Money Diary: A Systematic Review Analyst On 30k

This week: "I’m a 25-year-old systematic review analyst living in Oxford. I moved here almost two years ago and live with three other young women. I work from home two days per week and my office is a 25-minute walk away (or a five-minute cycle if I'm running late). I live close to my boyfriend, B, who works as a geophysicist, and we divide our shared expenses roughly down the middle since our salaries and savings are about the same. I was incredibly frugal growing up and spent very little, especially on myself. I enjoyed making things from scratch and repairing, reusing and recycling. It was important for me to avoid consumerism, minimise my environmental impact and learn useful life skills. However, at times it was probably too restrictive and unhealthy. I now spend more freely while being conscious of what or whom I’m supporting. I live by the saying 'put your money where your mouth is'."

Occupation: Systematic review analyst
Industry: Consultancy/health research
Age: 25
Location: Oxford
Salary: £30,000
Paycheque amount: £1,965
Number of housemates: Three
Pronouns: She/her

Housing costs: £400 rent.
Loan payments: £20 towards my student loan.
Savings? £20,000 in a Lifetime ISA, £20,000 in stocks and shares, and £15,000 in my current account.
Pension? I pay 3% and my employer contributes 7% monthly.
Utilities: £125 for my share of gas, electricity, water, wi-fi and council tax.
All other monthly payments: £8 health insurance including a subscription to Headspace, £20 contact lenses, £5 to the Berkshire, Buckinghamshire & Oxfordshire Wildlife Trust (I support other charities ad hoc). I’m incredibly grateful that my stepdad pays my phone bill as part of a family package (he works for BT).

I have a BSc in medical sciences specialising in neuroscience, which was three years plus a sandwich placement year. All four years had course fees which were covered by loans from the government.

My parents didn’t come from particularly well-off or academic families but they both got university degrees and worked incredibly hard so we didn’t have any money worries as a family (at least none that I was aware of). I don’t think my parents ever paid off their mortgage and we rarely ate out but we did go on holiday every year and were pretty typically middle-class. My parents taught me how to be thrifty (such as finding the best supermarket deals and cooking from scratch) and not to waste money. As an anxious child who worried about the future and had hoarding tendencies, I didn’t need much encouragement. Being so careful with money allowed me to save a substantial amount growing up but I am now much less frugal and enjoy a more relaxed lifestyle. I still know how to scrimp and save where needed and am mindful of where I put my money.

I lived away from home during university but moved back in with my mum and stepfamily for 15 months until I moved to Oxford.

Living with my family for eight months after starting my job in 2020 allowed me to become financially independent and contribute to household bills. I am grateful that my family still covers some of my expenses like my phone bill, and that my parents would step in should I need financial support.

I did the odd babysitting job as a teenager and worked part-time in a café bakery during my university placement year to help cover my living costs. I recognise that I was incredibly privileged to have been able to focus on my schoolwork and enjoy my holidays growing up without needing to get a job.

I think I have a really healthy relationship with money at the moment. I enjoy socialising and going out pretty frequently, spending fairly freely while tracking my expenses and continuing to save. I’m grateful to have a stable job and decent savings as I am yet to have any big expenses like travelling (besides a few trips abroad with B over the past couple of years) and driving lessons. Since I was young, I have viewed money as a tool to do good and I plan to use my savings to support causes I feel strongly about, including the environment and animal welfare. I want to live a fully sustainable lifestyle, which I know comes with extra expenses.

I received £1,000 from my grandma on my 18th birthday. She sadly passed away last year and I’ll receive some inheritance after her house is sold.