Money Diary: A 29-Year-Old Marketing Manager On The South Coast On 60k

Welcome to Money Diaries, where we're tackling what might be the last taboo facing modern working women: money. We're asking a cross-section of women how they spend their hard-earned money during a seven-day period – and we're tracking every last penny.

This week: "I’m a 29-year-old PR and marketing manager who’s recently moved to the south coast. I’ve been in my current role since last year, after six months of being unemployed due to redundancy. I bought my first home this summer and have moved to a new town where I know no one. I’m single and lived in London with friends for over seven years. I moved back in with my parents throughout the pandemic and it made me realise how much I had missed the countryside and seaside life. I’ve been saving to buy a house for the past five years and after everything that happened last year, it was the kick up the backside I needed to take the plunge and try something completely new.
In terms of how I spend my money, I'd say I'm both a saver and a splurger. I have a standing order set up every month to transfer money into my savings account because without it, I would most likely spend my whole paycheque. I can be cheap at times and I usually order the cheapest wine on the menu but equally I love treating my friends and family (and if there’s a sale at & Other Stories, I am the first one there waving my debit card)."
Occupation: PR and marketing manager
Industry: Health and medical 
Age: 29
Location: South Coast
Salary: £60,000
Paycheque amount: £3,124
Number of housemates: None
Pronouns: She/Her
 
Monthly Expenses
 
Housing costs: £856 mortgage.
Loan payments: £300 student loan, £200 car loan, £85 John Lewis finance (I bought some big furniture pieces on finance before moving in).
Pension status: £200 comes out of my pay each month.
Savings? £200. My savings have been hit hard since buying my house. I’m working to build this up again over the next few months to have an emergency fund and to help pay for house repairs and renovations. 
All other monthly expenses: Phone bill £35. Water and energy bills come to approximately £100. Council tax is £156. Internet is £35 and TV licence is £14. Subscriptions: Peloton membership £39, Beauty Pie membership £5, Netflix £9.99, Amazon Prime £7.99, Spotify £9.99, Skin + Me £19.99.
Did you participate in any form of higher education? If yes, how did you pay for it? I studied fashion at university and absolutely loved it! I had a student loan to cover my tuition and rent but I was in a very privileged position as my parents matched my loan payments to allow me to not have to work while there.
Growing up, what kind of conversations did you have about money?
My parents were pretty open and always discussed finances in front of me and my brother. Both my parents owned their own business and in the early days it was made very clear that we would have to be strict with budgeting. As their business grew they did well for themselves and we were reasonably comfortable.

If you have, when did you move out of your parents'/guardians' house?

I moved out for university at the age of 18 and moved straight to London after graduating. There was never any pressure to move out but I knew I wanted to live with friends and have my own independence. I moved home last year during the pandemic and loved spending the time with my parents.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
Once I graduated and moved to London, I was financially responsible for myself. In my early years of work, when I was on an exceptionally low salary, my parents would sometimes loan me £50 or £100 if I needed it towards the end of the month but I nearly always had to pay it back.
What was your first job and why did you get it?
I worked for my mum's retail business from the age of 15. I was in a very privileged position that I could just walk into a job and work as much as I wanted. I worked on Saturdays until I went to university and then I would work all throughout the holidays when I was back home.
Do you worry about money now?
I wouldn’t say I worry about money but I always think about money. Now that I'm older and earning a lot more, I don’t have the same anxieties I once did, but I am definitely conscious of always making sure I save each month and don’t leave myself in a tricky situation.
Do you or have you ever received passive or inherited income?
Yes, I have received inheritance from all of my grandparents. Most of the inheritance has been smaller pockets of money that I have spent over the years, however, when my grandfather died two years ago he left me and my brother a pretty significant amount of money that I could put towards the deposit for my house. I’m forever grateful and couldn’t have bought this property without the inheritance.

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