Money Diary: An Advisory Assistant Manager On 66k

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 28-year-old living in London. I live with my sister and we split the rent equally. I’ve lived in London for almost six years, since finishing university, and work in the accounting industry. When I first started my job the salary was terrible in comparison to the working hours and general cost of living in London, but it has gradually improved now that I am a qualified accountant. I appreciate that my salary may be on the higher end (on average), but living in London, especially as a single person, is very expensive. Although my goal is to buy a house in the next year or two this seems unrealistic in the current housing market.”

Occupation: Advisory assistant manager
Industry: Professional services
Age: 28
Location: London
Salary: £66,000
Paycheque Amount: £66,000 p.a. + discretionary bonus
Number of housemates: One, L.
Pronouns: She/her

Monthly Expenses

Housing costs: £938 rent
Loan payments: £31.20 interest-free loan repayment for my iPhone that I purchased last year.
Savings?: £38k in an easy-access savings account; £15k in an ISA; £6k in various investments.
Pension: I contribute 3% and my employer contributes 3% each month.
Utilities: £0 (included in the rent)
All other monthly payments: £10 mobile data plan; £13.50 broadband; £14.99 gym membership. Subscriptions: £4 Netflix (shared); £10.99 Spotify; £10 Pret subscription (on offer)

Did you participate in any form of higher education? If yes, how did you pay for it?
I did an undergraduate degree in business and finance which my parents paid for. I understand that this is a privilege so I am gradually paying them back for the university fees (I was an international student and therefore was not eligible for any student loans or other finance).

Growing up, what kind of conversations did you have about money?
There weren’t any formal conversations about money; my parents were great at meeting my needs when we were growing up without spending money on materialistic items. My parents instilled the mindset of never spending beyond one’s means, which I follow in my adult life now. My education was always a priority for my parents, as neither of them attended university, and therefore getting into a good university was seen as an “investment” to improve my future prospects.

If you have, when did you move out of your parents’/guardians’ house?
At 18 when I moved out for university. As my parents live abroad, I have not lived with them since then.

At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
My parents paid for all my expenses while I was at university, so I only became financially responsible at 22 once I graduated.

What was your first job and why did you get it?
My degree had a work placement integrated in the course so my first job was an internship/work placement in a financial institution.

Do you worry about money now?
Yes. Although my salary has increased over the last few years, it is very expensive to live in London and it has been a struggle to build savings while also trying to enjoy my youth. Being single, it’s more difficult to afford to live on my own whilst also saving to buy a house or flat. If I am eventually able to buy a house on my own, I also worry about losing my job and not being able to afford the mortgage.

Do you or have you ever received passive or inherited income?
No.