Money Diary: A 32-Year-Old Tax Advisor In Glasgow On 50k

This week: "I am a 32-year-old tax advisor living outside Glasgow. I was accepted to a graduate programme with a Big Four accountancy firm in 2012, which required me to live in London for nine months while I sat my tax and chartered accountancy exams. After my nine-month stint in London I joined the Glasgow office and I have worked there ever since. I changed roles within my firm earlier this year as I was finding my previous role too stressful following a promotion (which I didn’t actually want but was pushed to apply for). Having been in my new role for nine months, I feel really comfortable at the level that I am at and no longer out of my depth. I have no desire to progress any further at this stage in my life as I want to just plod along for a while without any stress.

I make more money than my partner so although we split all the bills, I try to pay for all household repairs and food. I do try to save each month, however I am a big fan of the saying 'here for a good time and not a long time' so if I see something that I want I buy it. I use my credit card for absolutely everything and I usually have a balance of between £1k and £2k on it at any time."

Occupation: Tax advisor
Industry: Accounting
Age: 32
Location: Glasgow
Salary: £50,100
Paycheque amount: £2,882.99 (after PAYE, NIC, pension and charitable donations).
Number of housemates: One boyfriend and two cats.
Pronouns: She/her

Housing costs: £450 for my half of the mortgage, utilities, TV licence, internet, council tax, home insurance, TV subscriptions and cat insurance.
Utilities: Covered in housing costs.
Pension? I contribute £180 monthly.
Loan payments: £0
Savings? £20k in an ISA. £500 personal savings. £60 in a fund for the cats to cover food, litter, etc. Holiday savings with my partner £100, holiday savings with family £20. Christmas and birthday presents savings £25.
All other monthly payments: Phone bill £38, gym £85, Cineworld pass £16, professional subscriptions £75, road tax £11, cleaner for gran £22, petrol £150, milk delivery £24.

I went to college for one year and then university for four years. Tuition was free as I live in Scotland and I stayed at home for the first four years. I bought my first house when I was 19 and moved out in my final year of university but my dad paid my mortgage during this time. My mum gave me £3,000 when I started university for books and transport. This was money that had been left to me when my papa died. I worked part-time my entire way through university so always had an income of about £400-£500 a month to spend.

Growing up, what kind of conversations did you have about money?

I grew up in a family where money was never really an issue. We went on holidays abroad two to three times a year and never went without anything. My parents kept and still keep separate finances and this is something that both my sister and I also do with our own partners. I was always taught to be financially independent.

When did you move out of your parents' house?

I moved out when I was 19. I bought a house using money that my mum had inherited when her mum passed away. My mum gave me £40k and when my sister was old enough to move out I remortgaged and gave her half of this. 

At what age did you become financially responsible for yourself?

Although I have worked since I was 14, I never really became financially independent until I got my first full-time job, which was one year before I got my graduate job when I was 22. It was only then that my dad stopped paying my mortgage.
 
What was your first job and why did you get it?

I worked in a chip shop when I was 14. My friend worked there and got me the job. I had starting smoking so got the job to fund my cigarette habit (which I have now thankfully kicked) and to pay for going out at the weekend with friends.

Not really. I make a good amount of money and have a decent amount of savings. I have stayed in the same two-bed house so I can easily afford all of the bills etc. on my own and still have some left over if needed. My partner lost his job last month so I cancelled my cleaner (£140 a month) and PT (£200 a month) to save a bit of money but hopefully I will be starting those up again soon.

Have you ever received passive income?

Yes, I am extremely lucky. I received the deposit for my house (£20k my share), my dad bought my first car (£5k), I was given money towards university (£3k) and whenever I am doing any renovation in my house my dad always gives me £1k. I have probably had about £5k from him over the past five years. My dad and I spend a lot of time arguing about money (he keeps trying to give me money and I don’t want to take it) but I cave in most of the time as it isn’t worth fighting about.