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Money Diary: A Lead Business Analyst On £77,070

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’m 27 years old and live in London with my partner, B. I’m a lead business analyst at a bank working in tech, building the mobile banking app. I
previously wrote a diary a year and a half ago, which you can read here. I wanted to write a follow up to this diary because a
few things have changed since the last diary! Despite still being in the same role as before, my salary has increased by £25,000, which is a combination of a very generous cost of living increase and a performance pay rise. I’m currently at risk of redundancy due to a company restructure, so I am hoping to be placed into another product-related role, like a product owner, as I love the tech industry but I’m ready for a change. On a personal level, I recently moved in with my partner B to our first apartment together and my rent costs have increased significantly since the last diary. I am learning to manage my budget with these new costs and also with another person, hence wanting to track my spending again. B and I are aiming to finish saving our house deposit by the end of 2024 and have an ambitious shared goal of £100,000.”
Occupation: Lead business analyst
Industry: Banking
Age: 27
Location: London
Salary: £77,070 with a 10% annual bonus
Paycheque Amount: £3,940
Number of housemates: One, my partner B
Pronouns: She/her

Monthly Expenses

Housing costs: £1,315 rent for my half (our building has a concierge, gym, cinema and coworking space).
Loan payments: £32 for furniture and £53 for dental work with 0% interest; £250 student loan payment.
Savings?: £6.9k invested in a S&S ISA; £2k crypto; £20k house fund; £5k work share scheme; £15k in a LISA; £50k pension; £1.5k emergency fund.
Pension?: I contribute 6% (£385 per month) and my employer contributes 15% (£963 per month).
Utilities: £10 water; £30 heating; £30 electricity. B pays the council tax in exchange for my cooking and cleaning services.
All other monthly payments: £10 bank account fee (comes with travel/breakdown/phone insurance); £35 phone contract; £120 share scheme at work.
Subscriptions: £7.99 Netflix; £8.99 Shreddy; £10 Spotify; £8.99 Amazon Prime.
Did you participate in any form of higher education? If yes, how did you pay for it?
I went to university and studied economics; this was fully funded by government loans, meaning I am now in around £46,000 of student loan debt. Whenever I login to the portal to view my balance it seems to grow — even though I’m paying £350 per month towards it! (See my previous diary where it was at £40k.) I also had a part-time job while at university to pay for “fun” stuff and holidays.
Growing up, what kind of conversations did you have about money?
I always had everything I needed but my parents were always very conscious spenders. My parents were refugees and did well for themselves in the end, however my dad didn’t have a linear career (he had a few different jobs and started small businesses), so he had a scarcity mindset as he didn’t have a safety net so always encouraged me to save.
If you have, when did you move out of your parents’/guardians’ house?
I moved out temporarily for university and graduate placements in my early 20s, but moved out permanently when I was 25 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 got my first graduate job after university when I was 21. Since then no one has covered any aspect of my financial life, but I did live at home for a few years rent-free.
What was your first job and why did you get it?

My first (proper) job was in retail during my A-levels on the weekends which funded my holidays and spending money before I went to university.
Do you worry about money now?
I worried about money a lot in my early 20s, specifically that I would never be able to buy a house in London where I have grown up. Since meeting B, I worry less as the goal is more achievable when you’re doing it with someone else. I also earn more than I thought I would be at my age, but sometimes I worry that it’s still not enough to do all of the adult things in the near future like buy a home, pay for a wedding
and childcare, and support my ageing parents. One of my goals for 2024 is to worry less in general.
Do you or have you ever received passive or inherited income?