-off but I made up for it in later years).
I moved out to go to university at 17, which was hard as you can't access credit until 18. Until my student loan hit two weeks after starting uni, I had just £30 to live off that my grandparents had given me (freshers' week was a write-off but I made up for it in later years).
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would say I’ve been financially independent from when I moved to university at 17 — until, of course, last year when I handed in my notice. Now I do rely on E’s income (and there was a time he relied on mine). I would go back to work in a heartbeat if I had to and we do not claim any benefits (other than child benefit, which goes into an account for P and A).
I would say I’ve been financially independent from when I moved to university at 17 — until, of course, last year when I handed in my notice. Now I do rely on E’s income (and there was a time he relied on mine). I would go back to work in a heartbeat if I had to and we do not claim any benefits (other than child benefit, which goes into an account for P and A).
What was your first job and why did you get it?
Making pizza dough for minimum wage at 17, when I had zero desire to be up at the crack of dawn or to smell of pizza dough for the rest of the day.
Making pizza dough for minimum wage at 17, when I had zero desire to be up at the crack of dawn or to smell of pizza dough for the rest of the day.
Do you worry about money now?
I don’t worry too much now as I feel comfortable within our budget and there are areas we could cut back on if we had to. We are lucky to have received a substantial inheritance, which is an important savings buffer for us, though of course it would be significantly nicer to have those people in our lives.
I don’t worry too much now as I feel comfortable within our budget and there are areas we could cut back on if we had to. We are lucky to have received a substantial inheritance, which is an important savings buffer for us, though of course it would be significantly nicer to have those people in our lives.
Do you or have you ever received passive or inherited income?
I received £10,000 from my grandparents at age 21. They gifted all of their grandchildren the same when they sold their house in London. The sense of relief that money gave me, just as I was leaving uni! I can never thank them enough and I managed to save it until I was ready to buy a house a few years later. We also received £45,000 when E’s grandparents passed during COVID. This is our savings buffer, which we try to max out the interest on every year and will eventually probably go on our mortgage. Again it's a mad amount entirely generated by the property boom in the UK as E’s family are traditionally working class.
I received £10,000 from my grandparents at age 21. They gifted all of their grandchildren the same when they sold their house in London. The sense of relief that money gave me, just as I was leaving uni! I can never thank them enough and I managed to save it until I was ready to buy a house a few years later. We also received £45,000 when E’s grandparents passed during COVID. This is our savings buffer, which we try to max out the interest on every year and will eventually probably go on our mortgage. Again it's a mad amount entirely generated by the property boom in the UK as E’s family are traditionally working class.
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