Industry: Government
Age: 29
Location: Auckland, New Zealand
Salary: £40,000
Joint income: £80,000. Prior to moving we split nearly everything equally, S would pick up extra bits and pieces of fun money as he earnt more but since moving to NZ, we only opened one joint bank account that both salaries are paid into so we share everything now.
Assets: £12,500 in a help-to-buy ISA that my parents set up for me. My partner has £15,000 inheritance locked away in a two-year high-interest ISA and about £9,000 in a Help-to-Buy that should reach £12,500 by the time we move back home and want to buy a house. We also have about £6,000 in an ISA earmarked for our wedding.
Debt: N/A
Paycheque Amount: £1,145 fortnightly.
Pronouns: She/her
Monthly Expenses
Monthly Housing Costs: £1,235, includes water (split between me and S).
Utilities: £35 wifi, £71 electricity — this is for both of us, so I pay half of this.
Number of Housemates: One — my fiancé, S.
Monthly Loan Payments: £113 student loan. I have to do this manually as I currently live abroad and it is a pain.
Pension: I don’t pay into a NZ pension but will rejoin the UK civil service pension scheme when we move back in two years’ time.
All Other Monthly Expenses: £36 monthly SIM-only plan (for both of us), £134 monthly joint gym membership (this is so expensive, but the gym has a pool and is very close to our flat so I really make the most of it), £20 fortnightly wonky veg box.
Did you participate in any form of higher education? If yes, how did you pay for it?
I did a four-year integrated master’s in chemistry, with an industry year, using Student Finance England for the course fees. Doing an integrated master’s is great as course fees are included in your “first degree”, so you don’t have to self-fund the master’s, unlike most post-grad master’s degrees. My student loan didn’t quite cover my rent, so my parents kindly helped top that up and then, jointly with my grandparents, sent me a £70 per week for food, going out etc. I am eternally grateful for this as it meant I didn’t have to work while studying. During my industry year, I was paid so they didn’t have to send any money for that year. They haven’t asked for any of this back (despite my offering), so I have vowed to do the same for my children in the future. I then went on to do a PhD. I was paid a £17,000 tax-free stipend for this, so I was mostly independent except for my phone contract and Spotify account.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
Up until recently the only money conversations we had were to not get a credit card or buy anything on finance as that means debt which is bad. More recently my dad has got the pension bee in his bonnet and brings up starting a private pension regularly!
What was your first job and why did you get it?
I joked with an older friend that her Saturday job in a bakery was the dream job and two weeks later, she had got me a trial shift. I started at 14 and worked there on Saturdays until I moved out for university — picking up extra shifts when home in the uni holidays. The best part was the bakery was closed on a Sunday so the lovely owners allowed us ‘Saturday girls’ to take home the leftover cream cakes that wouldn’t last until Monday, my family LOVED it.
Did you worry about money growing up?
I never felt that we had money issues when I was younger. We were told to wait for Christmas or birthdays if we ever wanted new stuff and we never went out for dinner or got takeaways, but I often thought this was just my parents being strict! Now I’m older, through conversations with my mum, I’ve realised how much they must have struggled, but they did an amazing job of hiding it from us. They always prioritised experiences, like gigs, cinema trips and holidays over material goods and random treats, which made my childhood really special. My grandparents lived in Spain for a period of my childhood, so we spent a fair few summer holidays at their villa, which my brother and I loved. On reflection, this must have been a great way to take us on holiday every year for relatively little.
Do you worry about money now?
I wouldn’t say I worry, as I feel we are in a pretty good position financially. But I do constantly think about money — should I buy that coffee, is this the cheapest brand of yoghurt in the food shop, do I really need this new top, always looking for the bargain etc. My dad and grandpa have definitely passed down the frugal Yorkshire mindset and years of being a student and then living on a low salary in London have only reinforced that in me. The only time I break out of it is when eating out, haha!
At what age did you become financially responsible for yourself and does anyone else cover any aspects of your financial life?
I’m not sure I can say that I am. I’m incredibly lucky that my parents set aside money for me to buy a house and they pay for my Spotify subscription (and until we moved abroad my phone too). I’m also very aware that I don’t have to pay the single tax, and I’m very fortunate that S earns a good amount too. I know that my parents and grandparents would help out without hesitation if we ever did fall on hard times, which is very reassuring.
Do you or have you ever received passive or inherited income?
My parents have been gradually setting aside money in an ISA (and later transferred this to a help-to-buy ISA) since I was little, without which buying a house in the next few years would be impossible! Both my parents and S’s mum have indicated that they would like to financially help out with the wedding, however we haven’t sorted the details with them yet.
