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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 62 year-old veterinary surgeon living in London. I graduated in 1986, had a couple of years in private practice and then worked for a small animal charity, where I’ve stayed ever since, treating mainly cats and dogs. It’s a great environment, we see a lot of variety (we do a lot less vaccinations and other ‘routine’ procedures than private practice) and for many of our clients, their pets are the centre of their existence. Having worked pretty much full time since I graduated (no kids), I recently took a decision to step down a grade and start working four days a week, meaning a pay cut, or so I thought (see later). I now spend two days a week consulting or operating and two days a week doing managerial stuff. Before this, I never thought much about money, but I am now starting to be more cost conscious. I love my job but I want to stay with this rather nice work-life balance.”
Occupation: Vet
Industry: Veterinary (charity)
Age: 62
Location London
Salary £55,000
Paycheque Amount: £3,367
Number of housemates: Two, my husband E and cat, C
Pronouns: She/her
Industry: Veterinary (charity)
Age: 62
Location London
Salary £55,000
Paycheque Amount: £3,367
Number of housemates: Two, my husband E and cat, C
Pronouns: She/her
Monthly Expenses
Housing costs: As we’ve paid off our mortgage, I pay E £350 a month towards council tax, water, landline, insurance fuel bills and our weekly cleaner plus running the car (but I pay most of our grocery bills).
Loan payments: £0
Savings?: £70,000 in Nutmeg accounts; £52,000 with NS&I; £58,000 in a stocks and shares ISA with Jupiter.
Utilities: £238 for council tax on our holiday flat; £50 for energy and £200 for management. I may have to Airbnb it for some of the time next year to cope with the costs.
Pension?: I pay 10% of my salary into my pension (my employer also pays in). This is something I will cut if money gets tight. No point in maintaining a high level of contributions at this age!
All other monthly payments: £10 a month PAYG phone card; £670.80 monthly to a Continuing Professional Development course provider (I’m studying for a qualification in Small Animal medicine);£700 a month to various charities (only two animal charities — Oxfam, MSF and the Red Cross are among the beneficiaries); £51 to a veterinary advice forum; £8.92 to a monthly coffee subscription; £200 monthly to a stocks and shares ISA. Subscriptions: £7.99 for Netflix.
Loan payments: £0
Savings?: £70,000 in Nutmeg accounts; £52,000 with NS&I; £58,000 in a stocks and shares ISA with Jupiter.
Utilities: £238 for council tax on our holiday flat; £50 for energy and £200 for management. I may have to Airbnb it for some of the time next year to cope with the costs.
Pension?: I pay 10% of my salary into my pension (my employer also pays in). This is something I will cut if money gets tight. No point in maintaining a high level of contributions at this age!
All other monthly payments: £10 a month PAYG phone card; £670.80 monthly to a Continuing Professional Development course provider (I’m studying for a qualification in Small Animal medicine);£700 a month to various charities (only two animal charities — Oxfam, MSF and the Red Cross are among the beneficiaries); £51 to a veterinary advice forum; £8.92 to a monthly coffee subscription; £200 monthly to a stocks and shares ISA. Subscriptions: £7.99 for Netflix.
Did you participate in any form of higher education? If yes, how did you pay for it?
I was lucky enough to go to university in the days before students had to pay fees. I even got a small maintenance grant and my family topped up the rest (plus a bit extra I suspect). Since graduation I’ve done a couple of other professional qualifications, paid for in part by my employer.
I was lucky enough to go to university in the days before students had to pay fees. I even got a small maintenance grant and my family topped up the rest (plus a bit extra I suspect). Since graduation I’ve done a couple of other professional qualifications, paid for in part by my employer.
Growing up, what kind of conversations did you have about money?
We were comfortable but my parents weren’t extravagant. My dad had a new car every couple of years but we’re talking Ford Cortina here, not a Mercedes or a Jaguar. My parents also had a holiday home in England (near where my mum’s family lived) and we went there every holiday. I didn’t go abroad until I was a 21-year-old student. If I really wanted something, as an only child, I could usually persuade my parents to get it — but they wouldn’t rush out and buy it right away, it would come as a reward for doing well at school or whatever.
We were comfortable but my parents weren’t extravagant. My dad had a new car every couple of years but we’re talking Ford Cortina here, not a Mercedes or a Jaguar. My parents also had a holiday home in England (near where my mum’s family lived) and we went there every holiday. I didn’t go abroad until I was a 21-year-old student. If I really wanted something, as an only child, I could usually persuade my parents to get it — but they wouldn’t rush out and buy it right away, it would come as a reward for doing well at school or whatever.
If you have, when did you move out of your parents’/guardians’ house?
I lived away from home during university but came home (or went somewhere “seeing practice” — acting as an unpaid assistant at a veterinary practice) during the holidays. After graduation I lived back home for a bit and finally moved out for good aged 23.
I lived away from home during university but came home (or went somewhere “seeing practice” — acting as an unpaid assistant at a veterinary practice) during the holidays. After graduation I lived back home for a bit and finally moved out for good aged 23.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
My parents gave me money to cover the deposit on my first flat (and I had a mortgage three times my salary). I think they also helped when E and I bought our first house together. But I was responsible for all my own day to day expenses from when I got my first job at 23.
My parents gave me money to cover the deposit on my first flat (and I had a mortgage three times my salary). I think they also helped when E and I bought our first house together. But I was responsible for all my own day to day expenses from when I got my first job at 23.
What was your first job and why did you get it?
I’m ashamed to admit that my first job was as a vet, aged 23. My parents discouraged me from getting a job when I was at school and, as a student, clearly I sponged off my parents during the holidays. They never seemed to mind and as an only child, I don’t think I was harming anyone else.
I’m ashamed to admit that my first job was as a vet, aged 23. My parents discouraged me from getting a job when I was at school and, as a student, clearly I sponged off my parents during the holidays. They never seemed to mind and as an only child, I don’t think I was harming anyone else.
Do you worry about money now?
Because of my lifestyle change and consequent salary drop, I am concerned. Equally, rationally, I know I’m not going to live forever and so I’m trying to get used to spending savings on holidays and things. We’re used to having several holidays abroad/in the UK (it doesn’t seem that much cheaper) a year and I want to keep that lifestyle while I’m still (ha-ha) “young” enough to enjoy it.
Because of my lifestyle change and consequent salary drop, I am concerned. Equally, rationally, I know I’m not going to live forever and so I’m trying to get used to spending savings on holidays and things. We’re used to having several holidays abroad/in the UK (it doesn’t seem that much cheaper) a year and I want to keep that lifestyle while I’m still (ha-ha) “young” enough to enjoy it.
Do you or have you ever received passive or inherited income?
Yes, I inherited my parent’s estate when my dad died (I miss him still) — it was worth about £600,000 but as my mum left all her assets to him when she died, amazingly there was no inheritance tax to pay. Shocking, this is how the rich stay rich.
As I’ve already said, my dad gave me money to help with my first flat, which was £12,000 towards a £47.5k purchase price for a one bedroom flat in North London. Those were the days…
Yes, I inherited my parent’s estate when my dad died (I miss him still) — it was worth about £600,000 but as my mum left all her assets to him when she died, amazingly there was no inheritance tax to pay. Shocking, this is how the rich stay rich.
As I’ve already said, my dad gave me money to help with my first flat, which was £12,000 towards a £47.5k purchase price for a one bedroom flat in North London. Those were the days…
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