Money Diary: A 24-Year-Old Personal Assistant Living With Parents & Partner
Last Updated 20 August 2021, 6:00
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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.
As every person's financial situation is unique, going forward we're asking diarists to complete a series of financial-based questions to provide readers with more context to their relationship with money. Please remember before commenting that the diarists are from a range of backgrounds and cultures and their experience, education and mental relationship with money might be very different from yours. Money Diaries are designed to provide readers with diverse experiences of spending, saving and asking for more in the hope that by learning from each other, we can build a more positive financial future together.
This week: "I'm a 24-year-old Personal assistant from Bedfordshire, commuting into London twice a week at the moment. I currently live with my mum, dad, sister and boyfriend of 5 years (and occasionally my nan when she is recovering from illness). My boyfriend and I have recently bought a house and will hopefully be moving out in November, providing the build stays on track. At the minute I'm torn between spending money on going out and seeing my friends and spending money on the house. Once I've moved out, I understand that my spending habits will have to change, so I'm trying to make the most of the extra cash. My boyfriend is far better at dealing with his money than I am, he's far more strict, so I rely on him quite a lot to keep me in check. I haven't had to commute for over a year which has massively helped me save up for a deposit (I was previously paying around £600 a month in train fares). During the pandemic, I was able to put all of this in a savings account which majorly accelerated the house buying process for us".
Industry: Radio
Age: 24
Location: Bedfordshire
Salary: £28,560
Paycheque amount: £1,850.80
Number of housemates: Four: Mum, Dad, sister A, boyfriend J plus the dogs, K & A.
Age: 24
Location: Bedfordshire
Salary: £28,560
Paycheque amount: £1,850.80
Number of housemates: Four: Mum, Dad, sister A, boyfriend J plus the dogs, K & A.
Monthly Expenses
Housing costs: £0
Loan payments: £150 car payment to my parents.
Savings? £1,770 (recently depleted as I’ve just paid the deposit on my first home). I pay around £350 into my savings every month including £153.77 into a Monzo roundup pot and £231.44 into a Monzo penny a day pot.
All other monthly expenses: Phone bill £53. Car payments include £13.12 on car tax and £24.50 on car insurance. Subscriptions: £7.99 Amazon Prime (split with J and Dad), £5.99 Disney+ (split with A), Sweat gym membership £9.20, gym subscription £20, Apple iCloud storage £0.79, Now TV Entertainment £4.99 (split with J), Hayu £0.99.
Pension? £107.10 a month.
Loan payments: £150 car payment to my parents.
Savings? £1,770 (recently depleted as I’ve just paid the deposit on my first home). I pay around £350 into my savings every month including £153.77 into a Monzo roundup pot and £231.44 into a Monzo penny a day pot.
All other monthly expenses: Phone bill £53. Car payments include £13.12 on car tax and £24.50 on car insurance. Subscriptions: £7.99 Amazon Prime (split with J and Dad), £5.99 Disney+ (split with A), Sweat gym membership £9.20, gym subscription £20, Apple iCloud storage £0.79, Now TV Entertainment £4.99 (split with J), Hayu £0.99.
Pension? £107.10 a month.
Did you participate in any form of higher education? If yes, how did you pay for it? There was never an expectation put on me by my parents but I did feel it from the school. I attended university for six months and decided to leave to get an apprenticeship. I had to pay for the first half of the year, costing £4,500, plus all of my student loan. I am now paying this back monthly through my salary.
Growing up, what kind of conversations did you have about money?
My parents were quite open about money and regularly talked to my sister and I about how to manage money. When I was younger, money used to burn a hole in my pocket so my mum helped me with that a lot.
If you have, when did you move out of your parents' house?
I will be moving out of my parents' house in November. J and I have just bought a house together about 20 minutes north of my parents' home.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
When I finished my apprenticeship scheme I started to pay for a lot more in my life including my phone and car bills. However, my parents cover most of my housing costs as J and I have been saving to move out.
What was your first job and why did you get it?
My first job was working as a glass collector at a nightclub. I’d just finished my first year of A-levels and wanted money to spend to go out with my friends.
Do you worry about money now?
I really worry about money. During the pandemic I was able to save a lot, which meant I could buy my house, but now that I have it and we are going back into the office more, I've started to worry about whether I’ll be able to afford everything.
Growing up, what kind of conversations did you have about money?
My parents were quite open about money and regularly talked to my sister and I about how to manage money. When I was younger, money used to burn a hole in my pocket so my mum helped me with that a lot.
If you have, when did you move out of your parents' house?
I will be moving out of my parents' house in November. J and I have just bought a house together about 20 minutes north of my parents' home.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
When I finished my apprenticeship scheme I started to pay for a lot more in my life including my phone and car bills. However, my parents cover most of my housing costs as J and I have been saving to move out.
What was your first job and why did you get it?
My first job was working as a glass collector at a nightclub. I’d just finished my first year of A-levels and wanted money to spend to go out with my friends.
Do you worry about money now?
I really worry about money. During the pandemic I was able to save a lot, which meant I could buy my house, but now that I have it and we are going back into the office more, I've started to worry about whether I’ll be able to afford everything.
Do you or have you ever received passive or inherited income? No.
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