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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 26-year-old living in London and recently left my job! I was deeply unhappy being a producer, particularly at the company I was working for. I’d been thinking of leaving for a while, then made a slapdash plan to survive for at least two months without a full-time job and handed in my notice. The idea was to use some of my savings to help with my rent and to get a part-time job. I went on holiday and in my downtime I’ve been taking a pottery course and looking at different options for what to do next. I’m looking particularly at jobs in the music industry, even if it means working my way up again from the bottom. If I’m being completely honest, it’s been tough. I was earning a good salary (it got bumped up since my last diary two years ago) and created a lifestyle for myself which I now can’t maintain. I don’t miss the job itself but I do miss the stability and income."
Occupation: Unemployed (previously producer).
Industry: None (previously video production).
Age: 26
Location: London
Salary: £0 currently. My most recent salary was £45,500.
Paycheque amount: £0
Number of housemates: One.
Pronouns: She/her
Industry: None (previously video production).
Age: 26
Location: London
Salary: £0 currently. My most recent salary was £45,500.
Paycheque amount: £0
Number of housemates: One.
Pronouns: She/her
Monthly Expenses
Housing costs: A whopping £1,175 for my share (crazy compared to how much I was paying two years ago). My landlord from my last place increased the rent so I had to move and this was cheaper than what it was raised to!
Loan payments: Student loan, although that's currently paused since I'm unemployed.
Pension? I have no idea how much is across my two/three pensions, maybe around £7,000? When I wrote my diary two years ago, I said I would sort and consolidate and I’ve yet to do this...
Savings? £4,500 between easy access savings, fixed term high interest savings, Nutmeg investment account and my flat deposit (I'm counting it, lol). This is a significant reduction from two years ago as I’ve recently used over £3,000 to pay my rent and dipped in a few too many times for holidays and other bits.
Utilities: £99.50 council tax, £14 wi-fi, £45 gas and electric.
All other monthly payments: £39 phone. Subscriptions: £7.99 Disney+ (my sister pays the difference), £11.99 Spotify, £8.99 Amazon Prime, £5 Monzo Plus, £7.99 Microsoft.
Loan payments: Student loan, although that's currently paused since I'm unemployed.
Pension? I have no idea how much is across my two/three pensions, maybe around £7,000? When I wrote my diary two years ago, I said I would sort and consolidate and I’ve yet to do this...
Savings? £4,500 between easy access savings, fixed term high interest savings, Nutmeg investment account and my flat deposit (I'm counting it, lol). This is a significant reduction from two years ago as I’ve recently used over £3,000 to pay my rent and dipped in a few too many times for holidays and other bits.
Utilities: £99.50 council tax, £14 wi-fi, £45 gas and electric.
All other monthly payments: £39 phone. Subscriptions: £7.99 Disney+ (my sister pays the difference), £11.99 Spotify, £8.99 Amazon Prime, £5 Monzo Plus, £7.99 Microsoft.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I was in university for one year before dropping out. I always say it’s one of the best decisions I’ve made even though I’m still paying back my student loan. I never really saw it as debt since it came out before my paycheque. I had maximum loans from student finance and survived off those.
Yes, I was in university for one year before dropping out. I always say it’s one of the best decisions I’ve made even though I’m still paying back my student loan. I never really saw it as debt since it came out before my paycheque. I had maximum loans from student finance and survived off those.
Growing up, what kind of conversations did you have about money?
My parents taught me not to spend beyond my means and I think it made me very practical about money. I’m now constantly budgeting and making sure I can afford the things I need. Things were tough but I didn’t really notice until I was a teenager. I’m grateful particularly to my mum, who works a low-earning job, for shielding us from that for as long as she could.
My parents taught me not to spend beyond my means and I think it made me very practical about money. I’m now constantly budgeting and making sure I can afford the things I need. Things were tough but I didn’t really notice until I was a teenager. I’m grateful particularly to my mum, who works a low-earning job, for shielding us from that for as long as she could.
If you have, when did you move out of your parents’/guardians’ house?
I moved out for university at 18 then back in when I dropped out. I didn’t move out again properly until I was 22. I was very fortunate to have a house in London to stay in rent-free. All my mum asked was that I covered the food shop for us all (Mum and two sisters) and the wi-fi so I got off easy in terms of bills.
I moved out for university at 18 then back in when I dropped out. I didn’t move out again properly until I was 22. I was very fortunate to have a house in London to stay in rent-free. All my mum asked was that I covered the food shop for us all (Mum and two sisters) and the wi-fi so I got off easy in terms of bills.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
Officially at 22 when I had to start paying rent!
Officially at 22 when I had to start paying rent!
What was your first job and why did you get it?
My first job was doing admin at our church, every other Saturday. It paid £30 for a few hours but I loved having my own money. My first proper job was working part-time at Waitrose when I was 16.
My first job was doing admin at our church, every other Saturday. It paid £30 for a few hours but I loved having my own money. My first proper job was working part-time at Waitrose when I was 16.
Do you worry about money now?
Yes, constantly. I am stressed, lol. I had this grandiose plan, thinking I would feel freer, but I need a stable income and I’m so close to quitting my dreams of starting over and selling out to be a producer again and it’s only been two months. I really don’t want to burn through what's left of my savings.
Yes, constantly. I am stressed, lol. I had this grandiose plan, thinking I would feel freer, but I need a stable income and I’m so close to quitting my dreams of starting over and selling out to be a producer again and it’s only been two months. I really don’t want to burn through what's left of my savings.
Do you or have you ever received passive or inherited income?
Despite not earning much, my mum squirrelled away small amounts for years for me and my siblings. She stopped paying into the account years ago but it left me with about £800.
Despite not earning much, my mum squirrelled away small amounts for years for me and my siblings. She stopped paying into the account years ago but it left me with about £800.
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