Money Diary: An Assistant Vice President Risk Analyst On 77k
Last Updated 22 February 2023, 7:00
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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.
This week: "I’m 26 years old and working as a risk analyst in a bank in London. After graduating from uni with a social science degree five years ago, I aimed to begin a career in communications. After many interviews for marketing grad schemes didn’t work out, I was approached about working in banking and started a career in investment banking divisions and risk within tier-1 firms. I was pretty tenacious in climbing the corporate ladder and in the first three years of my career took on an additional role outside of my client work. This meant that I was leading a team of 10+ as well as gaining both management and project management external qualifications. This majorly boosted my earnings and meant that when I secured a permanent role, I was able to enter at manager level (hence the spicy salary)."
This week: "I’m 26 years old and working as a risk analyst in a bank in London. After graduating from uni with a social science degree five years ago, I aimed to begin a career in communications. After many interviews for marketing grad schemes didn’t work out, I was approached about working in banking and started a career in investment banking divisions and risk within tier-1 firms. I was pretty tenacious in climbing the corporate ladder and in the first three years of my career took on an additional role outside of my client work. This meant that I was leading a team of 10+ as well as gaining both management and project management external qualifications. This majorly boosted my earnings and meant that when I secured a permanent role, I was able to enter at manager level (hence the spicy salary)."
Occupation: Assistant vice president risk analyst
Industry: Banking
Age: 26
Location: Southeast London
Salary: £77,660 (£73,000 base salary and £4,660 annual bonus)
Paycheque amount: £3,830
Number of housemates: One (B)
Pronouns: She/her
Industry: Banking
Age: 26
Location: Southeast London
Salary: £77,660 (£73,000 base salary and £4,660 annual bonus)
Paycheque amount: £3,830
Number of housemates: One (B)
Pronouns: She/her
Monthly Expenses
Housing costs: £1,116 mortgage payment. We are currently overpaying by £250 each due to our mortgage being up for renewal in March.
Pension? I have £24,230 in my pension, which I consolidated into one pot a few years back (would recommend). I contribute 5% and my employer contributes 10%.
Loan payments: Student loan (repayment plan 2) is £342.
Savings? I have £5k in a Stocks & Shares ISA, £4.5k in a Moneybox reward savings and £2k in a sinking fund for holidays/home.
Utilities: £78 energy, £72 council tax, £19.93 life and critical illness insurance, £16 water, £10 Virgin broadband, £6 TV licence.
All other monthly payments: £30pp cleaner (twice per month), £56.99 Virgin Active gym, £10 SIM only phone, £10 YoungMinds charity. Subscriptions: £7.99 Audible, £5 Netflix.
Pension? I have £24,230 in my pension, which I consolidated into one pot a few years back (would recommend). I contribute 5% and my employer contributes 10%.
Loan payments: Student loan (repayment plan 2) is £342.
Savings? I have £5k in a Stocks & Shares ISA, £4.5k in a Moneybox reward savings and £2k in a sinking fund for holidays/home.
Utilities: £78 energy, £72 council tax, £19.93 life and critical illness insurance, £16 water, £10 Virgin broadband, £6 TV licence.
All other monthly payments: £30pp cleaner (twice per month), £56.99 Virgin Active gym, £10 SIM only phone, £10 YoungMinds charity. Subscriptions: £7.99 Audible, £5 Netflix.
Did you participate in any form of higher education? If yes, how did you pay for it?
Neither of my parents went to university and my dad had quite a strong opinion against it but I eventually convinced them. My fees were covered by my student loans and I had a £50 per week allowance from my parents. I had three jobs at university and worked retail over holidays to ensure I could cover any additional costs.
Growing up, what kind of conversations did you have about money?
My dad has a very firm 'live below your means' approach to finances and has always enjoyed taking budgeting seriously and 'doing the books' in his study. I adopted this approach at uni and would budget my food shop to the penny, purchase secondhand bus tickets and hardly ever eat out.
If you have, when did you move out of your parents'/guardians' house?
I moved out for university when I was 18 and when I finished uni I started my grad job in banking straightaway, living abroad. When I returned from Luxembourg, I moved back home for a few years to save for a house and then finally moved out aged 25.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I was financially responsible from 21 when I moved abroad. However, probably not 'properly' responsible until 25, when I moved out with B.
What was your first job and why did you get it?
Working retail at 16 as I desperately wanted my own money for shopping and holidays.
Do you worry about money now?
Yes but I make an effort to reduce it by maintaining the 'live below your means' attitude that my dad raised me on. I would rather prioritise my emergency fund and build my assets and investments than compete for a fake, luxurious, Instagrammable lifestyle online.
Do you or have you ever received passive or inherited income?
Do you or have you ever received passive or inherited income?
I inherited £3k when my grandad passed away when I was 20, which kickstarted my saving towards a house deposit.
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