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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 32-year-old womenswear designer living in London. I graduated from university 10 years ago, and specialise in multidisciplinary womenswear (all types of products). I’m not really a ‘girly girl’ with how I dress, so I love to design outerwear the most. I hope that if I ever do get a job that is more specialised into one area, this would be where I go. I do enjoy my job and I’m happy that I ended up working in fashion, although I do get a bit ‘grass is greener’ about the area of fashion that I work in — sometimes I dream of working for a big luxury brand. I live in a one-bedroom flat with my partner (we moved in together during COVID-19). My dream is to own my own house so this is what I’m working on with my current savings goals. I try to save as much as possible, within reason, while still enjoying my life in the present and the money that I make!”
Occupation: Womenswear designer
Industry: Fashion
Age: 32
Location: London
Salary: £60,000
Paycheque Amount: £3,220
Number of housemates: One, my partner.
Pronouns: She/her
Industry: Fashion
Age: 32
Location: London
Salary: £60,000
Paycheque Amount: £3,220
Number of housemates: One, my partner.
Pronouns: She/her
Monthly Expenses
Housing costs: £950 rent
Loan payments: £300 student loan taken directly from paycheque.
Savings: £20,000 in savings + £8,000 in premium bonds.
Pension? Included in paycheque deduction; standard set by workplace at 5%.
Utilities: We live in a building where these are included in our rent, apart from the wifi, which I split with my partner (£19 each) and a cleaner who comes once a week (£50).
All other monthly payments: £16.50
phone; £50 charity donation; £60
supplements/medical expenses; £69
Classpass; £164 London travel card.
Subscriptions: £17 for my half of Netflix, Spotify and Amazon.
Loan payments: £300 student loan taken directly from paycheque.
Savings: £20,000 in savings + £8,000 in premium bonds.
Pension? Included in paycheque deduction; standard set by workplace at 5%.
Utilities: We live in a building where these are included in our rent, apart from the wifi, which I split with my partner (£19 each) and a cleaner who comes once a week (£50).
All other monthly payments: £16.50
phone; £50 charity donation; £60
supplements/medical expenses; £69
Classpass; £164 London travel card.
Subscriptions: £17 for my half of Netflix, Spotify and Amazon.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, undergraduate degree level. I took out a student loan and had a maintenance loan, which I pay off each month. But it hasn’t actually gone down since I started paying it off 10 years ago, due to high interest rates. My parents also helped me out with additional course costs sometimes when needed (buying fabrics and other art/textile materials), as my course was expensive.
Yes, undergraduate degree level. I took out a student loan and had a maintenance loan, which I pay off each month. But it hasn’t actually gone down since I started paying it off 10 years ago, due to high interest rates. My parents also helped me out with additional course costs sometimes when needed (buying fabrics and other art/textile materials), as my course was expensive.
Growing up, what kind of conversations did you have about money?
Growing up money was always tight and we were always scraping by. I don’t think we were poor, just a normal family of two parents and two children living on one salary (’90s style). I was encouraged to save my money up for larger purchases that I might want for myself. My parents did not or could not buy us expensive things most of the time, apart from birthdays. My dad especially is very money conscious: He doesn’t invest but is always making his finances work as hard as they can. Both of my parents love good quality and tasteful things, but were always on the look out for a bargain or a deal to get nice purchases for cheaper prices, so we bought a lot of things secondhand. My dad encouraged me as a teenager to create budgets for myself and this is something I then carried onto university and adult life.
Growing up money was always tight and we were always scraping by. I don’t think we were poor, just a normal family of two parents and two children living on one salary (’90s style). I was encouraged to save my money up for larger purchases that I might want for myself. My parents did not or could not buy us expensive things most of the time, apart from birthdays. My dad especially is very money conscious: He doesn’t invest but is always making his finances work as hard as they can. Both of my parents love good quality and tasteful things, but were always on the look out for a bargain or a deal to get nice purchases for cheaper prices, so we bought a lot of things secondhand. My dad encouraged me as a teenager to create budgets for myself and this is something I then carried onto university and adult life.
If you have, when did you move out of your parents’/guardians’ house?
19.
19.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
At age 22, when I graduated.
At age 22, when I graduated.
What was your first job and why did you get it?
Babysitting from a young age, 12 or 13.
Then I got a proper weekend job working in a local café in my town, aged 16. I wanted to have extra money for spending on clothes!
Babysitting from a young age, 12 or 13.
Then I got a proper weekend job working in a local café in my town, aged 16. I wanted to have extra money for spending on clothes!
Do you worry about money now?
On a daily level — no. I don’t live very extravagantly, and the money I have covers my lifestyle comfortably, and then some extra for nice purchases. But longer term, yes. I have no generational wealth, my parents are not able to help me out with money for a deposit or getting on the property ladder. I try and save as much as I can but honestly, I’m uncertain if/when I will be able to afford to get onto the property ladder which makes me feel nervous, as I do want children soon and feel that I would want my own property for my family to live in. I worry about having children and the price of maternity leave (having to save up extra money to allow for this), paying for childcare, and all of the costs that continue to accrue as children get older. I also worry about the impacts of losing some/all of my salary with having children and wanting to have time off for this — the gender progression gap, et cetera.
On a daily level — no. I don’t live very extravagantly, and the money I have covers my lifestyle comfortably, and then some extra for nice purchases. But longer term, yes. I have no generational wealth, my parents are not able to help me out with money for a deposit or getting on the property ladder. I try and save as much as I can but honestly, I’m uncertain if/when I will be able to afford to get onto the property ladder which makes me feel nervous, as I do want children soon and feel that I would want my own property for my family to live in. I worry about having children and the price of maternity leave (having to save up extra money to allow for this), paying for childcare, and all of the costs that continue to accrue as children get older. I also worry about the impacts of losing some/all of my salary with having children and wanting to have time off for this — the gender progression gap, et cetera.
Do you or have you ever received passive or inherited income?
No.
No.
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