This week: “I’m a 25-year-old business analyst living in London. I grew up in north London and have recently moved out to live with my best friend, S! I work in the banking industry but my role is basically tech. My job involves working closely with developers and UX designers to develop new features and make improvements to the internet banking app. I started my career on a graduate scheme for a large UK bank and was lucky enough to find a role that I love at the end of it. I’ve always been interested in personal finance and economics, so I feel genuinely passionate about helping others manage their money using technology.
I have a partner, B, who also works in finance, however we do not split any costs as we live separately. With regards to my spending habits, I would say I’m a saver and since moving out have aimed to save £500 per month. This doesn’t always happen as I also have a tendency to treat myself a lot (aka impulsive spending) and unexpected costs arise. Living at home I had more disposable income, so my outgoings and savings have inevitably had to decrease.”
Occupation: Lead business analyst in tech
Industry: Banking
Age: 25
Location: London
Salary: £53,000 and annual 10% bonus
Paycheque Amount: £2,850
Number of housemates: One, my best friend, S
Pronouns: She/her
Monthly Expenses
Housing costs: £700 rent.
Loan payments: £180 student loan, £53 finance payment for dental work and £75 payment to my mum for money I borrowed a few years ago for a rhinoplasty.
Savings? £6k in a S&S ISA, £17k in a company share scheme, £16k in a LISA, £2k crypto, £1,100 emergency fund and £30k pension.
Pension? I pay 6% (£265 per month) and my company pays 15%, so my total monthly pension contributions are £925.
Utilities: £60 council tax, £15 wifi. I haven’t paid utility bills yet since moving in a few weeks ago.
All other monthly payments: £42 phone contract. Bank account fee £10 (comes with phone/travel/breakdown insurance). I also pay £120 per month into a share scheme at work. Subscriptions: £6.99 Netflix, £9.99 Spotify, £105 1Rebel membership.
Did you participate in any form of higher education? If yes, how did you pay for it?
I went to university and studied economics. I received a student loan of £40k which covered my tuition fees, rent and some spending. I also worked behind a bar and in retail during university for any extra spending money I needed for holidays, clothes etc.
Growing up, what kind of conversations did you have about money?
Growing up I’d say I had everything I needed. However, my parents were always very conscious spenders and instilled this into me. My parents were refugees and came to the UK with very little many years ago. During my childhood, they would never use credit cards or spend outside of their means, and we had one European family holiday each year. They’ve never purchased a brand new car or used finance, they have always been secondhand, and we didn’t tend to eat out at restaurants. However, they always spent money where it would add value. For example, paying for a school ski trip to America as this was a good opportunity for me to learn something new.
If you have, when did you move out of your parents’/guardians’ house?
I moved out for university for three years, then after graduating I started a grad scheme which required me to move to Edinburgh for eight months. I then returned home for 2.5 years during the pandemic and only recently moved out to live with a friend.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I became financially responsible for myself when I started my first full-time job in 2018 after graduating and moving to Edinburgh. However, I have been very lucky that my parents have allowed me to stay at home rent-free for periods after uni and during COVID to build up some savings.
What was your first job and why did you get it?
My first job was working as a hairdresser’s assistant washing hair when I was 14. I worked 9am-5pm every Saturday and was paid £20 (pretty sure this was illegal?!). My parents told me not to bother but I wanted some form of independence and to have my own pocket money.
Do you worry about money now?
Yes, I worry that I still have a long way to go with regards to saving for a house deposit in London – despite having lived with parents for a few years. I feel pressure to have it all sorted already, but then I take a step back and realise there is more to life than worrying about buying a house and I’m still so young. I’m also apprehensive about moving out during a cost of living crisis and the looming rise in the energy price cap, as I haven’t yet paid any bills in the new flat so have no idea what to expect.
Do you or have you ever received passive or inherited income?
No.
8am: I wake up and check my phone for 20 minutes then run a bath, do my skincare routine and watch some vlogs on YouTube. I have the day off today as B’s parents gifted us some concert tickets a while ago so we’re heading to Glasgow today.
11am: We catch the train up to Glasgow for the concert. I buy a bland meal deal on the train for lunch and eat this while doing some itinerary planning for our upcoming holiday to Mexico, £5.50.
2pm: We arrive in Glasgow, check in to our hotel and then go out to explore the city. We have an ice cream from Hotel Chocolat and then find a bar in the sun for some drinks. I have three margaritas and B has three beers. I pay and B will buy the drinks at the concert, £42.
6pm: We go for a bite to eat at a cute Italian restaurant with B’s parents and I order the seafood linguine with tomato and garlic. We share bruschetta, olives and calamari for starters, and lots of wine. B’s dad kindly pays.
11.30pm: The concert was amazing! We leave just before the end to avoid the chaos, to no avail as it takes us two hours to get back to our hotel.
1.30am: I take my makeup off and jump straight into bed, hoping to avoid tomorrow’s hangover.
Total: £47.50
6am: Up early today to catch the train back down to London. I pay for a taxi to the station so we get there on time, £6.20. Surprisingly, I don’t feel too rough this morning. My hangovers have definitely gotten worse since my uni days but I feel okay today.
7am: It’s too early for breakfast so I listen to my favourite podcast, The Girls Bathroom on the train and have a nap.
2pm: Arrive back in London and get the Tube home, £5. I haven’t had time to eat anything today and I have some work I need to get on with so I order my usual Nando’s on Deliveroo; half chicken, peri chips and perinaise, £17. I devour this while catching up on emails.
4pm: I have a call with my team to chat about how we can build a chat bot within the app while drinking my afternoon coffee. I ordered some Grind coffee pods the other day and I’m impressed (they taste good and are compostable too!).
6.30pm: My evening takes an unexpected turn and I develop a skin infection on my nose. I call my surgeon who performed my rhinoplasty a few years ago. He suggests I visit him this evening so he can examine it. I get prescribed some antibiotics which costs £32.
8pm: Get home and heat up my leftover Nando’s for dinner, yay!
9pm: I have a shower, change my bed sheets and do my skincare routine. My favourite routine at the moment is: my CeraVe cleanser, Kiehl’s microdermabrasion exfoliator, Kiehl’s clay mask and a lavender face oil. I get cosy in bed and catch up on Made in Chelsea.
Total: £60.20
8am: Wake up. It’s hair wash day today so I apply my Olaplex no.3 hair mask and make myself a coffee.
9am: I join our daily stand up call to catch up with our devs and chat about what they’re working on and whether they have any blockers. I spend the rest of the morning refining technical requirements for some features we will soon be releasing.
1pm: My sister visits with my baby nephew so we go for a walk during my lunch break and have brunch at a cute independent coffee shop nearby. We both opt for the courgette and sweetcorn fritters with smashed avocado and a smoothie, I pay for my half, £15.
3pm: I put a load of laundry on and try to tick as much as I can off my to-do list at work before logging off for my long weekend!
5pm: Work is finished for the week and I walk over to my massage appointment. I try someone new this time and she isn’t as good as my usual lady which is disappointing, but she exceeded my allocated appointment by 10 minutes so I still give a tip, £47.
7pm: I recently moved in to a new flat and haven’t got round to filling the cupboards yet, so I do a big shop in Aldi and buy all the cupboard essentials, £66.
8pm: I head home for a quiet Friday night in and paint my nails. I purchased a gel nail kit in lockdown and haven’t been back to the nail shop since as I can’t justify spending £25 on my nails every fortnight, so it is definitely worth the investment.
Total: £128
10am: Wake up.
11am: I start the weekend by going to my eyebrow appointment, £20. I have them threaded and tinted every four weeks and maintain them myself in between appointments.
1pm: S hasn’t been at the flat this week due to a leak in her bedroom so I meet up with my sisters for a long dog walk and brunch at a café. I have a vanilla iced latte and a chicken, avocado and mozzarella sandwich, £14.
3pm: I spend a few hours unpacking some clothes which I haven’t got round to sorting since moving in and give the flat a clean, too.
7pm: I’m staying over at B’s tonight and we discuss what we fancy for dinner. He fancies a takeaway but I’m conscious I haven’t had a home cooked meal for a few days so we compromise and have homemade beef burgers with sweet potato fries and onion rings. We buy the ingredients from Morrisons, £5.50 for my half and £1.65 for the bus fare.
10pm: B’s neighbours are having a house party at their flat so we pass by for a few drinks and catch up. They have an amazing view of the London Eye from their balcony and a fully stocked bar, happy days. We stay for a few hours and then call it a night.
12.30pm: Sleep.
Total: £41.15
10.30am: It’s been a busy week and I haven’t had much time to workout so me and B do a 1Rebel reshape class (they always kill me!). I buy a Deliciously Ella protein ball on the way there as a pre-workout snack, £1.95.
12pm: Workout done and I’m full of endorphins. We make a healthy brunch at home and have smoked salmon with avocado and poached eggs on toast. I’ve finally mastered the poached egg and they always have a perfectly runny yolk every time!
4pm: We rent a Lime electric scooter to get into the city as we’re going to Notting Hill today, £3.40. I’m hungry so I grab a spicy tuna pokè bowl for lunch, £8.95.
5pm: We meet our friends at the pub for some drinks. I buy a crate of beers before we head over to a friends, £4.95.
10pm: We stop to have a drink at a pub on the way home and I give my spare change to a man who approaches us, £8.
12am: A few friends come back to the flat, once everyone clears off me and B have a drunk craving for fried chicken so we naughtily order a KFC before bed, £8.
Total: £35.25
12pm: Wake up and have a bacon sandwich for breakfast.
1pm: I decide to stay at B’s for a few nights while the builders are fixing the leak so I take the bus to my flat to pack a bag as I’m in the office tomorrow. I’ve been making a conscious effort to take cheaper and more economical modes of transport which means I’m on an Uber ban, £1.50.
5pm: I’m craving a wholesome evening before the working week begins tomorrow so I make us a roast for dinner. I buy a large chicken, potatoes, carrots, Yorkshire puddings, rosemary, apple crumble, custard and porridge from M&S, £10 for my half. I use the Soho House chicken gravy recipe and it tastes unreal. We’ll have the leftovers for lunch tomorrow, too.
7pm: The roast is ready so we have dinner while watching The Simpsons Movie. I’m thinking to cancel my Netflix subscription as we’ve really scraped the barrel with movie choice tonight and I can never find anything decent to watch on there anymore!
9pm: We’re still in a food coma but it’s not a roast without dessert, so we heat up the apple crumble with custard before getting into bed for a cuddle.
Total: £11.50
8.30am: My team work hybrid so we go into the office three times a week, and today is an office day so I catch the bus into the city, £1.50.
9am: I pick up my usual morning coffee from Pret, a hazelnut oat cappuccino, £3.85. I’ve considered the Pret subscription however I don’t like the thought of being tied in even though it’ll probably work out cheaper. I get to my desk and catch up with my team whilst eating my porridge for breakfast.
12pm: It’s been a hectic morning as we’re at the end of our two week sprint so all of the code we are releasing needs to be completed today and there’s been a few issues. I have a quick break for lunch and eat my leftovers from yesterday at my desk.
3pm: I need an afternoon pick-me-up so I make a coffee in the office kitchen, they’ve recently installed a Nespresso coffee machine so this one is free.
5.45pm: Work is finished for the day and I head over to my 1Rebel class. I’m on an eight-week health kick before our trip to Mexico as I’ve been indulging these past few weeks and don’t feel in the best pre-holiday shape.
7pm: Class done, I grab a cold peppermint towel from the fridge (if you know you know) and get showered at the gym as I love the changing rooms there.
7.30pm: I catch the bus home and then make chilli for dinner, £1.65.
8.30pm: I eat the chilli with B and we catch up on our days.
10.30pm: Bed.
Total: £7
Food & Drink: £210.70
Entertainment: £0
Clothes & Beauty: £20
Home & Health: £79
Travel: £20.90
Other: £0
Total: £330.60
Conclusion
“Given we had a long weekend I socialised a lot more than usual and spent more than I usually would on eating out and alcohol this week. I’m happy that I managed to refrain from using Uber and this is reflected in the relatively low spend on travel so will definitely continue this. I’ll be more organised with weekly food shops in the future as buying ingredients from smaller supermarkets tends to be more expensive and I did this a few times this week. I budget around £210 per week and this week was much higher than that so I may need to reevaluate my budget or identify areas where I can cut back in future.”
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