Industry: Civil Service
Age: 36
Location: Birmingham
Salary: £80,000
Joint income: N/A
Assets: I have a mortgage on my own home with probably about £100,000 equity in it, £7,500 in premium bonds and just shy of £30k in a stocks and shares ISA, plus about £1,000 in crypto.
Debt: £4,300 on a 0% interest credit card.
Paycheque Amount: £4,657
Pronouns: She/her
Monthly Expenses
Monthly Housing Costs: £1,402
Utilities: £171 gas and electric, £63 water, £32.99 broadband.
Number of Housemates: Two, my daughter F, and my dog, P.
Monthly Loan Payments: £150 car loan.
Pension: Yes, I pay £493.81 a month in and my employer pays just over £1,300.
All Other Monthly Expenses: £8 SIM only contract, £879 nursery fees, £32.99 pet insurance.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, I went to university and did a postgraduate degree. I had a student loan for the undergraduate degree tuition and living expenses and was very lucky my parents paid my student accommodation. I also worked every holiday for an agency doing administrative work. I got a scholarship and stipend for my master’s. A few years ago, I cleared about £9,000 left on my student loan as the interest rate on it was higher than the interest rates at the time…
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
I definitely didn’t realise we were as well off as we were growing up and sometimes worried about whether we could afford things like expensive school trips. Looking back, this is because my parents are savers and were overpaying into their pensions and mortgage. They were lucky enough to be mortgage-free and retired by their mid fifties. As a child, I could see we had basic but functional cars and didn’t go on holiday every year, but I didn’t see how much they were saving. It definitely rubbed off on me because I have always been cautious about money and really struggle to make big purchases now. I feel lucky that they explained about investing in your future, security and the value of overpaying a mortgage early and having a good pension. I think the value of the employer contribution is often overlooked.
What was your first job and why did you get it?
My first job was as a weekend receptionist in sixth form working for a local hospital. I got it through an agency and went back every holiday while I was an undergraduate. I worked to have a bit more disposable income and get some work experience and a little independence.
Did you worry about money growing up?
Not the big worries like whether we would be able to afford the house, or if the washing machine could be replaced if it broke, but I definitely worried about whether we could afford the latest shoes or if I could go on school trips abroad. I have a big family, so holidays were very expensive and we didn’t go away often and many clothes were hand-me-downs. That being said, there was never any uncertainty about the ability to pay for the big-ticket items, such as driving lessons or university accommodation (as long as it wasn’t in London).
Do you worry about money now?
Unfortunately, I worry a lot about my finances now, despite being a relatively high earner. I have high outgoings with well over half my income going on essentials (mortgage, nursery fees, train fares to work and utilities bills). I also know this is a short-term issue and come September my nursery bill will drop by about £300, which will really help.
At what age did you become financially responsible for yourself and does anyone else cover any aspects of your financial life?
I became financially independent at 21 when I graduated from my undergraduate degree. I did a funded master’s and have had a job ever since which I have paid rent/mortgage from. I’m still logged onto my parents’ Netflix account…
Do you or have you ever received passive or inherited income?
I inherited about £30,000 when a grandparent died and used this to help towards a deposit for my first flat.
