Money Diary: A Project Manager On 40k

This week: "I’m 27 years old and live in London. I moved here after graduating from university and currently work as a senior project manager in the charity sector. I’ve been in my job for almost three years and while it’s well paid for the sector, I’m not enjoying the work anymore so I am keen for something new. I live with my partner, B, who earns more than me (but I've always had more savings). We have been together for almost four years and living together for over two years. Around six months ago we moved into our new flat, which we bought together. We split the deposit equally through our own savings built up from earned/inherited income over time (B also received some support from their parents). We both recognise how extremely lucky we are to have bought our own place and know we are part of the privileged minority whose parents can provide financial support. We got lucky and fixed our mortgage for five years at a low rate, before the economy crashed, so our overheads have never been lower. I think as a couple we have a similar approach to finances and talk about them regularly. We try and strike a balance between making the most of living in such a fun city and saving for the future."

Occupation: Project manager
Industry: Charity sector 
Age: 27
Location: London
Salary: £40,000
Paycheque amount: £2,306.88
Number of housemates: One: my partner, B.
Pronouns: She/her

Housing costs: £535 for my half of the mortgage. 
Loan payments: Student loan deduction is £95 per month.
Savings? £6,100 total. £3,700 in a stocks and shares ISA, £2,100 in an easy access saver and £300 in a regular saver I set up last month.
Pension? I pay in 7.5% (roughly £170) and my employer pays in 5% (roughly £140).
Utilities: My half of the utilities is £13.50 broadband, £59.50 council tax, £25 water, £40.61 electricity and gas, £6.68 TV licence, £116.65 service charge (including communal heating for the block of flats). B and I overpay into this joint account by £50 a month each to create a buffer.
All other monthly payments: £15 phone bill, £3.99 exercise app, £2.49 iPhone storage, £5 charity donation. Subscriptions: £6.50 Spotify Duo.

I went to university to study an undergraduate degree, which included a year abroad. My fees were covered by a student loan and I received a maintenance loan. My parents covered my rent costs for all three years. I also worked all through my degree to cover my living costs. I worked in a supermarket and as a student ambassador, then in retail and finally as a freelance project manager. I also worked during my year abroad to top up my Erasmus grant. 

My mum talked to me a lot about money while I was growing up (Martin Lewis was a household name). She thought it was important that I become financially literate and have good spending/saving habits at a young age. I remember her explaining the need to save regularly and live within your means, check you're getting the best interest rates and see if there are any incentives for you to switch accounts or providers. She is also very thrifty and made me aware of the sacrifices and decisions she was making to raise me (especially after my parents split up). I feel grateful to have been taught about money and finances and think this should be covered in more detail at school. 

I moved out at 18 when I went to university.

I became completely financially responsible for myself after graduating from university. 

I got my first job when I was 16. I worked in a supermarket, on the checkouts and at the customer service desk. I loved earning my own money and would sign up for overtime shifts – the Sunday shifts (starting at 6am) were golden as you got paid time and a half. I got a store transfer and carried on this job when I moved to a new city for university. 

I am not overly worried about money at the moment as I recognise how financially fortunate I am. That being said, the transition to owning a flat was overwhelming in terms of everything we needed to buy and the cost of decorating. I know I need to keep saving regularly and maintain good financial habits and a rainy-day fund given how expensive life is becoming. 

I received £1,000 from my grandma when she died and £3,000 from my grandad when he died during the pandemic. My dad also gave me £9,000 when I was 19 after my brother got married. He had contributed towards his wedding and said he would give me the same amount when I got married. I told him that I wasn’t interested in getting married or spending thousands on a wedding and would rather use any money he offered towards saving for a house deposit.