Money Diary: A Secondary School Teacher On 29.6k

Welcome to Money Diaries, where we’re tackling what might be the last taboo facing modern working women: money. We’re asking a cross-section of women 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 woman who lives in Devon with my partner. I moved to the area from Oxfordshire to go to university and never left. With a significantly lower cost of living here, I could not justify going back home to live with my parents in the middle of nowhere. Living by the sea is also a big plus. Teaching was always my dream job, however I am becoming less and less sure of that. The retention of new teachers is a real problem as many of my friends in teaching are equally as thrilled with it as I am.

I’m a fairly frivolous spender and have a comfortable lifestyle, mainly thanks to living with my partner, J. I could not have the same lifestyle at all without him. He’s our spender and I am meant to be the saver, which is worrying! I am trying to be more conscious of my spending as I know I am nowhere near being able to afford a house, which is the goal as then we can have dogs.”

Occupation: Secondary school teacher
Industry: Education
Age: 26
Salary: £29,664 at time of writing. I’m due a pay rise to £33,850 in the next month.
Paycheque amount: Approximately £1,800.
Number of housemates: One: my partner, J.
Pronouns: She/her

Monthly Expenses

Housing costs: £400 for my half of the rent.
Loan payments: I know I’m over the threshold for student finance but currently talking to HR/finance at work as this is not coming out of my paycheque and I don’t know why.
Pension: £212.59, taken directly out of my pay.
Savings? £4,513 in an instant ISA, £1,809 in an everyday saver (most of this is earmarked for holidays in 2023) and a pitiful £52 in a Help to Buy ISA.
Utilities: £162.50 for my half of water, energy, Wi-Fi and council tax.
All other monthly payments: £48 phone. Subscriptions: £9.99 Spotify, £8.99 Amazon Prime, £4.34 Scope, £13 Dogs Trust.

Did you participate in any form of higher education? If yes, how did you pay for it?

I completed a BSc in chemistry and a PGCE in secondary science education (a yearlong teaching qualification on top of my degree). This was paid for by student finance and maintenance loans. My grandad saved some money for me but this went on rent and bits I needed to move into university with.

Growing up, what kind of conversations did you have about money?

Early on, we didn’t talk about money as a family. I sometimes overheard my parents arguing about money as we were not as well off as other people and this annoyed my dad. After Dad’s health took a turn, Mum avoided talking to him about money as it was a trigger for him and so she would talk/vent to me instead. This was mostly about the fact that we did not have any money and, once I was earning money, whether or not I could lend her some, which I always did.

If you have, when did you move out of your parents’/guardians’ house?

I moved out of my parents’ house for university at 19 and, like many others, returned for the holidays. I feel like I properly moved out at 22 as this is when I consciously decided not to move back in.

At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?

I suppose 19 is the proper answer to this as this is when I moved out for university and was relying on my parents less. That said, although I did not pay rent to my parents or cover bills, I know I am always on hand to lend my mum money when she needs it and we have been in this dynamic since I started earning at 17. Now, I would say I’m fully responsible for myself as I can afford to live fairly comfortably but my lifestyle would definitely have to change without J.

What was your first job and why did you get it?

I was a weekend worker at a shoe shop. I got this as my parents could not afford to give me pocket money, which was common in my friend group, and I needed the money to keep up with them.

Do you worry about money now?

Not as much as I should, ironically, given my mental health. I feel I have a good salary, especially compared to some of my non-teaching peers, and although I’m a spender, I am careful to stay within my means.

Do you or have you ever received passive or inherited income?

As mentioned previously, my grandad saved around £2,000 for me to go to university. I don’t know the exact amount as Mum borrowed money from this pot. I spent this on university essentials. I also received a £26,000 bursary from the government for teacher training and have very little to show for it, thanks to my recklessness. I get upset about this about once a month.