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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 33-year-old teacher living in Wales. I wrote a Money Diary 18 months ago when I had just purchased my house and had been on one or two dates with R. I now live with him and rent my house out. We live with his/our friend and our two dogs. I currently don’t pay anything towards housing or utilities with R, which I know puts me in a really lucky situation. I now drive almost an hour to work, which costs me about £250 a month in petrol. R’s utility costs haven’t gone up since I moved in (yet?). This means we are waiting to see if the bills do go up, but so far my presence doesn’t seem to be adding much to the running costs of things! We have agreed to this arrangement for now. If our friend were to move out, we would need to reassess and split things between the two of us. At the moment, his rent covers the costs of the utilities and R is mortgage free, so me living there isn’t costing him anything extra. I rent my house out through an agency, so they take a percentage of the rent in return for handling everything which works well so far! Everything is still quite new so we are seeing how it all goes. I haven’t managed to rebuild my savings since buying the house and I also had to spend several thousands of pounds on making the house legal for renting, so my current money goal is to get some savings back together. I’m very keen on money management, and enjoy looking for ways to be savvy. I’m also currently in the process of leaving teaching and moving into the charity sector.”
Occupation: Teacher
Industry: Education
Age: 33
Location: Wales
Salary: £43,000
Paycheque Amount: £2,620.36 salary + £598 rent payment (if any maintenance work needs to be done on the house, this amount will be lower to reflect paying for this. For example, this month I only received £310 because of the jobs that had been done.)
Number of housemates: Two humans (R and P) and two dogs.
Pronouns: She/her
Industry: Education
Age: 33
Location: Wales
Salary: £43,000
Paycheque Amount: £2,620.36 salary + £598 rent payment (if any maintenance work needs to be done on the house, this amount will be lower to reflect paying for this. For example, this month I only received £310 because of the jobs that had been done.)
Number of housemates: Two humans (R and P) and two dogs.
Pronouns: She/her
Monthly Expenses
Housing costs: £678.77 mortgage for my house (not the house I’m living in!).
Loan payments: £225 repayment on credit card. This has £1,300 on it and will be paid off in the next few months.
Savings?: £0
Utilities: £0
Pension?: Yes, I pay 8.6% which is £327.78. I think the employer contribution is also quite good, but I don’t know what it is.
All other monthly payments: £8 SIM-only phone, £31.05 car insurance, £56.13 landlord insurance, £37.91 life insurance and critical health cover, £15.67 teacher union membership, £15.75 car tax. Subscriptions: £24.10 To Be Magnetic membership, £97 dog food delivery (R and I pay half each).
Loan payments: £225 repayment on credit card. This has £1,300 on it and will be paid off in the next few months.
Savings?: £0
Utilities: £0
Pension?: Yes, I pay 8.6% which is £327.78. I think the employer contribution is also quite good, but I don’t know what it is.
All other monthly payments: £8 SIM-only phone, £31.05 car insurance, £56.13 landlord insurance, £37.91 life insurance and critical health cover, £15.67 teacher union membership, £15.75 car tax. Subscriptions: £24.10 To Be Magnetic membership, £97 dog food delivery (R and I pay half each).
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, my BA was paid for with a student loan and maintenance grant. I was awarded a scholarship for my MA and a bursary for my PGCE. My family were not in a position to help with any costs of going to uni, so I always had jobs — sometimes multiple jobs — throughout my studies to fund living costs.
Yes, my BA was paid for with a student loan and maintenance grant. I was awarded a scholarship for my MA and a bursary for my PGCE. My family were not in a position to help with any costs of going to uni, so I always had jobs — sometimes multiple jobs — throughout my studies to fund living costs.
Growing up, what kind of conversations did you have about money?
As I wrote about in my previous diary, my family had some serious money drama as I was growing up, but my mum did everything she could to hide it from me and my siblings! There was always talk of there not being enough money, but I didn’t know it was as serious as it was until I became an adult. I don’t remember any kind of “education” at home or school about finances other than that borrowing money was bad. I now understand this is because my parents were in serious debt from poorly managed borrowing. It has taken a lot of learning and convincing for me to feel okay using a credit card (I’ve even found a 0% interest card).
As I wrote about in my previous diary, my family had some serious money drama as I was growing up, but my mum did everything she could to hide it from me and my siblings! There was always talk of there not being enough money, but I didn’t know it was as serious as it was until I became an adult. I don’t remember any kind of “education” at home or school about finances other than that borrowing money was bad. I now understand this is because my parents were in serious debt from poorly managed borrowing. It has taken a lot of learning and convincing for me to feel okay using a credit card (I’ve even found a 0% interest card).
If you have, when did you move out of your parents’/guardians’ house?
I moved out for uni but then back and forth a few times between university courses/rentals/relationships ending!
I moved out for uni but then back and forth a few times between university courses/rentals/relationships ending!
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
Initially I would say when I went to uni, although I have been supported by my mum several times when she has kindly let me live with her and refused rent. I’m not sure whether I would call myself financially independent or not with my current living situation. I pay for and handle all of my own finances and everything to do with my own house/car/day to day spending, but the house I actually live in is completely handled by R?
What was your first job and why did you get it?
I worked in retail jobs throughout my teenage years, beginning with going to work with my dad to clean. I wanted money to pay for the bus into town and to buy clothes and CDs.
Initially I would say when I went to uni, although I have been supported by my mum several times when she has kindly let me live with her and refused rent. I’m not sure whether I would call myself financially independent or not with my current living situation. I pay for and handle all of my own finances and everything to do with my own house/car/day to day spending, but the house I actually live in is completely handled by R?
What was your first job and why did you get it?
I worked in retail jobs throughout my teenage years, beginning with going to work with my dad to clean. I wanted money to pay for the bus into town and to buy clothes and CDs.
Do you worry about money now?
Yes, all the time, especially with my current career move. Leaving a very stable and steady income feels risky and I’ve had to do quite a lot of work around taking this leap! I have worked really hard on overcoming a scarcity mindset when it comes to money. Having grown up in a family always concerned that there wouldn’t be enough, I took this on for a long time and I am finally trying to accept that I earn well and own a house and have a financially stable partner! I would never want to rely on someone else entirely in terms of finances, but knowing that the people who love you are in a position to help you if something were to happen is really reassuring. This isn’t something I grew up with and it takes some getting used to. I worry about the future in terms of having children, and have been reading a lot about maternity pay policies lately as more and more of my friends have babies.
Yes, all the time, especially with my current career move. Leaving a very stable and steady income feels risky and I’ve had to do quite a lot of work around taking this leap! I have worked really hard on overcoming a scarcity mindset when it comes to money. Having grown up in a family always concerned that there wouldn’t be enough, I took this on for a long time and I am finally trying to accept that I earn well and own a house and have a financially stable partner! I would never want to rely on someone else entirely in terms of finances, but knowing that the people who love you are in a position to help you if something were to happen is really reassuring. This isn’t something I grew up with and it takes some getting used to. I worry about the future in terms of having children, and have been reading a lot about maternity pay policies lately as more and more of my friends have babies.
Do you or have you ever received passive or inherited income?
£3,000 from my mum towards my house deposit. This is my future inheritance and the same was given to my siblings when my mum downsized after divorcing my dad.
£3,000 from my mum towards my house deposit. This is my future inheritance and the same was given to my siblings when my mum downsized after divorcing my dad.
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