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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: "I’m a 26-year-old marketing manager living in Oxford with my boyfriend, T. We have been together since school – 11 years – and bought our first home together a year ago during the pandemic. I’ve definitely had to shift how I spend my money since getting a mortgage and having household bills and expenses. I moved back to my parents' house as soon as I graduated from university aged 21 and while I paid rent, it wasn’t as much as it would have been to rent in Oxfordshire, as my parents let me focus on saving up to buy. Lots of my friends went straight into renting from university as their parents had moved or their childhood home was not somewhere they could move back to, so I am well aware of what a privileged position this has put me in.
Saving money to buy took longer than it perhaps should have done. I’m a very impulsive person who hates having nothing to do so usually I would say yes to every single plan thrown my way. Alas I can no longer do this! It doesn’t help that lockdown has lulled me into a false sense of security of thinking I have lots of ‘spare’ money to spend. Now things are starting to open back up and plans are being made, I’m realising how much I used to spend on going out all the time and will have to start prioritising what I spend my money on.
After a recent diagnosis of PCOS and with a looming question mark now over my fertility, T and I are throwing all previous plans out of the window and considering trying for a baby in 2023. This means that next year we will try and do a big road trip somewhere far-flung while also saving in preparation for this (hopefully) big life event.
T and I have a joint account where I put in £890 and he puts in £910 a month (I point-blank refuse to split £20 for the Sky Sports package). This covers the mortgage, bills, food shops and household purchases (of which there have been many this past year). We then have our own bank accounts for fun stuff and savings. We don’t really monitor who pays for what when it comes to going out, eating out etc. however T earns about £12,000 more than me so definitely picks up the bill more."
Industry: Charity sector
Age: 26
Location: Oxford
Salary: £30,000
Paycheque amount: £1,885
Number of housemates: One: my boyfriend, T.
Age: 26
Location: Oxford
Salary: £30,000
Paycheque amount: £1,885
Number of housemates: One: my boyfriend, T.
Monthly Expenses
Housing costs: £871.28 (which we split equally) for a two-bed flat with a balcony.
Loan payments: Student loan (I have absolutely no idea how much I pay back each month *makes mental note to look into this*).
Utilities: From the joint account: council tax £213, internet £29.24, gas and electric £73, Sky package £56, contents and home insurance £28.85, water £29.
Transportation: I have a car but since lockdown barely have to use it apart from going to see my family and friends. Petrol probably costs me £50 every two months. Car insurance £285.60 paid annually, breakdown cover £3.59 a month, tax £10.93 a month, MOTs/services paid as and when they rear their ugly heads.
Phone bill: £49
Savings? £4,000 in an ISA.
Other: Life insurance £16.68, charity donations totalling £35 a month (NSPCC, Crisis, Women’s Aid, Unicef), Beauty Pie subscription £10, Apple storage £0.79, contact lenses £14.
Loan payments: Student loan (I have absolutely no idea how much I pay back each month *makes mental note to look into this*).
Utilities: From the joint account: council tax £213, internet £29.24, gas and electric £73, Sky package £56, contents and home insurance £28.85, water £29.
Transportation: I have a car but since lockdown barely have to use it apart from going to see my family and friends. Petrol probably costs me £50 every two months. Car insurance £285.60 paid annually, breakdown cover £3.59 a month, tax £10.93 a month, MOTs/services paid as and when they rear their ugly heads.
Phone bill: £49
Savings? £4,000 in an ISA.
Other: Life insurance £16.68, charity donations totalling £35 a month (NSPCC, Crisis, Women’s Aid, Unicef), Beauty Pie subscription £10, Apple storage £0.79, contact lenses £14.
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