Money Diary: A Higher Education Researcher On 25k

This week: "I’m 34 and live with my husband, C, in County Durham. We were lockdown lovers and I moved into his place and never moved out. We both work in the charity sector and I also work in higher education (I graduated with my PhD in 2020). Research is often short-term project work so balancing financial security means I do this part-time on short(ish)-term contracts (six months to a year) and also work part-time in the charity sector. It’s never going to get me to the big bucks! Having burnt out in my early 20s, I like the limited responsibility and healthy work-life balance it brings.

I’m very fortunate that C already owned the house I moved into and has a fairly small mortgage, having worked and saved since leaving school. I’m a saver by nature and have various pots for various things. Christmas: check. Date night: check. Birthdays and special occasions: check! I have one credit card that I use for larger purchases (holidays and furniture etc.) and I always make sure to pay it off in full."

Occupation: Researcher
Industry: Higher education
Age: 34
Location: Northeast England
Salary: Approx. £25,000 across the two jobs, variable with research contract changes.
Paycheque amount: Last month it was £1,940 take-home (£927 + £1,024).
Number of housemates: One: my husband, C.
Pronouns: She/her

Housing costs: £158 for my half of the mortgage.
Loan payments: I don’t earn enough to pay off my student loan. 
Savings? I put £50 a month into a Lifetime ISA (approx. £3,000 total) and £200 a month into a savings account (approx. £8,000 total).
Utilities: We each put £450 into a bills account, which covers everything including mortgage, internet, water, gas/electricity, Netflix, council tax, life insurance etc.
Pension? I honestly have no clue how much I pay into my pensions. It’s hard to decide whether it is best to lock money away for the future when I may need it now for emergencies. 
All other monthly payments: £8 SIM only. Subscriptions: £40 The Devout clothing rental. £117 annually for Lottie Murphy Pilates, £20 NAFAS flower club.

I went to university to do an undergrad degree, which I paid for with a student loan and a maintenance loan. My parents also supported me by covering my rent. I did a master's a few years after, which I funded by savings, inheritance and working alongside my studies. I then did a PhD, during which time I worked and lived at home, where I contributed around £200 a month. My parents saved this money and I was able to use it towards research expenses. 

I was always encouraged to save. I remember trips to the local building society to deposit birthday and Christmas money — those were the days when everything was printed in a little book! The attitude to money that I grew up around was certainly one of caution and not to overstretch. Debt was always to be avoided and you should not buy something if you could not afford it. 

I moved out first when I was 18, moved back when I was 25 and then moved out finally when I was 31. I’m very grateful to them as I would never have been able to complete my PhD otherwise, which was quite a traumatic period.

While I've been supported by sometimes living at home, including food and utilities, I have covered all of my other expenses since I left for university.

I worked at the local newsagent on weekends when I was 13. I used to stack shelves and count coupons. As the years went on, I used to serve customers and write up the newspaper delivery rounds at 5am. I think I got about £2.50 an hour. I loved it! I used the money to save for trips to the town where I now live. 

I go through weekly waves of feeling okay about money and then worrying. I’m thankful that I have some steady employment although I'm aware that my main income is not permanent. I try and save as much as possible just in case. I'm trying to live a more sustainable lifestyle, which curbs my desire for new things and makes saving easier. 

I inherited £1,000 when my grandma died and £3,000 when a close family member died. I used all of this on further education. I wanted to use it for something that was lasting. I was always the family geek!