Money Diary: A University Teacher On £52,815

This week: “I’m 36 and working in a student support role in a university. I’ve worked in the education sector in various roles since graduating from university. I love my job and I’m lucky to be paid comparatively well for the work that I do. I live with my partner, M, in a house we bought in 2022. We didn’t want a project but the insanely competitive housing market meant we had to take what we could get and, like all houses that need some work, it’s the gift that keeps on giving with its surprise costs! I’m more of a saver than a spender so this has left me in a permanently twitchy state as we’ve spent most of the time since we moved in haemorrhaging cash to tradespeople and DIY shops.”

Occupation: Student support 
Industry: Higher education
Age: 36
Location: South East
Salary: £52,815
Paycheque Amount: 2,842.90
Number of housemates: One, my partner M
Pronouns: She/her

Housing costs: £574.33 for my share of the mortgage. Each month, I put £1,500 into our joint account which covers my share of the mortgage, joint living costs and groceries, plus my contribution into our joint savings which is used to cover annual bills, miscellaneous house expenses, et cetera. We split this proportionally to our income as I earn slightly more. 
Loan payments: £192 student loan, taken directly from my paycheque
Savings?: £8,992 in a savings pot which will most likely get used on the house; £200 in a “treat” pot; £251.86 in a holiday pot; £3,300 in a regular savings account and approximately £2,500 in a stocks and shares ISA
Utilities: £29.15 gas and electric; £21.20 internet; £112 council tax; £22.10 water
All other monthly payments: £11.11 SIM-only plan; £7.95 Les Mills (woefully under-used); £38.71 for my share of life insurance; £120 for my share to cover minimum payments on credit cards; £112.78 for my share of home insurance; £146.34 for my share of car insurance; ££15.90 for my share of the car tax — all paid annually
Subscriptions: £9.53 Spotify
Pension?: I pay in 9.8% of my pre-tax salary, my employer contributes 21.6%.

Did you participate in any form of higher education? If yes, how did you pay for it? I received the maximum tuition and maintenance loans along with a bursary from my uni and worked part time in a café to cover my living expenses.

Growing up, what kind of conversations did you have about money?
For a lot of my childhood, conversations about money focused on how we couldn’t always afford things and had to wait until Christmas or a birthday. This changed as we got older and my parents became more financially secure, but we were always encouraged to save up for things we wanted and never spend beyond what we could afford.

If you have, when did you move out of your parents’/guardians’ house?
I moved out at 19 for uni and came back briefly for a couple of months between jobs, shortly after graduating.

At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
My parents gave me some money here and there to help with living costs at uni, so I’d say I officially became financially responsible for myself once I graduated at 22. 

What was your first job and why did you get it?
I worked in a supermarket to fund gig tickets and endless CD purchases.

Do you worry about money now?
To some extent, yes. The work on our house has been more costly than anticipated with the rising cost of materials and several “surprises” which, of course, always cost money! We also have around £15k across a couple of 0% interest credit cards which is always at the back of my mind because I hate knowing that I owe money. However, currently the money is better off earning interest in a savings account than paying them off.

Do you or have you ever received passive or inherited income?
I received £10k from my parents to help us with the purchase of our first flat several years ago.