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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.
This week: "I am a 27-year-old psychology teaching associate at a university while completing my PhD.
Education has always been something that I've loved. My degree was paid for with student loans which I am now paying back. I won a scholarship for my PGCE, so that was all paid for. I also won a fully funded scholarship for my PhD so again, that is all pretty much paid for now. I feel extremely fortunate to be in this position.
My family have always been extremely open about every topic you can think of. Along these lines, finances were also openly discussed. As a result, I have always felt rather clued up about my dollar. Having these types of discussions with my parents makes my life a whole lot easier.
The plan is that my parents will move in with A (my boyfriend) and I, once we have bought a house. This is also the expectation with his mum and partner. A and I feel very strongly that you should look after your own (although we completely understand that this is not always possible) and while it is feasible we would much rather care for our parents under our own roof. When this occurs, the plan is that our share of inheritance money will be invested into our home."
Occupation: Psychology teaching associate/PhD student
Industry: Higher education
Age: 27
Location: London
Salary: £22,000 for teaching associate/£16,500 for PhD stipend
Paycheque amount: (TA paycheque is monthly. Stipend is quarterly): £1,500
Number of housemates: Two. My partner, A, and also A's mum's partner, R.
Industry: Higher education
Age: 27
Location: London
Salary: £22,000 for teaching associate/£16,500 for PhD stipend
Paycheque amount: (TA paycheque is monthly. Stipend is quarterly): £1,500
Number of housemates: Two. My partner, A, and also A's mum's partner, R.
Monthly Expenses
Housing costs: I pay A's mum £300 per month (which, considering we are basically in central London, is beyond a bargain). This includes all bills, so we don't pay any extra on top of that.
Loan payments: Student loan payment. £200 to my credit card.
Savings? I have a Monzo account, which I transfer my disposable income and savings into. I currently have five Monzo pots: £111 in an Easy Access Savings Pot (I have the option where I round up spending on my current account and the pennies go in here); £565 in a Holidays Pot; £240 in an Emergencies Pot; £200 in a Christmas Presents Pot; £1,460 in a Chanel Handbag Pot (this will be my "Well done for completing your PhD" present from me to me, love me). I also have £600 in a Help to Buy ISA and £3 in my Santander ISA (lol). I also currently have £500 set aside to go into a Premium Bond, I am just waiting for it to be set up and then I will transfer the money over. A and I just pay for stuff and then split the bill via our Monzo accounts, which works really well.
All other monthly expenses: £15 p/m for my phone, which gives me unlimited calls, data, etc – I bought it outright about four years ago and it is still in perfect nick. £200 p/m for travel, which makes me feel sick, but at least I am saving on rent. £40 p/m for personal health – this consists of medication payments. £14.99 p/m Spotify Family account – my dad transfers £7.50 to me each month to share this. £8.99 p/m Netflix account – my brother and his partner, her two children and their twins (age 2) all leech off my account. Although I do rinse his Disney+ for free, so swings and roundabouts. Charity donations include £5 p/m to Whitechapel Mission and £5 p/m to The Children's Society. I plan to set up a monthly payment out of my paycheque to go to charities, your employer then matches your donation (a bit like Gift Aid).
Loan payments: Student loan payment. £200 to my credit card.
Savings? I have a Monzo account, which I transfer my disposable income and savings into. I currently have five Monzo pots: £111 in an Easy Access Savings Pot (I have the option where I round up spending on my current account and the pennies go in here); £565 in a Holidays Pot; £240 in an Emergencies Pot; £200 in a Christmas Presents Pot; £1,460 in a Chanel Handbag Pot (this will be my "Well done for completing your PhD" present from me to me, love me). I also have £600 in a Help to Buy ISA and £3 in my Santander ISA (lol). I also currently have £500 set aside to go into a Premium Bond, I am just waiting for it to be set up and then I will transfer the money over. A and I just pay for stuff and then split the bill via our Monzo accounts, which works really well.
All other monthly expenses: £15 p/m for my phone, which gives me unlimited calls, data, etc – I bought it outright about four years ago and it is still in perfect nick. £200 p/m for travel, which makes me feel sick, but at least I am saving on rent. £40 p/m for personal health – this consists of medication payments. £14.99 p/m Spotify Family account – my dad transfers £7.50 to me each month to share this. £8.99 p/m Netflix account – my brother and his partner, her two children and their twins (age 2) all leech off my account. Although I do rinse his Disney+ for free, so swings and roundabouts. Charity donations include £5 p/m to Whitechapel Mission and £5 p/m to The Children's Society. I plan to set up a monthly payment out of my paycheque to go to charities, your employer then matches your donation (a bit like Gift Aid).
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