Money Diary: A Bank Business Analyst On £53k

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 25-year-old business analyst living in London. I grew up in north London and have recently moved out to live with my best friend, S! I work in the banking industry but my role is basically tech. My job involves working closely with developers and UX designers to develop new features and make improvements to the internet banking app. I started my career on a graduate scheme for a large UK bank and was lucky enough to find a role that I love at the end of it. I’ve always been interested in personal finance and economics, so I feel genuinely passionate about helping others manage their money using technology.  
I have a partner, B, who also works in finance, however we do not split any costs as we live separately. With regards to my spending habits, I would say I’m a saver and since moving out have aimed to save £500 per month. This doesn’t always happen as I also have a tendency to treat myself a lot (aka impulsive spending) and unexpected costs arise. Living at home I had more disposable income, so my outgoings and savings have inevitably had to decrease."
Occupation: Lead business analyst in tech
Industry: Banking
Age: 25
Location: London
Salary: £53,000 and annual 10% bonus
Paycheque Amount: £2,850
Number of housemates: One, my best friend, S
Pronouns: She/her
Monthly Expenses
Housing costs: £700 rent.
Loan payments: £180 student loan, £53 finance payment for dental work and £75 payment to my mum for money I borrowed a few years ago for a rhinoplasty.
Savings? £6k in a S&S ISA, £17k in a company share scheme, £16k in a LISA, £2k crypto, £1,100 emergency fund and £30k pension.
Pension? I pay 6% (£265 per month) and my company pays 15%, so my total monthly pension contributions are £925.
Utilities: £60 council tax, £15 wifi. I haven’t paid utility bills yet since moving in a few weeks ago.
All other monthly payments: £42 phone contract. Bank account fee £10 (comes with phone/travel/breakdown insurance). I also pay £120 per month into a share scheme at work. Subscriptions: £6.99 Netflix, £9.99 Spotify, £105 1Rebel membership.
Did you participate in any form of higher education? If yes, how did you pay for it?
I went to university and studied economics. I received a student loan of £40k which covered my tuition fees, rent and some spending. I also worked behind a bar and in retail during university for any extra spending money I needed for holidays, clothes etc.
Growing up, what kind of conversations did you have about money?
Growing up I’d say I had everything I needed. However, my parents were always very conscious spenders and instilled this into me. My parents were refugees and came to the UK with very little many years ago. During my childhood, they would never use credit cards or spend outside of their means, and we had one European family holiday each year. They’ve never purchased a brand new car or used finance, they have always been secondhand, and we didn’t tend to eat out at restaurants. However, they always spent money where it would add value. For example, paying for a school ski trip to America as this was a good opportunity for me to learn something new.
If you have, when did you move out of your parents'/guardians' house?
I moved out for university for three years, then after graduating I started a grad scheme which required me to move to Edinburgh for eight months. I then returned home for 2.5 years during the pandemic and only recently moved out to live with a friend.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I became financially responsible for myself when I started my first full-time job in 2018 after graduating and moving to Edinburgh. However, I have been very lucky that my parents have allowed me to stay at home rent-free for periods after uni and during COVID to build up some savings.
What was your first job and why did you get it?
My first job was working as a hairdresser’s assistant washing hair when I was 14. I worked 9am-5pm every Saturday and was paid £20 (pretty sure this was illegal?!). My parents told me not to bother but I wanted some form of independence and to have my own pocket money.
Do you worry about money now?
Yes, I worry that I still have a long way to go with regards to saving for a house deposit in London – despite having lived with parents for a few years. I feel pressure to have it all sorted already, but then I take a step back and realise there is more to life than worrying about buying a house and I’m still so young. I’m also apprehensive about moving out during a cost of living crisis and the looming rise in the energy price cap, as I haven’t yet paid any bills in the new flat so have no idea what to expect.
Do you or have you ever received passive or inherited income?
No.

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