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 27 years old and have recently moved from Yorkshire to Birmingham to live with my boyfriend, M. It’s a small home that he built himself so there is no mortgage or rent to worry about — insane, I know. Although I have offered numerous times to at least take care of utilities, he won’t hear of it. It’s such a fortunate position and one I never would have dreamed I’d be in. I’ve lived alone since I was 19 and am so accustomed to seeing the majority of my money going to living costs. I feel slightly like I’ve lost my ‘independent woman’ licence but overall it’s a huge weight that has been lifted and I still have the means to take care of myself if it came to it. I own a house in my hometown, which I’m now renting out. I’m keeping the extra income from the rental, after the mortgage and insurance is paid (about £145 per month), in a separate account and viewing it not as my money but as savings solely for repairs, taxes, etc. Currently I work two part-time jobs that equal 37.5 hours; one fully remote (based in Yorkshire) and one in Birmingham, which is half remote/half office-based. I enjoy working two jobs because when I worked full-time in one position, I would find I got bored really quickly. This is a nice way to mix up my week.”
Occupation: Finance administration Industry: Charity youth group/accountancy firm Age: 27 Location: Birmingham Salary: £24,750 Paycheque amount: £1,732 Number of housemates: One: my boyfriend, M. Pronouns: She/her
Monthly Expenses
Housing costs: £375 for my house in Yorkshire but this is paid for by the rental income, which also covers the £16 landlord insurance. Loan payments: £0 Pension? I have around £4.4k saved. I started saving into a pension just a couple of years ago and if I could go back, I would definitely have started contributing earlier in my career. Currently I pay in total around £78 monthly and this is matched by both employers. Savings? £8,400 in a savings account, £570 in a Plum account which is my ‘emergency fund’, £375 reserved in an account for holidays, £333 in the savings account that is specifically for the rental property. Utilities: £0 All other monthly payments: £13 phone SIM, £3.06 vehicle tax, £14.50 for wi-fi for my house in Yorkshire (my contract isn’t up for six months and I can’t get out of it so my tenant and I agreed they would keep it in and we would split the cost, which is £29 in total). Subscriptions: £4contribution to the family Spotify plan, £7.99 Audible.
Did you participate in any form of higher education? If yes, how did you pay for it? I did one year of college studying performing arts and then dropped out at 17 to start working full-time. I had figured out by that point that uni wasn’t for me and I wanted to start working and earning some money.
Growing up, what kind of conversations did you have about money? My family was definitely not well off and I remember there being a lot of money-related stress in the house, especially after my mum and dad split. My mum did end up in a relationship with a fairly well-off man and things got better. I wouldn’t say we had many conversations about money growing up, but I did get pocket money from my grandma from a young age and that was my first taste of having autonomy over what to spend my money on.
If you have, when did you move out of your parents’/guardians’ house? I moved out when I was 19, into my own flat. Looking back, I wish I’d stayed a bit longer at home but I have four siblings so privacy and peace and quiet were hard to come by throughout my younger years. As soon as I was able to get my own space, I jumped at the opportunity.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life? I started working in a call centre for a bank when I was 17 and from then on paid some board to my mum (I think it was about £160 per month) until I moved out at 19. Since then I have been financially independent until two months ago, when I moved in with my boyfriend. What was your first job and why did you get it? When I was 15 I got a job in the local takeaway that paid me £30 for the night, which was typically 5 p.m. to 12 a.m. I did two or three nights per week for around six months. It wasn’t the best work environment and working until late while doing my GCSEs probably didn’t do me any good, but it got me into the habit of working and managing my money.
Do you worry about money now? Not right now, although I have a lot in the past. I actually think this was quite productive for me because it motivated me to make sure I have safety nets in place in case things go wrong.
Do you or have you ever received passive or inherited income? When I was young my mum and dad put away £2,000 for me to take out when I was 18. I think I used this mainly on driving lessons and towards some furniture when I moved into my own flat.
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