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Welcome to Money Diaries, where we're tackling what might be the last taboo facing modern working women: money. We're asking a cross-section of women how they spend their hard-earned money during a seven-day period – and we're tracking every last penny.
This week we're with a 28-year-old woman who has recently moved to Bath to live with her partner after doing long-distance for almost four years.
"P has always earned more than me so he contributed to my travel costs when I visited him, and paid for most, if not all, our social outings. I now earn around £10k more than he does, so we’ve balanced it out. We’re looking to buy a house in Bristol at the moment as most of P’s friends live there (my friends all live in London or the North) and it’s easier for travelling to work. P is exceptionally good at saving and has enough money for us to buy a house with ease. But I’ve always been very independent and don't like the idea of not contributing, so have offered to pay around a quarter of the deposit and to cover more of the mortgage after the purchase.
I’m usually quite good with my money, but I do have certain times (when the seasons change) when I buy lots of clothes. I do countless online orders and tell myself I’m redoing my wardrobe. Then end up returning everything that isn’t monotone.
I never talk about money or salary to my friends as I know I earn more than most of them, and I just end up feeling embarrassed. Most of my friends think I earn around £40k and I still get a lot of ‘You’re so lucky with jobs’ or if I point out something I’d like to buy I get, ‘Well, you can afford it’. I have been working since the age of 16, and my first job was flipping burgers at a fast food restaurant, so I don’t think it’s just sheer luck."
Industry: Self-employed digital editor (currently in the finance industry)
Age: 28
Location: Bath
Salary: £71,500
Paycheque amount: Average £5,500 per month although I get paid weekly (£1,375) – I only transfer myself around £1,800 a month and the remainder stays in savings.
Number of housemates: 1 – partner
Age: 28
Location: Bath
Salary: £71,500
Paycheque amount: Average £5,500 per month although I get paid weekly (£1,375) – I only transfer myself around £1,800 a month and the remainder stays in savings.
Number of housemates: 1 – partner
Monthly Expenses
Housing costs: £200 – P’s family own several houses and at the moment we live rent-free in one of them. P doesn’t have a mortgage and doesn’t really want me to pay rent. But I pay him £200 because there are still bills like council tax and heating to cover.
Loan payments: £50 for a credit card. I don’t really like using credit cards, but I got one last year to help with credit rating for when we buy a house. I treated myself to a handbag, and now pay a direct debit of £50 to clear this.
Utilities: £0
Transportation: £220 for fuel
Phone bill: £38
Savings: I currently have around £21,000 in savings. I have a separate saving pot whereby if I have any money left out of the £1,800 I pay myself, I put it towards things on my wishlist. These are things I really like, but are quite expensive. On this year’s list I have a leather jacket from All Saints, Russell and Bromley Chelsea boots, and an Apple watch.
Other? Contact lenses £9 but my dad pays for these even though I constantly ask for them to be transferred over (I can’t do it without him present). Gym membership £18
Committee*: £200
Loan payments: £50 for a credit card. I don’t really like using credit cards, but I got one last year to help with credit rating for when we buy a house. I treated myself to a handbag, and now pay a direct debit of £50 to clear this.
Utilities: £0
Transportation: £220 for fuel
Phone bill: £38
Savings: I currently have around £21,000 in savings. I have a separate saving pot whereby if I have any money left out of the £1,800 I pay myself, I put it towards things on my wishlist. These are things I really like, but are quite expensive. On this year’s list I have a leather jacket from All Saints, Russell and Bromley Chelsea boots, and an Apple watch.
Other? Contact lenses £9 but my dad pays for these even though I constantly ask for them to be transferred over (I can’t do it without him present). Gym membership £18
Committee*: £200
Total: £708
*A committee is an extended family saving pot. Each week, those who can afford to put in an amount they want, for 100 weeks. So how it works: Each week I put in £50, but in week 10, if I need £5,000 for something, I can take the £5,000 out and keep paying my £50 until the 100 weeks are finished. It’s like a short-term, interest-free loan. I took £5,000 around 20 weeks in and paid off my student loan. The committee ends in July.
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