This week: “I’m a 24-year-old living and working in London. I came here for university and have stayed ever since. I recently ended a long-term relationship, moved out of the flat we shared and started a new job, so the past few months have been an emotional rollercoaster. I worked in the education sector for three years but became seriously burnt out, so I left this year to start my current role. Since starting my new job (which was a huge pay cut), I’ve had to think more before buying, as I can definitely be an impulse shopper. I feel confident managing my finances and I have adapted to single life, but I sometimes feel pretty vulnerable being on my own, especially in London. I’m currently in the process of buying a flat with the support of my parents as the London rental market is insane. I know I’m incredibly lucky to be in this position and to have parents who will do pretty much anything to ensure I’m safe and happy.”
Occupation: HR
Industry: Public sector
Age: 24
Location: London
Salary: £27,000
Paycheque Amount: £1,600
Number of housemates: One
Pronouns: She/her
Monthly Expenses
Housing costs: £900 for my half of a flat. I moved out after the breakup, so this is a temporary sublet.
Loan payments: £0 as I don’t earn enough.
Savings? £1,000 for driving lessons, £2,000 rainy day fund, £5,000 emergency fund in a high-yield savings account, £6,000 in a cash ISA, £22,000 in easy access for upcoming flat purchase expenses, £22,000 in my LISA, £27,000 in my stocks and shares ISA and £15,000 in another high-yield savings account. I’m currently at the point where I’ll have to pay tax on the interest I earn, so I need to take a look at this and put more money in ISAs and so on.
Pension? From my previous job I have about £30,000. Currently, I pay 6.5% and my employer pays 19%. The joys of the public sector!
Utilities: My share of bills are £35 electricity, £30 gas, £15 wi-fi, £45 council tax, £20 water.
All other monthly payments: £12 phone.
Subscriptions: £11 Netflix and £11 Spotify. £0.79 iCloud storage.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I went to university and did a three-year undergraduate degree. I was awarded the highest maintenance loan which covered my rent and living expenses. I took out a maintenance loan in my first and third year. In my second year, my aunt gave me £1,000 a month to cover rent and bills; the idea behind this was to reduce my total student debt when I graduated. I’m very grateful to have family members willing to support me but I’m not sure it was worth it as I probably won’t even pay the interest off. I worked in a bar during my first year and then nannied during second and third year to give me some extra spending money.
Growing up, what kind of conversations did you have about money?
When I was younger, my parents never really mentioned money and I never really thought about our financial circumstances. As I became a teenager, they began to discuss money and educate me about investing and different products like savings accounts and ISAs. I think I have a pretty healthy attitude towards money now but I’m also beginning to develop my own views and opinions outside of my family’s influence.
If you have, when did you move out of your parents’/guardians’ house?
I moved out at 18 to go to university and then back in again for six months during the first lockdown while I finished my degree.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I became completely financially independent when I started my career aged 21. I am responsible for all aspects of my day-to-day life in terms of rent, bills, travel and social spending. However, my parents are helping me with the purchase of my flat and I know that they would always help me out if I was to get into any difficulties. I am incredibly grateful for this and guess that I will never be completely independent until I pay back their loan.
What was your first job and why did you get it?
I started working in my village pub when I was 16 and worked there for five years. It was a typical regulars’ pub and was probably the best five years of my life.
Do you worry about money now?
I don’t worry about money in the day-to-day sense as I know I have a job and savings. I took a big pay cut when I started this new job which was pretty risky in a cost-of-living crisis, but my previous job was ruining me so I took the decision to be poorer but happier. I also know that my earning potential is a lot greater in this sector than in my previous role and this new salary is only temporary while I climb up the ladder. I know I’m incredibly lucky to be able to quit a job and take time out, but I had saved for this eventuality. After my relationship ended, my living expenses practically doubled while my salary reduced by a third, so it has been a huge adjustment to my finances. I definitely took it for granted splitting expenses 50/50, and now I see just how expensive it is being single. Longer term, I worry about my finances because even though I have savings behind me and family who would always help me out, I feel like I’m not doing well enough. I want to make sure that I can support myself and any family that I might have in the future, just as my family have supported me.
Do you or have you ever received passive or inherited income?
My grandparents set up an ISA for me when I was born which I took ownership of when I turned 18 and it had about £20k in it. My aunt gave me £50k last summer towards a house deposit which I have spread across ISAs and high yield savings. I was also given £5k from a family member who died earlier this year. My parents are also gifting me £100k for the purchase of my flat and loaning me the remaining £425k. I will save a percentage of my salary as well as the rental money from the spare room and transfer this to them as my loan repayments. This money came unexpectedly from the estate of a family member who passed away a few years ago. I know this is incredibly generous and am extremely grateful to my parents for doing this!
8 a.m. — The alarm goes off and is instantly snoozed. Go back to sleep for about five minutes before I hear a lorry reversing and remember it’s bin day. Run downstairs to put bins out (thankfully I am wearing matching pyjamas so look vaguely presentable).
8:20 a.m. — Showered, dressed and bed made. Gobble breakfast of a banana and snack bar and swallow a glass of water.
8:45 a.m. — I hop on my bike for my five-minute commute to the office. My role is basically 100% remote but I tell myself I have to go into the office for 9 a.m. at least three days a week otherwise I would do no work.
9 a.m. — Settle down to respond to emails and fire off a few finance queries to suppliers. I’m taking a half day today as I’ve got a long weekend planned so I try to power through as much as possible.
10 a.m. — Have a one-to-one with my manager. First item on the agenda is my wellbeing (??). After three years in education, this is a very pleasant shock. We discuss how I’m settling in and the transition to a new career. It was the best decision I ever made and I let my manager know how happy and supported I feel. She passes on some great feedback from external suppliers which is really nice to hear.
12:45 p.m. — Call it a day and pack my bag. Cycle the five minutes back home.
1 p.m. — I heat up a ready meal I picked up last night, watch some TV and then finally pack my bag. I’m normally a “pack a week in advance” kind of girl but this week has been hectic, so last minute it is.
2 p.m. — Head to the train station wearing sunglasses and carrying an umbrella. What is this weather?
2:15 p.m. — Tap through the barrier to the train, £3.60.
2:30 p.m. — Tap onto the tube, £2.40.
3 p.m. — I like to arrive early when travelling but I massively overestimated how long it would take me to get here so I have an hour before the train arrives. I find a seat and watch TikTok reels on Instagram because I’m scared that if I get TikTok, I’ll never get off my phone. Don’t ask me about the psychology behind this.
3:20 p.m. — Go to Pret to pick up a sandwich, crisps and the mango and passion fruit drink for my train dinner, £8.95.
4 p.m. — Get on the train and watch the new season of Sex Education on my iPad. I have an addictive personality when it comes to TV. I can never watch just one episode.
8 p.m. — Eat my dinner.
9:30 p.m. — Arrive. I meet my aunt and we walk back to her house. I’m grateful for the leg stretch and fresh air after five hours on a stuffy train.
10 p.m. — Straight into my pyjamas with a hot chocolate. My aunt and I catch up on all our news. I haven’t seen her in a few months as she’s really busy with work so I really appreciate finding a weekend to spend together.
10:30 p.m. — I’m struggling to keep my eyes open so I head to bed.
Total: £14.95
8 a.m. — I wake up thinking it’s a work day then remember I have the day off.
9:30 a.m. — Hop in the shower and get dressed. Have another cup of tea with a banana and a snack bar.
10:30 a.m. — My aunt has a work meeting this morning so we walk into town. It’s suddenly turned cold so I’m glad I brought my coat.
11 a.m. — My aunt heads off to her meeting so I walk the extra five minutes to the high street and mooch around a few shops.
11:30 a.m. — I forgot to bring a water bottle with me so nip into M&S and grab some flavoured water, £1.35. The shop is full of older women and I reckon I bring the average age down by about 30 years.
12:15 p.m. — I meet my aunt and her colleagues at the restaurant we’re eating at. I have met a few of them before so I spend the meal answering questions about what I’m up to now. I have a fish dish and my aunt kindly pays.
3 p.m. — We head to the Grayson Perry exhibition. My aunt has gallery membership so our tickets are free. I’ve always loved going to galleries and exhibitions so I spend a good hour mooching around. I love bright pieces of artwork and would happily have several of his pieces but then I remember how much they would cost and settle for a post card instead, £2.
5:30 p.m. — We’ve both done a lot of steps today and after eating lunch out, we are feeling quite tired so we head to a café where I pay for a tea, a latte and a huge chocolate muffin, £7.85.
6 p.m. — We leave the café and walk home via Tesco for pasta and pesto for dinner. My aunt pays.
6:30 p.m. — Walk back to the flat with dinner ingredients, then I cook.
8 p.m. — Watch some TV with a hot chocolate.
10 p.m. — Sleep.
Total: £11.20
9 a.m. — Wake up and have breakfast of tea and a banana.
10 a.m. — Washed and dressed.
10:30 a.m. — We head out to an open-doors event, which is where buildings that are usually closed are open to the public for free. We go to a church that has hand-painted murals and is beautiful. We wander around for an hour or so.
12 p.m. — We head to a local bakery where I get us a salad, a quiche and two coffees, £17.
1:30 p.m. — We head over to John Lewis as my aunt needs some new kitchen bits. We get distracted by the sofas as I’m looking for furniture.
2 p.m. — We mooch around the rest of the shop for a while before heading home for the rugby.
3 p.m. — Back in the flat with some pastries my aunt already had in.
4 p.m. — Settle down for the first rugby match.
6:15 p.m. — I made a reservation at a local restaurant last week as it’s really popular, so we head the five minutes down the road.
6:30 p.m. — I order a cocktail and a fish dish and my aunt has soup and a glass of wine. The food is delicious, as always! Despite my objections, my aunt pays.
8 p.m. — Back home for the rugby match. I’ve been following the World Cup closely this year and have really enjoyed it.
10:30 p.m. — Bed.
Total: £17
8 a.m. — I wake up and say goodbye to my aunt as she is back at work today. My train isn’t until 11 a.m. so I laze around for a bit before getting up and dressed.
9 a.m. — Typical breakfast of tea and a banana while packing my bag and making sure I’ve got everything.
10 a.m. — I’m convinced I’ve got everything, so I lock up and head out.
10:20 a.m. — Walk to the station. Obviously, it starts raining as soon as I get outside.
10:40 a.m. — Arrive at the train station and head to M&S to buy myself lunch and snacks, £7.45.
11 a.m. — The platform is announced so I get into my seat and settle down for the five hours back to London. I try and find my AirPods and can’t see them anywhere and I don’t remember packing them. I look on the ‘Find My’ app and it turns out they’re in Glasgow so I must have dropped them at some point and someone had taken them. This puts me in a foul mood.
12 p.m. — I didn’t sleep very well last night so fall asleep for quite a while.
4 p.m. — Back in London and happy to be standing up.
4:30 p.m. — Tap out of tube and onto the train, £3.20.
4:45 p.m. — Tap out of the train, £2.80.
5 p.m. — Dump my stuff. I’m still really annoyed about my AirPods.
5:30 p.m. — I decide to shake myself out of this mood and head out for a cycle. Exercise has been a godsend for me these past few months, so I’m trying to get out on the bike while it’s still light enough.
7:30 p.m. — Several laps of the local park later and I’m feeling so much better. I realise I don’t have any food in the fridge so I drop by Tesco on the way back and buy a carbonara, vegetables, a reduced apple crumble and some yoghurts, £10.09.
8:30 p.m. — Eat my dinner of carbonara and vegetables followed by the whole apple crumbled (oops) with a few episodes of Sex Education. It’s getting so dark now and it makes me sad that winter is finally arriving.
10pm: Get ready for bed and watch the final episode of Sex Education before sleep.
Total: £23.54
8 a.m. — Rudely awoken by my alarm. I need to be in the office before 9 a.m. today to set up some training rooms. I really have to get up.
8:15 a.m. — Showered, dressed and ready to go.
8:20 a.m. — Cycle to the office while eating a banana. I am really proud I managed this level of multitasking this early in the morning.
8:30 a.m. — Arrive into the office. Put some makeup on so I look vaguely professional and start setting up the rooms.
9 a.m. — Rooms set up. Settle down with a cup of tea and catch up on emails that have come in while I’ve been away. I send off a few queries and do some finance admin. Some of the processes are so complicated so I’m trying to find ways to make them more efficient.
10:30 a.m. — I need food, my breakfast didn’t fill me up. Head out and grab a yoghurt and granola pot from Sainsbury’s, £1.75. I then head over to Nero for a hot chocolate, £1.
11 a.m. — Back in the office and back to emails and general admin work. I meet the new graduate who’s joining our team for the next six months. He seems really nice and I’m glad that there’ll be someone around in the office so I don’t go completely insane on my own.
12:30 p.m. — Head out with some colleagues to get lunch. My life has been a bit chaotic recently so I haven’t been in a good routine, meal prep and food shopping wise. We head to McDonald’s and I get a wrap of the day meal, £4.19. We eat it in the local park and soak up probably the last sunshine for a while!
1:30 p.m. — Back in the office for our weekly team catch up.
2:30 p.m. — Reply to more emails and power through my excessively long to-do list.
4 p.m. — The solicitor calls with an update on the surveys and there’s a few things I need to follow up on so I add that to my personal to-do list.
4:30 p.m. — Message a colleague about some teething problems with a report they sent me. We arrange a call for tomorrow morning because it’s nearly 5 p.m. and we both want to go home.
4:45 p.m. — Call it a day as I’ve got through the majority of my to-do list and I can feel a headache coming on.
5 p.m. — Get home and settle on the sofa with some Netflix. Take a couple of paracetamols and fall asleep at some point.
6 p.m. — Wake up and surprisingly feel a lot better. I normally feel really groggy if I sleep during the day, but I must’ve needed this.
6:30 p.m. — I’m meeting a friend at the local pub for food and drinks so get changed into a nicer outfit and put some makeup on.
7 p.m. — Meet my friend at the pub and we order a few starters and small plates and a glass of wine each, £25 for my share.
8 p.m. — I get us another drink each, £11. We have a really good catch up about work, life and impending quarter-life crises.
9:30 p.m. — My friend has an early start tomorrow, so we decide to call it a night and head home. I wait for my friend to get in her Uber then walk the 10 minutes home.
10 p.m. — Back home and in bed. Catch up with my university mates on our group chat about our meet up on Saturday. I’m not really sure what’s happening, but I transfer £20 to cover whatever’s going on.
10:30 p.m. — Sleep.
Total: £62.94
8:15 a.m. — Alarm goes off. Get up dressed and showered.
8:30 a.m — Get on my bike to cycle to work. I’m moving back home this weekend and haven’t wanted to do a food shop so my cupboards are pretty empty. Stop off at Sainsbury’s to grab a granola pot and a banana for breakfast, £1.95.
8:45 a.m. — In the office to meet a trainer and help set up the room. I get everything sorted while she logs on.
9:15 a.m. — The room is set up. I head into my office to log on and check emails.
10:15 a.m. — Everyone seems to email me just after I log off for the day… I have loads of queries to go through this morning.
11 a.m. — Make a cup of tea and steal a few biscuits. There’s one other person in the office with me today, so it’s really quiet and I struggle with that. Decide to put the radio on as they’re at the other end of the room and won’t hear it.
12 p.m. — Remember I need to find an electrician and plumber to go over to the flat and check a few things out. Use my work contacts to get details of some trusted firms and also have a look on TrustATrader to see what the reviews say. I really hope they’re available soon as I want to smooth out the issues and exchange ASAP. I love my parents to pieces, but I don’t want to be staying at home for too long.
12:30 p.m. — Head out for lunch. Decide to be healthy and get a salad meal deal from Sainsbury’s, £3.50. Head into the local shopping centre for a lunchtime browse, but refrain as I need to be saving.
1:30 p.m. — Back in the office and decide to do some online browsing for bits for the flat. I know it’s not 100% mine and the sale could still fall through but I need some excitement in my life. I browse John Lewis, IKEA and Habitat for inspiration. Get a bit carried away and my basket total is £984. I don’t buy anything but save it into a wish list.
2 p.m. — Back to work. Call a few suppliers, order some more biscuits because someone’s been eating them all, and process some payments.
5 p.m. — Call it a day and cycle home.
5:30 p.m. — Decide to pack a few things up as I’m only here for a few more days. I get a bit sad and cry on my flatmate.
6 p.m. — Get my shit together and get changed ready for netball. A run around is exactly what I need this evening.
6:30 p.m. — I cycle to meet my friend W who plays on my team. We cycle to netball together and manage to survive London drivers. They’re on a whole new level, I swear.
8 p.m. — The game is finished so we head to the pub. I’ve played on the same team for around a year now and the girls have become good friends so it’s really nice to have a weekly social event. I buy two glasses of wine and I haven’t had dinner so it hits me more than it should, £12.
10 p.m. — Definitely not sober and with a broken front light, I cycle home. A taxi driver shouts at me for not having lights which is fair.
11 p.m. — Tell myself I will never drunk cycle again. Eat a banana because it will obviously cure me. Sleep.
Total: £17.45
8:30 a.m. — Wake feeling surprisingly okay, but I’ve slept through my alarm. I shower and get dressed at lightning speed. Shove a banana in my bag. Set a reminder to buy new bike lights.
8:45 a.m. — Cycle to work and get to my desk by 9 a.m. — result.
9 a.m. — Settle down with a cup of tea and check emails.
11 a.m. — Having answered lots of queries and smoothed out some supplier issues, I decide it’s time for another cup of tea.
1 p.m. — After tackling a large spreadsheet and lots of chasing people, it’s lunchtime. It’s raining so I leg it to Pret and grab a sandwich and drink, £7.
2 p.m. — Back in the office. Spend the afternoon on calls, answering queries and doing general admin.
5 p.m. — Cycle back home in the rain.
5:30 p.m. — Jump in the shower and get cosy on the sofa with TV. My housemate comes back and we have a final supper of whatever’s left in the fridge. We haven’t lived together long but we’ve become good friends so we’re sad about leaving the flat!
9 p.m. — I go round the flat checking cupboards and so on and packing up some more of my stuff.
10:30 p.m. — Bed.
Total: £7
Food & Drink: £120.08
Clothes & Beauty: £0
Home & Health: £0
Entertainment: £0
Travel: £12
Other: £22
Total: £154.08
Conclusion
“This wasn’t a typical week as I was away for a few days and my aunt paid for quite a few things. I would probably have spent more by doing a food shop if I was home for the whole week. I’m not surprised that the majority of my spending was on food and drink because of not having done a proper food shop, plus a lot of my socialising is based on meeting up for food or drinks. I really enjoyed writing this diary and recording my spend, but I have to admit, I found it difficult to remember what I’d spent each day. This has taught me that sometimes I just tap and don’t think about it. I’ll definitely be more mindful in the future. I know I’ve got some big expenses coming up so I want to save as much as I can for that.”
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