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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 29 year-old, living in London and working as a management consultant. I have lived here for nearly six years having moved here for my job. I have a real love-hate relationship with London and I'm unsure how long I will stay. There is always something to be doing here and I definitely enjoy access to great restaurants, exhibitions, theatre etc. On the other hand, it is a big place and I do miss open space (I grew up in the countryside). My job has been a great start to my career, but for a variety of reasons I am looking at the next step. On a solo salary and even with my savings, getting a favourable mortgage is hard, plus I am not sure where I want to commit to, so for the time being I am happy renting. I am lucky that my landlord is private and so far has been a decent human being! I prioritise experiences in my life and have been on a few big backpacking trips, so typically I am saving for the next holiday. I buy a lot of clothes either secondhand or find good quality investment pieces. I try to keep my day-to-day spending low, and typically will do more at the weekends with friends."
Occupation: Management consultant
Industry: Consulting
Age: 29
Location: London
Salary: £65,000
Paycheque Amount:
Number of housemates: One, my friend P.
Pronouns: She/her
Industry: Consulting
Age: 29
Location: London
Salary: £65,000
Paycheque Amount:
Number of housemates: One, my friend P.
Pronouns: She/her
Monthly Expenses
Housing costs: £925 for my half of a two-bed flat that I rent with P.
Loan payments: I have a credit card that I use to put most of my monthly expenditure on, as a way of regularly paying off debt and improving my credit score — plus points! Aside from that, I am also paying off my student loans. I paid £9,000 a year for my fees through student finance and then took another £1,000 a year as a loan. This comes out of tax in my paycheque.
Pension?: Yes. I currently contribute 8% and my employer contributes 4%. My mum in particular is really hot on the importance of women investing in their pension. The wealth disparity in pensions between men and women is shocking!
Savings?: I have about £125k in various investment funds including stocks and shares, which is tied up for some amount of time. This has come from a series of family circumstances (mainly dead relatives). I then also have £7k in premium bonds. I then save £800 of my salary a month, (as a minimum, some months go better than others) to fund holidays, and other experiences. I am incredibly aware of how fortunate I am.
Utilities: £42.19 water, £29 wifi, £56.18 gas/electric, £178 council tax, £43.62 TV license (paid in installments). These are all split equally with my housemate.
All other monthly payments: £10 SIM card, £130 Class Pass, £55 cleaner (comes every two weeks), £14.95 contents insurance, £20 wine subscription. Subscriptions: £12.99 Disney+, £33.96 meal box (I get it every other month).
Loan payments: I have a credit card that I use to put most of my monthly expenditure on, as a way of regularly paying off debt and improving my credit score — plus points! Aside from that, I am also paying off my student loans. I paid £9,000 a year for my fees through student finance and then took another £1,000 a year as a loan. This comes out of tax in my paycheque.
Pension?: Yes. I currently contribute 8% and my employer contributes 4%. My mum in particular is really hot on the importance of women investing in their pension. The wealth disparity in pensions between men and women is shocking!
Savings?: I have about £125k in various investment funds including stocks and shares, which is tied up for some amount of time. This has come from a series of family circumstances (mainly dead relatives). I then also have £7k in premium bonds. I then save £800 of my salary a month, (as a minimum, some months go better than others) to fund holidays, and other experiences. I am incredibly aware of how fortunate I am.
Utilities: £42.19 water, £29 wifi, £56.18 gas/electric, £178 council tax, £43.62 TV license (paid in installments). These are all split equally with my housemate.
All other monthly payments: £10 SIM card, £130 Class Pass, £55 cleaner (comes every two weeks), £14.95 contents insurance, £20 wine subscription. Subscriptions: £12.99 Disney+, £33.96 meal box (I get it every other month).
Did you participate in any form of higher education? If yes, how did you pay for it?
I went to uni and did an undergrad in history and politics. Course fees were covered by student loans and then I took a £1000 pounds a year from the maintenance loan. My parents kindly paid my accommodation costs through the three years, and provided a weekly food budget of £35 - £40 pounds. Everything else I had to cover myself. I worked in a student bar, which was one of the most fun jobs I have ever had. I did have a gap year, as I didn’t get onto the course I originally wanted, so I had a little bit of money saved when I arrived. I also very much made the most of the 0% overdraft offered on both my student and grad current account. I would typically would spend my summers working to get myself out of it!
I went to uni and did an undergrad in history and politics. Course fees were covered by student loans and then I took a £1000 pounds a year from the maintenance loan. My parents kindly paid my accommodation costs through the three years, and provided a weekly food budget of £35 - £40 pounds. Everything else I had to cover myself. I worked in a student bar, which was one of the most fun jobs I have ever had. I did have a gap year, as I didn’t get onto the course I originally wanted, so I had a little bit of money saved when I arrived. I also very much made the most of the 0% overdraft offered on both my student and grad current account. I would typically would spend my summers working to get myself out of it!
Growing up, what kind of conversations did you have about money?
We got young person’s current accounts as teenagers and were encouraged to save and put money in that. We had pocket money that turned into an allowance to help us with budgeting. I grew up middle class and am incredibly grateful for both my parents for prioritising our education and family holidays when we were younger. We were always comfortable but I know they made decisions to prioritise this and they both worked full time. It was expected that we would contribute to the general running of the house through chores etc.
We got young person’s current accounts as teenagers and were encouraged to save and put money in that. We had pocket money that turned into an allowance to help us with budgeting. I grew up middle class and am incredibly grateful for both my parents for prioritising our education and family holidays when we were younger. We were always comfortable but I know they made decisions to prioritise this and they both worked full time. It was expected that we would contribute to the general running of the house through chores etc.
If you have, when did you move out of your parents/guardians house?
Officially in 2019 when I moved to London. When I graduated from uni, I moved back for a year, whilst I worked out what I wanted to do. I took a number of different temp jobs and did a backpacking trip. My parents asked that I contribute £40 pounds a week to cover food. Very reasonable, looking back.
Officially in 2019 when I moved to London. When I graduated from uni, I moved back for a year, whilst I worked out what I wanted to do. I took a number of different temp jobs and did a backpacking trip. My parents asked that I contribute £40 pounds a week to cover food. Very reasonable, looking back.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would say when I moved out in 2019. Whilst I paid food money to my parents when I moved back after uni, that was nothing in comparison to rent.
I would say when I moved out in 2019. Whilst I paid food money to my parents when I moved back after uni, that was nothing in comparison to rent.
What was your first job and why did you get it?
I think my first ever paid job would have been either baby sitting or a random pot wash shift that I covered for a friend in a pub. This was very much on the advice of my parents and to earn some extra cash, though I can’t remember what I did with it!
I think my first ever paid job would have been either baby sitting or a random pot wash shift that I covered for a friend in a pub. This was very much on the advice of my parents and to earn some extra cash, though I can’t remember what I did with it!
Do you worry about money now?
Not so much. I am in a very fortunate position to have the savings I do. That being said, I do save about £800 a month to build travel pots and cover any unexpected costs.
Not so much. I am in a very fortunate position to have the savings I do. That being said, I do save about £800 a month to build travel pots and cover any unexpected costs.
Do you or have you ever received passive or inherited income?
Yes. From a number of different family circumstances, I have ended up in an incredibly fortunate position.
Yes. From a number of different family circumstances, I have ended up in an incredibly fortunate position.
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