Money Diary: A Tech Team Lead On 70k

This week: "I’m a 30-year-old workplace team lead in the tech industry. I manage the workplace operations for Europe and the Middle East, meaning I have to travel around a lot! I’m typically away from home a few days every other week. Since I moved into tech two years ago, I’ve doubled my salary from £35k to £70k. I’ve worked really hard to make this happen but I feel very lucky and privileged to work in the tech industry. I’m still blown away by the excellent benefits we get and I do not take it for granted.

My attitude to money has changed a lot in the last 12 years. When I started working at 18, I got a credit card and used it irresponsibly, missed payments and ended up in debt with a terrible credit rating. Since meeting my partner (who is older than me), I have worked on paying off my debt and managed this in 2019. I now try and spend within my means, however this doesn’t come naturally to me. It’s a constant battle but since my salary jump, I've obviously found it a lot easier. I now save almost 30% of my monthly salary and I am in a good financial situation. I live with my husband (B). We’ve been together eight years and got married last summer. We bought our London flat in December 2019 with the help of an inheritance on my husband’s side. We are just about to put the flat on the market and hoping to find somewhere bigger."

Occupation: EMEA workplace team lead
Industry: Tech
Age: 30
Location: London
Salary: £70,000 (£74,500 including benefits, which are incorporated directly into my payroll).
Paycheque amount: £4,050 after tax, NI, pension and the 3% I put into shares.
Number of housemates: One: my husband, B.
Pronouns: She/her

Housing costs: Our mortgage is £1,400 a month. We split everything 50:50.
Loan payments: None.
Savings? £8k savings in my new home fund, £3k in various shares on my Freetrade account, £6k in my Nutmeg account, £400 in money-to-blow pot and $60k in company shares that I got when I joined my company.
Pension? I contribute 5% of my salary and my company contributes 3%. I have £30,000 in my combined pensions from my previous jobs in a Nutmeg pension pot. I contribute £100 a month to this pot too.
Utilities: £400 for our gas, electricity, water, TV licence and council tax.
All other monthly payments: I'm very lucky that I get incredibly good benefits from my company, meaning my travelcard, phone bill, ClassPass and Amazon Prime are all covered.

Did you participate in any form of higher education? If yes, how did you pay for it?

Both of my parents didn't go to uni so there wasn't an expectation for me to go. I started work as soon as I completed my A-levels.

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

My parents were not well off. My mum wanted to provide for us but didn't always have the means so she would also order things on buy now, pay later. When I started working and got a credit card, I got into lots of debt. I didn't prioritise making payments and ended up with a terrible credit rating. I worked hard to pay this off and get my credit rating back up when I met my partner. It's been a long journey and I'm really proud to be in a sound financial situation now. I'll definitely have conversations with my children (if I have them) about the importance of living within your means and saving.

I moved out of my parents' house at 21 and rented a flat in London.

At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?

I started work when I was 14 and started paying for my own clothes, holidays and phone bill. When I moved out of my parents' home at 21 I became fully financially responsible for myself.

What was your first job and why did you get it?

My first job was as a corporate service administrator. I got this job as I left school and wasn't sure what to do, and it paid pretty well.

Do you worry about money now?

I've worked really hard to get into a position where I have a mortgage and savings, and I know I'm incredibly privileged to have a job that pays well with brilliant benefits. I worry a lot about the cost of future children, with all the nursery fees, clothes and toys. It's so expensive and people say you just make it work but I stress about it. I worry a lot that if I got made redundant, I wouldn't find another job that offers these benefits.

I haven't but my partner did, which enabled us to purchase our flat. We wouldn't have been able to do it without that.