Money Diary: A Senior Account Executive On 35k

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This week: "I'm a 25-year-old senior account executive working in communications. I grew up in Scotland and moved to London after the pandemic for work. I recently moved in with my boyfriend, H, who works in finance and earns roughly eight to 10 times my salary. We are still ironing out some of the kinks in splitting finances but I think we have a system that works for us. Living costs aside, we tend to split things down the middle and both like to treat each other. Generally, I like to think I'm decent with money although I'm aware I'm now in a privileged position. I haven't increased my monthly budget since moving and I send all my savings straight to my ISA. At the same time, I know I won't be young and living in London forever so I do want to make the most of it."

Occupation: Senior account executive 
Industry: Communications 
Age: 25
Location: London
Salary: £35,000 a year plus potential Christmas bonus up to 10%.
Paycheque amount: £2,180.19 after tax, pension and student loan.
Number of housemates: One: my boyfriend, H.
Pronouns: She/her

Housing costs: My boyfriend, H, owns our two-bedroom flat and I pay him £500 a month towards the mortgage, bills and our cleaner.
Loan payments: £61 a month.
Savings? I contribute £700 to my ISA and £100 to a holiday pot. I have roughly £10,000 across various accounts.
Pension? I have a pension through work and contribute £114 monthly.
Utilities: Included in my housing costs.
All other monthly payments: £11.50 phone, £65 gym, £2.55 Labour party membership, £20 donation to my local food bank back home. Subscriptions: £95 Amazon Prime, £12 Cosmopolitan magazine.

I was the first in my family to go to university. It was always my plan growing up, however my mum tried to manage my expectations as not many people from our school went on to higher education. I did my undergrad in Scotland so I took out a maintenance loan and worked two part-time jobs to cover costs. I then went on to study a master's in England, which I covered through loans, savings and support from my parents.

While my immediate family was fairly financially comfortable, I grew up in one of the most deprived areas of the country and saw many of my wider family struggle with money. We never wanted for anything but my parents emphasised the value of hard work and living within our means. When we were 12, my dad took me and my brother to open bank accounts and encouraged us to save for the future.

I moved away for university at the age of 17, came back during lockdown and then moved out again at 23.

I began covering my own costs when I moved to university at 17 although I always had the option of going back to my parents' house. Up until this year, I would have considered myself financially independent. However, I know that I pay way below market price now for my flat. I'm grateful for the opportunity to save but it's important to me that I don't become reliant on this and I know I could afford to live independently in London on my salary, as I did until very recently. 

I started babysitting for family and neighbours at 12 for spending money. When I turned 16 I got a job at Tesco and worked every overtime shift I could to save for university.

I don't worry about money day to day but I do worry about the bigger picture such as affording a house and children in the future. I know that if H and I stay together and he keeps his current role, this will probably be okay but I find it quite stressful to have that unknown.

My parents gave me £13,000 towards the cost of my master's. This was money they'd saved up for decades to pay off their mortgage and I feel both incredibly grateful and guilty they gifted it to me. While I know they probably won't accept it, I'm saving to be able to return this now I have more spare income.