Money Diary: A Scottish Town Planner On £32,000

This week: “I’m a 26-year-old town planner working for a consultancy. I graduated from my master’s degree three years ago, but I’ve worked full time for the last four years. I live with my boyfriend B and my dog P in a commuter town outside of the city. I’m absolutely a spender, and fall victim to a lot of impulse spending. This is something I’m actively trying to reduce, as it is not a sustainable habit, nor is it good for the environment, as I buy a lot of things that I don’t need. I’ve only recently moved into traditional employment after being self-employed for the last few years. During this time I did not particularly manage my money well in regards to putting money aside from each invoice for taxes — a lesson I had to learn the hard way. Unlike most people at this age, I don’t have ambitions to buy a property in the near future. I don’t want to be tied to a location, nor do I want to deal with the maintenance of a property, which is good since I have very little savings for someone my age.”

Occupation: Town planner
Industry: Architecture/construction
Age: 26
Location: Edinburgh
Salary: £32,000 
Paycheque Amount: £2,060
Number of housemates: My boyfriend B and dog, P.
Pronouns: She/her

Housing costs: £300 rent
Loan payments: £0
Savings?: £2,500
Pension?: I’ve just started my pension contributions and pay £80 a month.
Utilities: £51.60 for wifi
All other monthly payments: £10 phone
Subscriptions: £36 dog food bundle; £8.99 Amazon Prime; £3.99 Apple storage.

Did you participate in any form of higher education? If yes, how did you pay for it? I’m the first person ever in my family to go to university and thankfully in Scotland tuition is free. I took student finance loans to pay for my rent and other costs. Then for my master’s degree I had a scholarship, and again I took out a student loan. 

Growing up, what kind of conversations did you have about money?
Coming from a very working class family, growing up on a council estate, I was aware that money was “tight” but finances were never really discussed beyond that. Thankfully, my boyfriend is quite financially sensible and has taught me the values his parents instilled in him in regards to not taking out finance and so on. 

If you have, when did you move out of your parents’/guardians’ house?
I moved out to go to university at 17. 

At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I’m torn about the answer to this. I really became financially responsible for myself at 16 when I got my first job. However, due to the cost of living in the city and the lack of money I made through my part-time jobs during university I racked up a tonne of additional debt. I now rent from a distant family member at a very much reduced rate — so this helped me pay off my debt much quicker. 

What was your first job and why did you get it?
I got my first job at a fast food restaurant at 16, so I could have money to do the things my friends were doing. 

Do you worry about money now?
I do and I don’t. I’m aware I make more money than my parents ever did, and perhaps feel guilty around feeling it is not “enough”. But day to day, I don’t worry about spending or my finances, I’m still only young. 

Do you or have you ever received passive or inherited income?
No.