Money Diary: An HR Business Manager On 70k

This week: "I’ve lived in London for 12 years and started my career on 18k. I’ve moved jobs three times and in my latest company I’ve had a few promotions and increases along the way to get to my current salary. I try to avoid lifestyle creep but also feel I’m at the point where I’m earning good money and if I want to do things, I should (then the guilt sometimes sets in). I’m really sociable but sometimes hold back or look for cheaper ways to socialise or entertain at home as everything seems so expensive in London these days. I really rate experiences and travel and also like the very occasional indulgence, like a 'to me, from me' Mulberry handbag. I like to think I’ve got my shit together now I’m in my 30s but the occasional blowout on a night out reminds me that I’m only human."

Occupation: HR business manager
Industry: Supply chain
Age: 34
Location: London
Salary: £70,000 + £6k car allowance
Paycheque amount: £3,737.79
Number of housemates: None
Pronouns: She/her

Housing costs: £671.84 mortgage + £400 monthly overpayment (I’m on a fixed low-interest rate of 1.68% right now so I'm trying to overpay quite a bit).
Loan payments: None.
Savings? £28k in premium bonds, £3k savings, £3k S&S ISA. £20k in a work share scheme (with about half of that vested). £300 is taken directly from my pay each month post-tax and my work matches this.
Pension? My employer pays in 10% and I’m currently paying in 13% (minimum was 5% but every time I’ve had a pay increase I’ve upped my contribution by 1-2%). I recently merged a couple of old pensions into my current work pension and its current value is approx. £55k.
Utilities: £101 council tax, £100 service charge, £75 gas and electric, £34.96 internet, £23.70 water, £13.25 TV licence, £23.40 home insurance.
All other monthly payments: £10.92 SIM-only contract, £24.45 boiler insurance, £40 mum account, £60 charity donations, £12 Nespresso capsules. Subscriptions: £10.99 Netflix, £8.99 Amazon Prime, £9.99 Spotify Premium, £2.49 YI home camera, £48 gym membership.

I studied an undergraduate degree where my parents paid my tuition fees and accommodation. I had a part-time job for fun more than anything (students' union bar work) and I spent my student loan on many a drunken night out and Topshop’s latest offerings. Adult me sorely regrets this as I never needed the loan but I took it because I could. I finished paying it back about two years ago and then diverted the payments to mortgage overpayments to try and be sensible. 

My parents were always good with money and my mum was always good at budgeting (my dad was the breadwinner and gave my mum a monthly budget, which she could always stretch to cover what needed to be covered). I wouldn’t say they ever really talked to us about money. We had pocket money, which we could use for things we wanted, and we had family holidays every year. I think looking back I took for granted that my parents could afford to send us to all our after-school activities, really great holidays, pay for uni and always have food on the table. I discovered last year that my parents’ mortgage was £67 per month, which is literally 10 times less than what I pay now so that was probably why there was money for other things.

I went to uni at 18 and returned home for a year after graduating. I then moved to London at 22 and never looked back.

I became responsible for myself at 22 and I’m currently completely financially independent. When I had my first job in London on £18k, my parents helped me out from time to time when I was struggling but those days are long gone.

I babysat from the age of about 14 for spending money for clothes and cinema trips.

I do and I don’t. I have a good salary and can afford my lifestyle but I have an intrinsic fear of being financially insecure. I’m not sure where it comes from (maybe watching my parents divorce and the financial implications of that). I’ve been single for a number of years and no longer factor in planning a future with someone (if it happens, it happens, but gone are the more idealistic days of meeting someone and being able to pool funds). I’m completely financially independent and want to make sure I can afford my future and lifestyle without needing someone to help. I’ve been feeling really close to burnout with work lately and in desperate need of a holiday so I pulled some money out of savings and booked a pretty last-minute trip to Thailand. It was so great to be able to afford to do that but I had to justify it to myself as an investment in mental health so I won’t feel bad about it. 

My parents gifted me £10k towards my flat deposit and I got £2k after my grandparents died, which was spent on my first car.