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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 am a 35-year-old teacher from Hertfordshire. I live with my husband (M), 2-year-old son (J), 3-month-old daughter (D) and our dog (Y). I’m currently on maternity leave for the second time. After freelancing in TV and events post-uni, I realised I wanted to work in an industry that had a longer term impact and was less wasteful in terms of materials, time and mental energy. I spent about a year working in schools before my teacher training to ensure it was the right move. I have worked consistently full-time since. I had my son, J, two years ago and that period of maternity leave made me view money and spending in a different way. I wanted to go back to work full-time as I am not where I want to be in my career yet. I felt a mixture of mum-shaming and pity that I returned to work after seven months. Being surrounded by new mummy friends where everyone could afford to take a year off and was paid at least double my salary was an eye-opener. Although teaching pays a steady wage (just not in maternity leave!), I can't afford to buy every gadget, expensive experience or holiday going. It also made me see how influenced we all are and the pressure we feel to keep up. It’s taken baby number two to realise how excessive it all can be and the importance of living within your means — something I am striving for!"
Occupation: Teacher
Industry: Education
Age: 35
Location: Hertfordshire
Salary: £48,719
Paycheque amount: £2,950
Number of housemates: Three plus the dog!
Pronouns: She/her
Monthly Expenses
Housing costs: £1,900 mortgage for our three-bedroom house. We got hit with the bad rates.
Loan payments: £200 student loan, £300 car payment.
Savings? After a series of big life events such as our wedding, moving house, a first child and now a second child, my savings feel nonexistent. This is something I want to focus on in the next few years. I have about £1,500 in various pots to see me through this spell of mat leave and a safety net of £1,000, which I’m hoping to not touch.
Pension? I have a pension which is around 10% of my salary. Teacher pensions are said to be the benefit of the job with employers contributing 28%.
Utilities: All shared with partner: £45 water, £15 TV licence, £170 council tax, £175 gas/electric, £80 phone/wi-fi.
All other monthly payments: £1,000 approx. on childcare, £25 phone, £2.99 iCloud storage, £70 car insurance, £16 road tax, £40 teaching union/professional body fees. Subscriptions: £39.99 Symprove, £10.99 Netflix, £16.99 Apple Music.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I did a foundation degree and then a bachelor's degree in design, which I paid for with loans. I will forever be paying this off! I then trained to be a teacher, paying £9,000 with no bursary due to the subject I teach. I lived at home for all of this time to save money. I was the first and only member of my family to go to university so it was a financial first and no one really told me about the employability aspect. It was still a time when the message that ‘any degree will do’ was prominent.
Industry: Education
Age: 35
Location: Hertfordshire
Salary: £48,719
Paycheque amount: £2,950
Number of housemates: Three plus the dog!
Pronouns: She/her
Monthly Expenses
Housing costs: £1,900 mortgage for our three-bedroom house. We got hit with the bad rates.
Loan payments: £200 student loan, £300 car payment.
Savings? After a series of big life events such as our wedding, moving house, a first child and now a second child, my savings feel nonexistent. This is something I want to focus on in the next few years. I have about £1,500 in various pots to see me through this spell of mat leave and a safety net of £1,000, which I’m hoping to not touch.
Pension? I have a pension which is around 10% of my salary. Teacher pensions are said to be the benefit of the job with employers contributing 28%.
Utilities: All shared with partner: £45 water, £15 TV licence, £170 council tax, £175 gas/electric, £80 phone/wi-fi.
All other monthly payments: £1,000 approx. on childcare, £25 phone, £2.99 iCloud storage, £70 car insurance, £16 road tax, £40 teaching union/professional body fees. Subscriptions: £39.99 Symprove, £10.99 Netflix, £16.99 Apple Music.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I did a foundation degree and then a bachelor's degree in design, which I paid for with loans. I will forever be paying this off! I then trained to be a teacher, paying £9,000 with no bursary due to the subject I teach. I lived at home for all of this time to save money. I was the first and only member of my family to go to university so it was a financial first and no one really told me about the employability aspect. It was still a time when the message that ‘any degree will do’ was prominent.
Growing up, what kind of conversations did you have about money?
Money was always tight growing up. We never went without but I understand now how hard it must have been and the sacrifices my parents made. I was never taught about money and saving. I’m learning this very late on! It's something I want to instil early on in my own children for their futures.
If you have, when did you move out of your parents'/guardians' house?
I stayed at home throughout university and teacher training as a way to save money. I’m a homebody and loved having this as an option, and I’m very grateful for the time I had with my family. I moved out at 25, during my first year of teaching, to live with my now husband. Because of his savings we managed to buy our tiny one-bed house with no garden and four windows. We felt incredibly lucky to be able to do that.
Money was always tight growing up. We never went without but I understand now how hard it must have been and the sacrifices my parents made. I was never taught about money and saving. I’m learning this very late on! It's something I want to instil early on in my own children for their futures.
If you have, when did you move out of your parents'/guardians' house?
I stayed at home throughout university and teacher training as a way to save money. I’m a homebody and loved having this as an option, and I’m very grateful for the time I had with my family. I moved out at 25, during my first year of teaching, to live with my now husband. Because of his savings we managed to buy our tiny one-bed house with no garden and four windows. We felt incredibly lucky to be able to do that.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
This was probably when I moved out of my parents' house. Although I paid all my bills and for food while I lived at home, I didn’t have to pay rent, which allowed me to save a lot.
This was probably when I moved out of my parents' house. Although I paid all my bills and for food while I lived at home, I didn’t have to pay rent, which allowed me to save a lot.
What was your first job and why did you get it?
The Next sale at Christmas when I was 16. I then did this each summer and Christmas for three years.
Do you worry about money now?
Every day. I feel as though my husband and I constantly work. We enjoy working but the hours we put in are not reflected in our bank balances. It’s hard not to compare ourselves to others around us and feel a bit bitter at times. We remind ourselves how lucky we are to have what we have whenever we feel green eyes glowing. Small spending on food and trying to keep up with others seems to be our downfall.
The Next sale at Christmas when I was 16. I then did this each summer and Christmas for three years.
Do you worry about money now?
Every day. I feel as though my husband and I constantly work. We enjoy working but the hours we put in are not reflected in our bank balances. It’s hard not to compare ourselves to others around us and feel a bit bitter at times. We remind ourselves how lucky we are to have what we have whenever we feel green eyes glowing. Small spending on food and trying to keep up with others seems to be our downfall.
Do you or have you ever received passive or inherited income?
I received £1,000 from my nana when she passed. This helped set us up for the birth of our son, buying bits for his arrival with a bit put into savings.
I received £1,000 from my nana when she passed. This helped set us up for the birth of our son, buying bits for his arrival with a bit put into savings.
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