Money Diary: A Venture Capitalist In Sheffield On 42k

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 we're with a venture capitalist from Sheffield...
"I earn a pretty good salary for my location but not that great for my industry, although I really love my job. I'm at the stage now where I'm considering options in London, where I would earn at least three times my salary and look to buy a house there. I save regularly into a H2B ISA and LISA and also a fixed-term account. Beyond that I don't budget at all. Living alone and being single, socialising is really important to me and I probably eat out a couple of times a week. I'm never quite sure if I'll be home so I do a food shop as I go. I love clothes and tend to buy every season. At one point I was getting deliveries weekly but I do return a lot as sizing can be so varied. My weakness is designer bags. I bought one (a Valentino Glam Lock) in April and I've got my eye on a Gucci Sylvie bag next, although with this type of purchase I save up and shop around consignment stores for the best price. I’ll wait months or up to a year until I find a deal. Looking to the future, I'm thinking that I really need to accelerate my budgeting, especially if I relocate. Although I am thinking about buying a convertible next year!"
Industry: Private Equity
Age: 31
Location: Sheffield
Salary: £42k
Paycheque amount: £2,408 monthly plus annual bonus c.£5k this year
Number of housemates: 0 (I don’t think I could live with anyone ever again!)
Monthly Expenses
Housing costs: £675 for a one-bedroom flat. Includes Wi-Fi. It’s just gone up from £645 after two years.
Loan payments: Student loan taken pre-paycheque: £100. Credit card: £200. Years ago I was in a low place and ignored some credit accounts and so ended up with a couple of defaults, which finally dropped off my credit file at the beginning of this year. Throughout that time I used a Capital One card to help rebuild my credit, paying for petrol and parking and paying off in full every month. I recently got an Amex Gold card for the points, lounge passes and priority ticket booking. I still pay it off every month.
Utilities: Water: £46.35 quarterly; Council tax: £82.80; Electricity: currently £160 a month because British Gas didn’t register my meter readings for over a year. I think my actual usage is £50. I’m planning on switching suppliers, most likely to Bulb.
Transportation: £50. I usually walk to and from work and only really use my car on evenings and weekends. It’s a diesel and really economical.
Phone bill: £15 sim-only tariff. Managed to blag 50% friends and family discount from an acquaintance, which I’ve rolled over by changing the tariff rather than the contract.
Savings: £400 into a Club Lloyd’s monthly saver which will give me interest of 3% at the end of 12 months. £200 into my Help to Buy ISA. I also have a LISA but the interest rate is much higher on my H2B. I’m taking advantage of that and the fact it has no withdrawal fees and will transfer my full £4k allowance to the LISA before the end of the financial year.
Other? Gym: £43 (after what became an unhealthy obsession with the gym, going five or six times a week, I’ve taken a break for a few months. I think I’m ready to go back, though. Spotify: £4.99 (brother’s student code used). Amazon Prime: Six-month free trial using my brother’s uni email. I have no shame! Netflix: Free using a family account.
I also tithe 10% of my salary to my church. I’ve only recently started doing this as I’d never understood it. Now I’ve looked into it and feel it’s the right thing for me with the bonus that the money is being put to good use, as my church has loads of outreach programmes for those in need in our city and beyond.
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