Money Diary 24-Year-Old Trainee Clinical Psychologist

Welcome to Money Diaries, where we're tackling what might be the last taboo facing modern working women: money. We're asking a cross-section of women how they spend their hard-earned money during a seven-day period – and we're tracking every last penny.

This week: "I’m a 24-year-old trainee clinical psychologist who recently moved to London. My attitude to money has changed a lot recently as starting my course has meant a pay rise of almost £10,000 and a rent increase of only £50. Prior to this pay rise I was definitely stingy. I don’t think about that so much now but those money-saving habits are quite ingrained. I still struggle between wanting to be able to buy a house someday and wanting to enjoy my 20s and have fun. Fortunately, thanks to my cheap rent I’m managing to save and spend pretty well right now. Most of my money goes on eating out and drinking and going on holidays. I spend very little on beauty-related stuff and I only buy secondhand clothes. I want to prioritise experiences over material values and I think my spending mainly reflects that. Financially I feel very lucky but I should probably plan and budget a bit more because I tend to just not think about it, which I’m aware is a super lucky position to be in."

Occupation: Trainee clinical psychologist
Industry: Healthcare (NHS)
Age: 24
Location: London
Salary: £33,921.30 (£32,306 + NHS London weighting)
Paycheque amount: £1,968 + travel expenses (around £80 per month)
Number of housemates: Two
Pronouns: She/her

Monthly Expenses

Housing costs: £475 rent.
Loan payments: Approximately £50 student loan.
Savings? I have £20,000 in a savings account set up by my parents when I was young, about £18,000 in my current account (should probably do something with it) and about £5,000 in a Help to Buy ISA.
Pension? I think I contribute 5%? I should probably know this.
Utilities: Around £80 per month for my share of bills.
All other monthly payments: £10 SIM-only phone contract. £10 donations to charities (BEAT and Shelter). Subscriptions: None, I use everyone else’s (lol).

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

I did an undergrad degree and I am now in the process of doing a doctorate. I took out a loan to cover fees, received the minimum maintenance loan and my parents gave me £50 a week to cover extra costs. I also took a gap year and worked full-time, and ended up with about £5,000 in savings which I used to fund myself during term time. I also worked full-time during the holidays and did some ad hoc blogging work during term time for some extra cash. My doctorate is a funded course so no fees and I’m paid throughout.

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

I don't really remember discussing money, which I'm aware is very privileged. I know we set up a bank account for me when I was about 12 but generally money wasn't really discussed. I didn't have much understanding of savings/stocks/shares and we didn’t really talk about it at home, which is potentially why I'm still so clueless. My parents have definitely been financially comfortable throughout my life but we’ve always been a supermarket-own-brand kind of family and there were clear expectations and boundaries around spending.

If you have, when did you move out of your parents'/guardians' house?

I moved out aged 19 to go to uni and moved back in for six months after graduating.

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

Probably not until I moved to London six months ago. I had been 90% financially responsible from February 2021 when I moved in with my ex but my dad still helped out with my car (paying for my MOT etc.) so it wasn't until I left my car at home that I took full responsibility.

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

I got my first job when I was 14, working as a chambermaid for my friend's family who own a B&B. There was a definite expectation for me to get a job and after handing out my CV to a load of shops I was very lucky to get this one through a connection.

Do you worry about money now?

I don't. My job is very stable with a clear path and I have savings to fall back on as well as friends and family support if needed. Also my rent is crazy cheap for London. My room is shoebox-size but still!

Do you or have you ever received passive or inherited income?

I inherited £2,000 when my grandma died when I was 21.