Money Diary: A Cost Manager in London on £47,000

This week: “I’m a 28-year-old cost manager living in London. I live with housemates, which I don’t mind as we get along really well and it allows me to live in a beautiful home in a great area which I otherwise wouldn’t be able to afford. With regards to money, I do keep track of my spending and check my account every day to stay on top of what I’ve spent. However, I do enjoy the finer things in life sometimes which my salary and the cost of living in London doesn’t always allow for. I probably have gotten a bit complacent recently with not saving as much now that I’ve built up my savings and investments a bit. I do want to cut back my spending and focus on saving and investing more, as to me money is security and I want to prepare for the future by creating financial security.”

Occupation: Cost manager
Industry: Construction
Age: 28
Location London
Salary £47,000
Paycheque Amount: £2,721
Number of housemates: Two
Pronouns: She/her

Housing costs: £1,280 rent
Loan payments: Student loan repayments
Pension? Yes, I pay 4% and my employer pays 4%. 
Savings?: £38,600 in investments (stocks and shares), £26,600 in a savings account. 
Utilities: All of my bills are included in my rent payment.
All other monthly payments: £10 phone bill. Subscriptions: £6.99 Netflix; £10.99 Spotify.

Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I went to university and received a student loan and the full maintenance loan. I worked during the holidays and saved the money to cover living costs when I was at uni.

Growing up, what kind of conversations did you have about money?
We didn’t talk about money much, but I think we were comfortable. We lived in a nice house and went on holiday abroad every year, so it certainly seemed that way to me. 

If you have, when did you move out of your parents’/guardians’ house?
I moved out at 19 when I went to uni, but I would go home during the holidays and properly moved out age 22.

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 at 19 when I went away to uni. 

What was your first job and why did you get it?
I started working in retail when I was 16. I wanted to have money of my own and needed the money for driving lessons. 

Do you worry about money now?
Yes, frequently. I would love to stay living in London long term but buying a house here certainty seems out of reach on my own.

Do you or have you ever received passive or inherited income?
Yes, my dad gifted me £20k to go towards buying a house when I’m able to. He also paid off my student account overdraft of £2k when I finished uni. I am of course incredibly grateful for this and certainly do not take it for granted!