Industry: Finance
Age: 31
Location: London
Salary: £55,000 + annual bonus
Assets: I unfortunately depleted my savings in the last few years because of a mixture of unexpected vet bills, not having good financial habits in the past and my ex-partner’s job loss. I currently have around £1,600 left in my emergency savings.
Debt: Interest-free credit card debt worth £4,000.
Paycheque Amount: £3,172 (after tax, NI and student loans).
Pronouns: She/her
Monthly Expenses
Monthly Housing Costs: £1,400. As of recently, I live alone, so I spend quite a lot on rent, because the rental costs in London are very high.
Utilities: £35.22 wifi, £104 council tax, £29 water, £84-£118 gas and electricity.
Number of Housemates: None.
Monthly Loan Payments: £367 on student loans and £90 current minimum monthly debt payment (I usually pay off a lot more, though).
Pension: I have a pension pot of £25,000. I’ve paused my monthly contributions to repay debt quicker.
All Other Monthly Expenses: £13 phone, £27 gym, £80 pet insurance, £25 online CBT costs (I signed up when they had an offer on, so my current cost is very low, but it’s due to rise in the next few months, if I decide to continue with it).
Did you participate in any form of higher education?
Yes, I did both an undergraduate degree and a master’s in the UK. I took a tuition fee loan for my undergraduate degree and my parents helped me out with the living expenses. I also received a small inheritance, which I used towards the living expenses. I also had a part-time job throughout most of my degree. I didn’t want to rely on my parents to pay for my master’s, so after my undergraduate degree, I took a year out to work and save. I got a tuition fee loan, a £3,000 scholarship and worked part-time throughout my master’s to cover the costs myself.
Growing up, what kind of conversations did you have about money?
I can’t remember my parents having too many conversations about money with me when I was a kid. My parents are small business owners and in all honesty, they’ve never had the best financial habits. They were always doing well when their businesses were doing well and they were doing badly when the businesses were struggling. I’ve never heard my parents talk about any kind of savings, be it pension savings, emergency savings, etc. Having seen my parents have that kind of relationship with money definitely caused me to have a lot of anxiety around money and meant I didn’t have good financial habits instilled in me.
What was your first job and why did you get it?
My first job was part-time at university. I did a mixture of bar and waiting jobs as well as working at university conferences.
Did you worry about money growing up?
Yes and no. As I mentioned before, my parents never had very good financial habits and weren’t prepared financially when their businesses weren’t doing well. So, there were times that I didn’t worry, but also times when I saw my parents worry about money, live paycheque to paycheque and have to borrow money.
Do you worry about money now?
Yes, I hate having debt. So, I’ve been worrying about it a lot. I’m proud of myself for having paid a lot of it off, but it does feel a little bit like a never-ending journey. I can’t wait to get rid of it soon! I’m also planning a big international move in the next year, which I want to start saving for.
At what age did you become financially responsible for yourself and does anyone else cover any aspects of your financial life?
I became fully financially responsible for myself after I graduated from my undergraduate degree. I was around 21 years old then.
Do you or have you ever received passive or inherited income?
Yes, my grandad left me his apartment in his will while I was still a teenager. The apartment was in a small town abroad and was not worth much. It was sold when I went to university and my parents would send me some of the money monthly, which contributed to my living expenses.
