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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 29-year-old SEO specialist living in London. After graduating from university, I worked in the corporate sector for a year and a half. However, due to the stressful and unrewarding workload, I took a leap and switched to freelancing, where I managed to earn much more for fewer hours. After four years, for personal reasons, I took another leap and moved to the UK, took a pay cut, and transitioned from freelancing back to a full-time corporate setting. Surprisingly, it turned out to be one of the best decisions I’ve made. Now I find myself in a healthy, supportive work environment, and most importantly, I’m happy with my job. In terms of finances, I find joy in saving money and sometimes might get a bit too obsessed with it. However, I’ve adopted a more relaxed approach – as long as I’m meeting my monthly saving goal (£600–700), I can dip into my spending pot for whatever I want. My current goal is to buy a place as soon as possible. However, this is proving difficult amid the ongoing cost of living crisis and interest rate hikes, especially on a single income!”
Occupation: SEO specialist
Industry: Sports
Age: 29
Location: London
Salary: 33,000
Paycheque Amount: 2106
Number of housemates: 5
Pronouns: She/her
Industry: Sports
Age: 29
Location: London
Salary: 33,000
Paycheque Amount: 2106
Number of housemates: 5
Pronouns: She/her
Monthly Expenses
Housing costs: I live in a house share and the rent for my en-suite room is £780, all bills included.
Loan payments: I don’t have any loans.
Savings?: £60,000 savings; £1,200 in a stocks and shares ISA account; and two insurance plans with a cash value of at least £30,000 with annual bonus upon maturity, but I won’t be able to take it out until I’m over 35 (these are the financial products I’ve had overseas).
Utilities: Included in my rent
Pension? This is my first job in the UK and my employee’s contribution is 5% while mine is 3%. Also, I have around £7,000 in an overseas pension account.
All other monthly payments: £5 Lebara phone bill. Subscriptions: £0.99 Apple Storage; £6 Spotify.
Loan payments: I don’t have any loans.
Savings?: £60,000 savings; £1,200 in a stocks and shares ISA account; and two insurance plans with a cash value of at least £30,000 with annual bonus upon maturity, but I won’t be able to take it out until I’m over 35 (these are the financial products I’ve had overseas).
Utilities: Included in my rent
Pension? This is my first job in the UK and my employee’s contribution is 5% while mine is 3%. Also, I have around £7,000 in an overseas pension account.
All other monthly payments: £5 Lebara phone bill. Subscriptions: £0.99 Apple Storage; £6 Spotify.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I earned my bachelor’s degree in Asia. I was fortunate that my parents covered my tuition fees in full, so I didn’t have to carry any debt after I graduated. I worked very hard in my studies and managed to secure two scholarships (£4,500 in total). I’m very grateful that my parents didn’t require me to pay them back for the tuition fees, so I saved up most of my scholarships.
Yes, I earned my bachelor’s degree in Asia. I was fortunate that my parents covered my tuition fees in full, so I didn’t have to carry any debt after I graduated. I worked very hard in my studies and managed to secure two scholarships (£4,500 in total). I’m very grateful that my parents didn’t require me to pay them back for the tuition fees, so I saved up most of my scholarships.
Growing up, what kind of conversations did you have about money?
I was raised in an average-income family, and I remember my parents working overtime to save up as much as they could. They rarely took days off and actually enjoyed working more than having time off! I definitely inherited these workaholic traits from them. Both of my parents have always been frugal and savvy with money, which has certainly shaped my attitude towards money. My mum taught me the 50/30/20 rule when I got my first full-time job, and since I was living at home at the time, I didn’t really have many expenses, and I ended up saving more than two-thirds of my salary.
I was raised in an average-income family, and I remember my parents working overtime to save up as much as they could. They rarely took days off and actually enjoyed working more than having time off! I definitely inherited these workaholic traits from them. Both of my parents have always been frugal and savvy with money, which has certainly shaped my attitude towards money. My mum taught me the 50/30/20 rule when I got my first full-time job, and since I was living at home at the time, I didn’t really have many expenses, and I ended up saving more than two-thirds of my salary.
If you have, when did you move out of your parents’/guardians’ house?
I moved out of my parents place at 26, when I moved to the UK.
I moved out of my parents place at 26, when I moved to the UK.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
23. I was still living with my parents, but that’s when I started covering all my expenses — rent, food, et cetera. Now, I believe my savings have grown strong enough to act as my financial safety net if I ever lost my source of income. I’d be hesitant to ask my parents for help because I know they’ve already worked so hard to build a worry-free life for me and my brother.
23. I was still living with my parents, but that’s when I started covering all my expenses — rent, food, et cetera. Now, I believe my savings have grown strong enough to act as my financial safety net if I ever lost my source of income. I’d be hesitant to ask my parents for help because I know they’ve already worked so hard to build a worry-free life for me and my brother.
What was your first job and why did you get it?
My first job was a sales assistant role that I landed as a summer gig after finishing secondary school. My mum always encouraged me to pick up summer jobs, so I could stay productive and not waste my time sitting around at home during breaks.
My first job was a sales assistant role that I landed as a summer gig after finishing secondary school. My mum always encouraged me to pick up summer jobs, so I could stay productive and not waste my time sitting around at home during breaks.
Do you worry about money now?
I was very fortunate that I never had to worry about money growing up because my parents worked very hard to ensure my brother and I could live comfortably. However, I do remember my parents stressing over money and cutting down on expenses by walking to work, packing lunches, buying reduced products, et cetera.
I was very fortunate that I never had to worry about money growing up because my parents worked very hard to ensure my brother and I could live comfortably. However, I do remember my parents stressing over money and cutting down on expenses by walking to work, packing lunches, buying reduced products, et cetera.
Do you or have you ever received passive or inherited income?
No.
No.
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