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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 29-year-old engineer living in the West Midlands. I moved here over 10 years ago for university, where I met my husband, and haven’t left. I’ve been based in Birmingham for my job since I graduated and my husband, a fellow engineer, worked for a bit and then started an engineering doctorate in 2020. Since then, he’s been on a stipend so I’ve been the 'breadwoman'. In that time, we have bought our home and got married so we have had a lot of financial commitments. We also love going on holiday so a lot of our savings go towards our next trip. We combined our finances when we moved in together in 2018 with each of us putting a set amount in the joint account for joint expenses, keeping some back for personal savings and spending, and the rest going into our savings pots."
Occupation: Structural engineer
Industry: Construction
Age: 29
Location: Birmingham
Salary: £43,000
Paycheque amount: £2,565
Number of housemates: One: my husband, M.
Pronouns: She/her
Industry: Construction
Age: 29
Location: Birmingham
Salary: £43,000
Paycheque amount: £2,565
Number of housemates: One: my husband, M.
Pronouns: She/her
Monthly Expenses
Housing costs: £403 for my half of the mortgage.
Loan payments: £87 student loan (Plan 2).
Savings? I try to keep around £500 in my personal savings pot for things like girls’ weekends, books and makeup. I am also saving up for a piano so I currently have around £1,200 for that and contribute £100 a month. Otherwise, I tend to put £500-£1,000 into our joint savings pots depending on what is needed where. We have a joint emergency savings pot of six months of outgoings, which we do borrow from at times but pay back in the next paycheque (we have to petition the other if we want to borrow the money).
Utilities: £60 council tax (since my husband is studying, we qualify for 25% discount. It will go up in a few months when he starts work), £38 gas and electricity, £9 water bill, £19 internet (all costs are my half).
Pension? I currently salary sacrifice 8% and my work contributes a further 7%. I generally increase my contributions whenever I get promoted but I’m going to start going up 1% a year to ensure it’s growing.
All other monthly payments: £16 life insurance, £12 income protection, £6 postcode lottery, £12.50 Currys payment plan for our hoover (all costs are my half). I also pay personally for a £25 gym membership, £90 train pass, £29 contact lens scheme, £10 charity lottery, £35 mobile phone and £4 for my choir lottery.
Subscriptions: £4 Tesco delivery, £4 Spotify, £6.30 Smol laundry and dishwasher tablets (every 12 weeks). I also personally cover Netflix, £11.
Loan payments: £87 student loan (Plan 2).
Savings? I try to keep around £500 in my personal savings pot for things like girls’ weekends, books and makeup. I am also saving up for a piano so I currently have around £1,200 for that and contribute £100 a month. Otherwise, I tend to put £500-£1,000 into our joint savings pots depending on what is needed where. We have a joint emergency savings pot of six months of outgoings, which we do borrow from at times but pay back in the next paycheque (we have to petition the other if we want to borrow the money).
Utilities: £60 council tax (since my husband is studying, we qualify for 25% discount. It will go up in a few months when he starts work), £38 gas and electricity, £9 water bill, £19 internet (all costs are my half).
Pension? I currently salary sacrifice 8% and my work contributes a further 7%. I generally increase my contributions whenever I get promoted but I’m going to start going up 1% a year to ensure it’s growing.
All other monthly payments: £16 life insurance, £12 income protection, £6 postcode lottery, £12.50 Currys payment plan for our hoover (all costs are my half). I also pay personally for a £25 gym membership, £90 train pass, £29 contact lens scheme, £10 charity lottery, £35 mobile phone and £4 for my choir lottery.
Subscriptions: £4 Tesco delivery, £4 Spotify, £6.30 Smol laundry and dishwasher tablets (every 12 weeks). I also personally cover Netflix, £11.
Did you participate in any form of higher education? If yes, how did you pay for it?
I went to university for a four-year undergraduate (MEng), which left me with my Plan 2 loan (standing at over £70k last time I looked). I took out the full tuition loan and as much maintenance loan as I could get each year to cover living costs while my parents gave me a weekly allowance for food and such. I also got a music scholarship for three years. While some of this had to go on my music lessons, the rest went towards my society activities. I worked each summer for an engineering consultancy and would usually have around £2k in savings to use as I wished for the academic year. I was definitely privileged to have the paid summer work, which allowed me the space to focus on my course and hobbies during termtime. Had this not been available, I would have needed a part-time job to have any disposable income during my university years. It also helped me save for a deposit for when I rented as a graduate.
I went to university for a four-year undergraduate (MEng), which left me with my Plan 2 loan (standing at over £70k last time I looked). I took out the full tuition loan and as much maintenance loan as I could get each year to cover living costs while my parents gave me a weekly allowance for food and such. I also got a music scholarship for three years. While some of this had to go on my music lessons, the rest went towards my society activities. I worked each summer for an engineering consultancy and would usually have around £2k in savings to use as I wished for the academic year. I was definitely privileged to have the paid summer work, which allowed me the space to focus on my course and hobbies during termtime. Had this not been available, I would have needed a part-time job to have any disposable income during my university years. It also helped me save for a deposit for when I rented as a graduate.
Growing up, what kind of conversations did you have about money?
My mum is an accountant so handles all the finances for her and my dad. I got an allowance and a bank account when I was around 12, and my parents immediately taught me about budgeting. I had my own accounts spreadsheet to fill in with what I spent and various ‘pots’ for things like clothes, phone, etc. I had to show the previous month’s accounts in order to get my next allowance so it was drummed into me! We weren’t well-off when I was a kid and I don’t think my parents’ finances stabilised properly until I was around 14. I never went without but as a teenager I was very aware that we could not afford to go on foreign holidays each year or for me to keep up with trends.
My mum is an accountant so handles all the finances for her and my dad. I got an allowance and a bank account when I was around 12, and my parents immediately taught me about budgeting. I had my own accounts spreadsheet to fill in with what I spent and various ‘pots’ for things like clothes, phone, etc. I had to show the previous month’s accounts in order to get my next allowance so it was drummed into me! We weren’t well-off when I was a kid and I don’t think my parents’ finances stabilised properly until I was around 14. I never went without but as a teenager I was very aware that we could not afford to go on foreign holidays each year or for me to keep up with trends.
If you have, when did you move out of your parents’/guardians’ house?
I moved out for university, effectively full-time by third year, and moved straight into a rented flat when I graduated.
I moved out for university, effectively full-time by third year, and moved straight into a rented flat when I graduated.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would like to say by 23 but there were dribs and drabs that family helped me with for a few years. My grandparents sent me money for taxis to ensure I could always get home when I was in the city centre, which was a lifesaver as a fresh graduate. By 25, I was essentially independent but my husband, M, supported me when I was furloughed during COVID.
I would like to say by 23 but there were dribs and drabs that family helped me with for a few years. My grandparents sent me money for taxis to ensure I could always get home when I was in the city centre, which was a lifesaver as a fresh graduate. By 25, I was essentially independent but my husband, M, supported me when I was furloughed during COVID.
What was your first job and why did you get it?
My first proper job was a summer placement when I was 17 at the company where I work now.
My first proper job was a summer placement when I was 17 at the company where I work now.
Do you worry about money now?
A bit yes! We’ve had some full-on years with saving for our house, then our wedding, so I was looking forward to enjoying things more in 2024. However, we have had lots of other weddings and committed to some big holidays, which ate into our disposable income quite a bit. Currently I'm trying to keep as much money as possible available for when M's postgrad finishes as we've agreed he can have some time off to finish his thesis. We can handle all our outgoings on one salary but it doesn’t leave anything for a social life and it coincides with my 30th birthday and Christmas, so I’m trying to have the finances to celebrate in some way. Thankfully he has a job lined up post-thesis so we’re looking forward to having two full salaries again.
A bit yes! We’ve had some full-on years with saving for our house, then our wedding, so I was looking forward to enjoying things more in 2024. However, we have had lots of other weddings and committed to some big holidays, which ate into our disposable income quite a bit. Currently I'm trying to keep as much money as possible available for when M's postgrad finishes as we've agreed he can have some time off to finish his thesis. We can handle all our outgoings on one salary but it doesn’t leave anything for a social life and it coincides with my 30th birthday and Christmas, so I’m trying to have the finances to celebrate in some way. Thankfully he has a job lined up post-thesis so we’re looking forward to having two full salaries again.
Do you or have you ever received passive or inherited income?
Personally, no. But my husband has received it twice. Once when he bought his car using inheritance (which is our only car) and again when we bought our house. He was gifted part of our deposit by his parents, which had come from his grandparents’ estate. So I have benefited from inheritance indirectly.
Personally, no. But my husband has received it twice. Once when he bought his car using inheritance (which is our only car) and again when we bought our house. He was gifted part of our deposit by his parents, which had come from his grandparents’ estate. So I have benefited from inheritance indirectly.
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