This week: “I’m a 27-year-old family law solicitor living and working in London. I grew up in London, moved away for university and returned for my legal studies. My boyfriend and I moved into a flat together after my postgraduate studies and we both work in the City. My work is intense, but I really enjoy supporting people through their divorce and other family matters. In regards to my financial situation: I racked up credit card debt working in retail whilst studying, partially because I was an over spender and partly because I needed to meet my needs whilst on low/no income at times. I paid that off in the pandemic, qualified as a solicitor and then started earning a good salary. I come from a divorced family and parents who have had their own financial difficulties and also one of my siblings is a low earner with chronic health issues so I tend to supplement their lifestyle in lots of ways. I’ve waded through self-funding my studies to qualify as a solicitor and took out maximum student loans etc. I like to think I’ve now found a good balance between saving and spending. I am naturally a spender but I’ve had to learn about financial discipline and budgeting as I’ve gone along. My partner earns much more than me, and we are very fortunate but I track everything we spend and keeping a vague eye on my savings goals is important to me.”
Occupation: Solicitor
Industry: Legal
Age: 27
Location London
Salary £75,000
Paycheque Amount: £3,686.07
Number of housemates: 1, my boyfriend, O.
Pronouns: she/her
Monthly Expenses
Housing costs: £950 for my half of the rent.
Loan payments: I pay £357 Plan 2 student loan for my undergraduate degree and £270 for my postgraduate degree loan (deducted from my salary gross of tax). I also pay £360 for a zero-interest credit card which I used to pay my law school fees before I qualified as a solicitor. The balance is around £10,000. I intend to pay this off in its entirety before interest begins to accrue in March 2024. Whilst no interest is currently payable, I have kept the money to pay this in a high yield savings account where I earn monthly interest as it just makes more sense.
Savings?: £10,785.
Pension?: I have a pension and pay 3% of my salary in to it. My employer contributes 4%.
Utilities: Roughly £250 per month for my share of the electricity, wi-fi and council tax bills. Our flat came with private parking which we do not use as we commute everywhere in London. Our landlord gave us free rein when we moved in to either use the parking space or rent it out. This provides us with income of £200 per month which we use to offset against our bill payments.
All other monthly payments: £70 mobile phone. Subscriptions: £69 for ClassPass, £10.99 for Netflix, £13 for my Peloton (digital only), £5.99 for Apple Music and £8.99 for my Apple storage.
Did you participate in any form of higher education? If yes, how did you pay for it? I was a non-law undergraduate and had to undertake the Law Conversion course (or GDL). I took out a Postgraduate Student Finance England loan to manage my living costs and my parents paid the tuition fee. I had to pay for my Legal Practice Course exams myself and paid for these by working full time and studying part time, putting my expenses and tuition fees on credit cards and then paying those off during the pandemic (c.£12,000).
Growing up, what kind of conversations did you have about money?
I like to think that I’ve found a good balance between saving and spending because of my personal life experiences in adulthood and the way I was exposed to the financial difficulties my parents faced whilst I was growing up. I’m super open about finances; I’m that friend who will help you ask for a pay rise (and get it!) and someone who will share what I earn if it means my friends in the industry have more leverage to argue.
If you have, when did you move out of your parents/guardians’ house? I moved out of my parents’ house when I was 24.
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 graduated from university at 21. I didn’t ask my parents for any financial assistance after university, even if that meant putting expenses on credit cards. My rent was subsidised whilst living at home as my family was renting so I paid £400 per month for my room when I landed my first graduate job.
What was your first job and why did you get it?
My first job was as a waiter at a hotel in central London. I got it when I was 16 as I was so sick of not having any allowance. I was paid £6.31 per hour and it cost me around £6 to get to work. It was really hard work but definitely brought out the grafter in me.
Do you worry about money now?
I do worry about money, but I do think when you have had a difficult upbringing with parents who had financial difficulties, that worry will never go away, no matter how much you earn. I know I am lucky to work in a secure role in a high-paying industry which brings me some comfort about my future. I think I will feel mental relief when I clear my law school debt and build an emergency fund of £10,000.
Do you or have you ever received passive or inherited income?
My grandmother gifted me £1,000 when I moved out of my family home to assist me with purchasing home furnishings. She did this in recognition of the fact that I have no inheritance prospects from anyone in the family.
7.40am: I had a rough night’s sleep, so I wake up later given that I’m working from home today. I don’t plan to do anything overly productive this morning as I went to the gym late last night.
8am: My boyfriend, O, leaves home for the airport. He is attending a work colleague’s wedding abroad this weekend. I’m staying home as we have a few holidays booked over the next few months and a wedding abroad is super expensive flight-wise. I don’t know the groom, plus all of O’s friends from work who are going don’t have partners. I kiss him goodbye before he heads off.
10am: I spend the morning attending internal meetings and drafting a letter of advice to a client about the likely outcome for the financial settlement in their divorce.
11am: I check the cupboards for some breakfast. I’m feeling lazy and settle for two slices of white toast and butter. Not very nutritious but is there anything better?!
1pm: I’m having a steady day and the weather is great outside. I head out for a 5km run and instantly regret 1) not hydrating sufficiently this morning and 2) not taking a rest day when I ran yesterday evening. I settle on a 3km walk/run and call it a day.
4.30pm: I realise nothing has passed my lips since those two slices of toast this morning. I heat up a halloumi and lentil curry with rice which O made earlier this week. I feel super thankful he prepped all our meals for the week a few days ago; meal prep makes life so much easier!
6pm: I finish work and head out for an hour to get my steps in before I relax for the evening. I’m more conscious about how sedentary I am and how low my step count generally is as a result. I’m trying harder to take the time out to improve this which means before/after work is always easier for me.
8pm: I’m back from my walk, showered and in fresh pjs. I settle down into bed to watch At Home With The Furys on Netflix. I love trashy TV.
10.30pm: Lights out.
Total: £0
8am: No weekend lie in for me! I try to do at least one exercise class on the weekend to wind down. I’ve booked to attend reformer Pilates this morning at a studio near my office to see if I like it enough to attend this studio through the week.
10am: The class was great and I really enjoyed the feeling of doing it when I’m less rushed! This class would have cost me £19 but is included in my ClassPass monthly membership.
11.15 am: I stayed in bed for way too long this morning and didn’t give myself enough time to have breakfast. I’m super hungry now and head to Pret. I pick up a cinnamon Danish and a blended juice drink. The drink is free as I’m trialling a Pret Subscription while I have the first month 50% off. I don’t think the subscription is worth it for me so I’ve cancelled it and won’t be rolling into next month when it increases to £30. The pastry comes to £2.25.
12pm: I meet up with my little sister and walk round Hampstead Heath then grab a crepe, £13 for two of us.
1.30pm: We grab some drinks and sandwiches, £7 from Marks & Spencer’s.
5pm: I’ve had such a lovely afternoon with my little sister but I need to do a deep clean before the start of a new week and before O is back. I panic buy a few cleaning bits in Savers on my way home, £5. I realise I have half of them at home when I get back! Such a waste.
8pm: After some serious deep cleaning and reading, I realise I’ve not eaten too well today and decide to pop out and get a McDonald’s for ease, £5.77. I’ll do a proper batch cook of our meals tomorrow.
11pm: I read some more of my current book and call it a night. My TfL travel costs me £8 for the day.
Total: £41.02
9am: I’m so glad I cancelled my 9.15am spin class last night. I’ve had a terrible night sleep, waking up every few hours.
10.30am: I shower and do my skincare and chores in the flat before I’m meeting a friend for lunch at 1pm.
12.50pm: I didn’t build enough time in to get ready today and need to get an Uber to lunch. I always underestimate getting ready time! The ride costs £6.95.
1pm: I meet my friend for lunch before we attend an art class. My share of lunch comes to £28.10 and the ticket for the art class is £32.50.
5.30pm: I walk home after such a nice afternoon with my friend and reunite with O. Even though it’s only been a few days I’ve missed him so much!
5.50pm: I pop into Sainsbury’s to pick up some salad for dinner and other top-up bits like milk, biscuits and bread. I buy a cute little succulent for my desk at work too. It’s £6 but I’ve been meaning to jazz up my desk and can’t resist the pot it’s in. The total comes to £14.30.
7.30pm: I cook O and I steak for dinner. He chooses a steak salad with a side of French bread and I go for a French bread steak sandwich which is so yummy. I’m feeling proud as he had an early flight this morning, so we considered ordering a takeaway tonight. We didn’t end up caving so we are doing well in our quest to try and avoid ordering takeout where possible.
8.30pm: O and I are exhausted, so it’s lights out!
Total: £81.85
7.30am: O kisses me goodbye on the forehead as he leaves for work which wakes me up. Despite an early night I tossed and turned so don’t feel well rested.
9am: After some more time in bed and compiling the food shop list for later, I log on to start work. I’m working from home today.
11.46am: I’ve had a busy morning completing ad-hoc tasks and client and team meetings. Family law is fast-paced but I really enjoy it because my day flies by! I make myself a bowl of Oat-So-Simple to keep me going until lunch.
1pm: It’s lunchtime so I go to Aldi and do the big food shop. We hate cooking through the week and meal prep saves so much time! I buy vegetables, meat, seasonings, eggs and juice, £14 for my half.
6.40pm: I take the tube to my laser hair removal session, £6.80 return. I get there ten minutes late and call whilst walking up, apologising profusely – a combination of being ridiculously busy at work, cooking dinner whilst working and the tube running late got me!
7.10pm: I have my laser hair removal appointment. This is my 11th session, having originally booked a block of six. I am a bit miffed as I didn’t see much difference after the third or fourth session. I feel like laser reduces hair but definitely doesn’t zap it away forever which I think is a common misconception about laser hair removal. I feel like it’s a bit of a money pit and I probably wouldn’t have done it if I knew I needed to spend £100 every quarter topping it up. Lesson learned! £100 for this session.
8.10pm: I get home and dish up dinner for O (lamb curry). He rather sweetly was waiting for me to eat dinner. I had a big portion at lunch time as I cooked it so I munch on some strawberries and white chocolate digestives (they are divine!).
10.30pm: We are shattered and head to bed.
Total: £120.80
7am: Wakey wakey!
8am: I leave the house after getting showered and dressed and head to work. £6.80 on the tube for my return journey.
8.50am: I slap my makeup on at my desk before my 9am meeting. I am increasingly feeling like my Fenty Beauty concealer is too heavy (even though it is amazing!) and consider buying a tinted moisturiser. I browse the Space NK website before my meeting and decide the Laura Mercier one may be good but I end up abandoning my basket after deciding that £40 is too much to spend experimenting with makeup.
1.30pm: It’s been a busy morning of back-to-back client work and calls. My supervising partner is in court today and has had very little time to sit down with me and talk about the various pieces of work needed on our cases. I’ve not had much time to think!
2pm: I eat some leftover lamb curry at my desk and go outside for some fresh air. I read my book outside in the sunshine with a rhubarb and berry cooler from Pret. I’m making the most of my subscription before it expires in ten days.
6.11 pm: I leave the office and head home to change and meet O at the gym for a quick weeknight session. The session is included with my ClassPass membership.
8.30pm: We’ve had a good session and get back home. I make a Cajun chicken and sausage pasta dish I’ve seen on Instagram for our lunches and dinner tomorrow. I got home late on Sunday so I didn’t meal prep which I’m feeling now!
10.20 pm: I have an “everything” shower and jump into bed after doing my skincare.
Total: £6.80
7.25am: Rise and shine!
8am: I get ready for work and do my usual shower and skincare routine.
8.30am: I take the tube to work which feels extra sticky today. I have visions of my makeup sliding off my face before I’ve even arrive at work and I’m glad I’ve gotten into the habit of putting my makeup on at my desk. The travel comes to £6.80 return.
1pm: After a super busy morning of preparing documents for future court hearings and drafting letters of advice to clients, I heat my leftover pasta up in the microwave. I prefer to bring my lunches to work as lunch in the city is so overpriced; I just don’t feel like I enjoy eating out as much at my desk, despite being a foodie. I prefer to save my money to enjoy meals in the evening or the weekend with O and friends.
5pm: I feel zapped after an internal meeting despite only having an hour to go before I leave work. I pop to Pret for, you guessed it, an iced drink. It’s super refreshing and just what I need to get drafting yet another letter of advice to a client.
7.20pm: I get home from the office and realise I’m locked out (for the second time in two weeks!) which is entirely my fault. I call O who says he is 30 minutes away. I use this as an excuse to trot across to the pub opposite our flat and get myself a Hugo Spritz and delve into my new read while I wait, £8.50.
10pm: Sleep!
Total: £15.30
6am: I wake up early as I have booked another Pilates class.
6.20am: Make my way to my reformer class, £6.80 return.
8.30am: I finish my class and shower at the gym before heading to the office. I enjoy the Ren products this gym offers in the shower and I feel energised and ready to start my day.
10am: I have several new client meetings which are always hard, but I do enjoy meeting new people and supporting them through their divorce or family matters which is often the most difficult time in their lives.
1pm: I eat lunch al desco. Being engaged all morning in client meetings means I have no time to do other casework which trickles through my inbox in the meantime.
3pm: It’s about that time that I get a second wave of hunger/the urge to snack, and I haven’t been outside since I arrived at work. I grab a free Pret drink and go to Marks & Spencer’s to top up my desk snack drawer with salt and sweet popcorn and a Victoria sponge muffin, £3.25.
6pm: I’m feeling tired after my early start and a very busy day. I leave the office for the day and head home.
10pm: I catch up with O and do some general tidying around the house before getting ready for bed.
Total: £10.05
Food & Drink: £96.17
Clothes & Beauty: £100
Home & Health: £5
Entertainment: £32.50
Travel: £42.15
Other: £0
Total: £275.82
Conclusion
“I think this week was typical in terms of my spending, and perhaps even on the low side. I eat out a fair amount and I’m definitely not shy to spending for convenience (i.e. UberEats etc) although I didn’t eat out much at all this week, by my standards. I felt more conscious about my spending whilst tracking it for this money diary, but I was strangely more conscious of other elements of my day that I am trying to work on (working out, getting into a good routine etc). Perhaps this is an indicator that I am less self-conscious about my spending than I thought. I will be looking to curb on the impulsive/ “convenience” expenditure in the future, though.”
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