Money Diary: A Financial Advisor On £55,000 Salary

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 came to the UK as an international student and I now work in London as a financial advisor. I try to live a very minimalist and material-free lifestyle and always consider needs over wants before buying anything. I spend a lot of time considering purchases to avoid impulse buying. I recently changed jobs and I'm now working even longer hours than before. I'm currently having a crazy time at work as I am on multiple projects and will be off on holiday soon so I am trying to complete as much as I can. I'm still getting used to working these longer hours and am improving my health/stamina/fitness so that I am able to work at my job better. I don’t mind working these longer hours as I view it as an investment of my time and I am learning a lot. I hope I can one day start my own business back in my home country."

Occupation: Financial Advisor 
Industry: Professional Services/Finance
Age: 27
Location: London
Salary: £55,000 (with potential for a 50% bonus. My bonus depends a lot on how the market is and how much my billables are).
Paycheque Amount: £3,200
Number of housemates: Living with family friends.
Pronouns: She/her

Housing costs: £500 (It is really low as I am living with my family friends).
Loan payments: No loan payments.
Savings?: £67,000. I have £10k in a high-paying easy access savings account and around £10,000 in a Stock and Shares ISA. I automatically invest £700 a month into a fund that tracks the S&P 500. The rest is split into fixed-term cash ISAs and high-interest savings. I do have a day trading account with FreeTrade and Trading 212 which holds less than £5,000 inside. 
Pension? I pay 5% of my salary and my employer pays another 5%. Their pension scheme is not as great as many places as 5% is the maximum they will contribute.
Utilities: Included in housing costs.
All other monthly payments: £8 phone bill, £40 a month for gym. Subscriptions: None.

Did you participate in any form of higher education?
I went to a high-ranking UK university and did a very practical degree in accounting and finance. I then went on to do a graduate scheme with the big four where I completed the professional accounting qualification. Upon completion of my graduate scheme, I then tried to move departments within my company but faced a lot of internal obstacles and had to look externally.

Fortunately, an opportunity arose to move on from the big four to a smaller consulting company. The new role not only allows me to learn a different aspect of finance but also has higher earning potential in the longer term. My parents paid for everything – tuition and expenses. I wouldn't have been able to afford anything on my own. I did have various part-time jobs at university to help ease the guilt of spending my parents' money to do fun stuff like travelling and socialising with friends.  

Growing up, what kind of conversations did you have about money?
We had a lot of conversations about money growing up. My parents were very thrifty and really passed that down, but my mom always bought anything we needed for school and always emphasised giving us the experience she never had growing up. This meant sending us to ballet classes, music classes, language classes etc. They always told us to save money and work hard. I did not have a luxurious life but we were very comfortable. My parents didn’t have very fancy jobs but they invested their money well. My mom was really good at encouraging us to save by doubling our savings if we put our money into the bank. They talked a lot about “money making money” and encouraged us to invest our money at a young age. My siblings and I struggle to spend our money because we know we can put it in the stock market and get a better return! 

If you have, when did you move out of your parents/guardians' house?
I moved out of my parents' house when I was 18.

At what age did you become financially responsible for yourself?
I was financially responsible for myself from 22, but I moved in with family friends at 23 due to some personal issues. I take care of everything myself but I guess my subsidised rent means that I am not fully responsible for myself?

What was your first job and why did you get it?
I got my first job when I was 16 working as a maths and English tutor at a local tuition centre at home. To be honest, I didn’t need to work but I liked the idea of earning my own money plus if I saved it, my mom doubled it! 

Do you worry about money now?
Yes, all the time. I am always worried about improving my income and if I am saving enough. House prices have really increased and I always wonder how it will be when I raise a family. I think a lot about investing and improving my investments as well. I have not been very successful in comparison with my peers. When my friends and I meet up, we talk about salaries, job opportunities, investment opportunities etc, which can be quite stressful but as I want to improve I always humble myself and learn as much as anyone would like to share. 

Do you or have you ever received passive or inherited income?
No.