Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last penny.
This week: “I’m a 29 year-old, living in London and working as a management consultant. I have lived here for nearly six years having moved here for my job. I have a real love-hate relationship with London and I’m unsure how long I will stay. There is always something to be doing here and I definitely enjoy access to great restaurants, exhibitions, theatre etc. On the other hand, it is a big place and I do miss open space (I grew up in the countryside). My job has been a great start to my career, but for a variety of reasons I am looking at the next step. On a solo salary and even with my savings, getting a favourable mortgage is hard, plus I am not sure where I want to commit to, so for the time being I am happy renting. I am lucky that my landlord is private and so far has been a decent human being! I prioritise experiences in my life and have been on a few big backpacking trips, so typically I am saving for the next holiday. I buy a lot of clothes either secondhand or find good quality investment pieces. I try to keep my day-to-day spending low, and typically will do more at the weekends with friends.”
Occupation: Management consultant
Industry: Consulting
Age: 29
Location: London
Salary: £65,000
Paycheque Amount:
Number of housemates: One, my friend P.
Pronouns: She/her
Monthly Expenses
Housing costs: £925 for my half of a two-bed flat that I rent with P.
Loan payments: I have a credit card that I use to put most of my monthly expenditure on, as a way of regularly paying off debt and improving my credit score — plus points! Aside from that, I am also paying off my student loans. I paid £9,000 a year for my fees through student finance and then took another £1,000 a year as a loan. This comes out of tax in my paycheque.
Pension?: Yes. I currently contribute 8% and my employer contributes 4%. My mum in particular is really hot on the importance of women investing in their pension. The wealth disparity in pensions between men and women is shocking!
Savings?: I have about £125k in various investment funds including stocks and shares, which is tied up for some amount of time. This has come from a series of family circumstances (mainly dead relatives). I then also have £7k in premium bonds. I then save £800 of my salary a month, (as a minimum, some months go better than others) to fund holidays, and other experiences. I am incredibly aware of how fortunate I am.
Utilities: £42.19 water, £29 wifi, £56.18 gas/electric, £178 council tax, £43.62 TV license (paid in installments). These are all split equally with my housemate.
All other monthly payments: £10 SIM card, £130 Class Pass, £55 cleaner (comes every two weeks), £14.95 contents insurance, £20 wine subscription. Subscriptions: £12.99 Disney+, £33.96 meal box (I get it every other month).
Did you participate in any form of higher education? If yes, how did you pay for it?
I went to uni and did an undergrad in history and politics. Course fees were covered by student loans and then I took a £1000 pounds a year from the maintenance loan. My parents kindly paid my accommodation costs through the three years, and provided a weekly food budget of £35 – £40 pounds. Everything else I had to cover myself. I worked in a student bar, which was one of the most fun jobs I have ever had. I did have a gap year, as I didn’t get onto the course I originally wanted, so I had a little bit of money saved when I arrived. I also very much made the most of the 0% overdraft offered on both my student and grad current account. I would typically would spend my summers working to get myself out of it!
Growing up, what kind of conversations did you have about money?
We got young person’s current accounts as teenagers and were encouraged to save and put money in that. We had pocket money that turned into an allowance to help us with budgeting. I grew up middle class and am incredibly grateful for both my parents for prioritising our education and family holidays when we were younger. We were always comfortable but I know they made decisions to prioritise this and they both worked full time. It was expected that we would contribute to the general running of the house through chores etc.
If you have, when did you move out of your parents/guardians house?
Officially in 2019 when I moved to London. When I graduated from uni, I moved back for a year, whilst I worked out what I wanted to do. I took a number of different temp jobs and did a backpacking trip. My parents asked that I contribute £40 pounds a week to cover food. Very reasonable, looking back.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would say when I moved out in 2019. Whilst I paid food money to my parents when I moved back after uni, that was nothing in comparison to rent.
What was your first job and why did you get it?
I think my first ever paid job would have been either baby sitting or a random pot wash shift that I covered for a friend in a pub. This was very much on the advice of my parents and to earn some extra cash, though I can’t remember what I did with it!
Do you worry about money now?
Not so much. I am in a very fortunate position to have the savings I do. That being said, I do save about £800 a month to build travel pots and cover any unexpected costs.
Do you or have you ever received passive or inherited income?
Yes. From a number of different family circumstances, I have ended up in an incredibly fortunate position.
7:20 a.m. — My alarm goes off (both a Lumie and my phone). I am a deep sleeper, and not great at mornings, so all are necessary. Instantly snooze my phone and do so for the next 30 mins.
8 a.m. — Eventually drag my body out of bed after a quick scroll. Quickly get dressed, grab some soup from the fridge, jump on my bike and cycle to work. It is the quickest way door to door and free. I also really don’t enjoy getting on public transport half asleep.
8:45 a.m. — Get to work and grab a quick shower at work. I have a locker and leave a couple of outfits at work which is great for saving space in my bag. I don’t wear makeup on a daily basis, but have my UpCircle eye cream and moisturiser at work. Get to my desk for 9am and grab some breakfast from our kitchen. My company very kindly provides a small selection of cereals for us to help ourselves to. Get settled and log on.
10:45 a.m. — I treat myself to an iced coffee most days and have found a local independent who now know me! Unfortunately their payment system is down, so I go elsewhere. Charged £4.60 — cry!
12 p.m. — Lunchtime and head out for a daily stroll with friends from the office. Grab a roll to accompany my soup and a kombucha, £3.70.
3 p.m. — Afternoon is dragging as I am not on a project at the moment and the bench (term used in consulting for those of us not on client) is slow, with not much internal work going on. Take myself on a walk for fresh air.
5 p.m. — Advantage of my work load being quieter is I tend to finish earlier. Jump back on my bike and head home.
6:15 p.m. — Have agreed to meet a friend, F, for some drinks, as I have not seen them in a while. Bus to the pub, £1.75. I get the first round in, £12.20. They get the second round in so all equals itself out. The pub is a new spot that neither of us have tried and is about half way between us so will definitely be returning.
9:15 p.m. — F has an early start so we say our goodbyes, it was great catching up with them. Can’t be bothered to wait for the bus so grab a Lime bike. Get the 60 min pass, which they have updated to last a month, £8.99.
11:30 p.m. — Home, have a very basic student-like dinner of pesto pasta. Wash my face and head to bed. Scroll for too long and eventually head to sleep.
Total: £31.24
6:30 a.m. — Alarm goes off and I drag myself out of bed for a spin class. I am obsessed with this instructor and honestly is the only reason I would be up this early for exercise. Decide to work from home today, so head straight back after the class has finished and have some cereal at home for breakfast.
10 a.m. — Another quiet day on the horizon so take myself for a walk to a local coffee shop near mine. Iced oat latte as per, though today it is not up to usual delicious standards, £4.10.
1 p.m. — Grab a quick lunch between meetings which is leftover curry from dinner out the previous weekend. The portion is much smaller than I remember so root around for some snacks and thankfully find some cereal bars. My early afternoon suddenly has more meetings than I was expecting.
5 p.m. — Log off for the weekend and quickly make a curry before heading out for a drink with B, a friend who has moved to Europe and is back visiting. This is in an attempt to ensure I don’t buy food out.
6:30 p.m. — Get to the pub and grab a pint, £7.60. It is great to see B and hear all about their adventures. Sounds like they have really settled into expat life which is great to hear. A couple of their other friends join us who I have met at various points.
8 p.m. — B is heading back to where they are staying and kindly offers dinner. I fancy an evening at home, so politely decline and head to the train. Pick up naan bread for my dinner and packet of popcorn as I am snacky, £3.30.
9 p.m. — Have the curry I made before I came out with the naan and then crash on the sofa with some episodes of Friends. Sometimes comfort TV is needed.
10:30 p.m. — Head to bed for an inevitable doom scroll. TFL charges, £5.50.
Total: £20.50
9 a.m. — Alarm which I snooze and then lay in bed for an hour or so. Drift in and out of sleep and then doom scroll. If I don’t set alarms on the weekend, I can sleep for hours!
10:30 a.m. — Drag myself out of bed, make scrambled eggs with spinach on toast for my breakfast. Potter around the house listening to the cricket, tidying my bedroom as I have my cousin staying later this evening.
12:30 p.m. — There is a market which curates loads of independent businesses. This month they are running a sample sale, so all vendors are doing a discount. Jump on my bike for the 25 minutes cycle over and get a ramen bowl for £23 (with a crack in the bottom but doesn’t leak), a T-shirt for £10 and a little print of the Lake District, my favourite place in the UK, for £3.
2 p.m. — Cycle over to a flea market that is nearby, stopping off at a secondhand furniture store. It is £1.50 entry to the flea market and I find a moving in gift for a friend, £16.
3:30 p.m. — Cycle back to the flat and put the rugby on. Potter about and then get a text from one of my cousins, L, who is visiting a friend in London and is in a pub near my flat. Get ready to go out, eat some more of my curry and head out to meet her.
4:45 p.m. — Get to the pub and grab a pint £6.58. Get another half pint, £3.40. Head off to catch the train to cross London to see L’s sister M and another one of our cousins, J.
7:10 p.m. — Arrive at the wine bar and meet my cousins, M’s partner and some of their uni friends, who I have met before. Get a round in and catch up, £40.95. Another round is bought, which M’s partner covers.
9:30 p.m. — Move onto a jazz bar. M gets her round in. The jazz bar is really cool but much more of a watch and listen place, rather than chat with background music.
11:45 p.m. — Call it a night and jump in an uber with J, who is staying with me. Say goodbye to my cousin M who is staying with her uni friends. I will see them in a couple of months. £18.90 for the taxi.
12:15 a.m. — Home, eat some pre-emptive toast before bed and then hit the hay. TFL charges are £9.30.
Total: £132.63
9 a.m. — Alarm goes off, usual routine of snoozing and scrolling. I thankfully feel relatively fresh from the wine consumption the night before. Nothing like a slice of toast and a glass of water!
10 a.m. — Get out of bed, check in on J and get some breakfast going. Chill with my housemate P, and my cousin, J. J is younger than me and currently in uni so we discuss various stories. Makes me and P feel much older! Lovely to be able to spend time with her.
11:30 a.m. — Head out to the bus stop with J who is getting the train back to uni. Make sure they know where they are going and then head for the weekly shop. My weekly shop is pretty consistent both in terms of items and price and often includes: yogurt, milk, tofu, tuna, a large selection of veggies, some form of carb and, currently, a treat of Mini Eggs, £30.28.
1 p.m. — N who I am dating at the moment, comes over. We head for a wander in my area and grab a drink, £7.25. I also get some empanadas for a snack, £10.
3:30 p.m. — Head back to the flat to watch the second half of the Sunday rugby match. Then spend the rest of the afternoon chilling and catching up as we haven’t seen each other in a while.
8 p.m. — Evening runs away with us and we make a poke bowl for dinner. Rice, tuna, spinach, avo etc. Really quick and tasty dinner. Make enough rice to have with my curry for lunch tomorrow and fried rice during the week.
11 p.m. — Wash face and head to bed.
Total: £47.53
8 a.m. — Take the opportunity to have a lie in. Plan to cycle as per normal, but it’s raining so I decide to take the train. Quick shower at home, with the same skincare as normal. Walk to the train station with R. They aren’t working today so they tease me with the knowledge they will have a nap when they get back home and I will be working all day.
9:30 a.m. — Get to work, log on and see a few meetings have moved, freeing up my morning. Grab some fruit from the kitchen to have with my overnight oats that I bring from home. Make myself an iced coffee from the machine at work. Normally I would head out to get one but since I took the train, I save the pennies.
12:30 p.m. — Mooch around some shops looking for new glasses as I haven’t changed frames in years and I am after a bit of a refresh. Back to the office for lunch from home and have the can of kombucha that I bought last week.
3:30 p.m. — Afternoon passes by with some meetings. I am desperately trying to find the motivation to get ahead of tasks to make my life easier for when I am back on client. My job as a consultant means that there are periods of time when I am not working on a project for a client and during that time, I am tasked with ‘side of desk’ projects — in this case preparing for starting a new project with a new client. I am slightly successful.
5 p.m. — Wrap up the day and head home via the train. Nail the timings and am back in time for a run. Normally I play a tag rugby but the game got cancelled due to the weather. Make sure I don’t sit down otherwise I will never get back up again.
6:30 p.m. — Four miles done and wasn’t terrible. Collapse on the sofa for 20 minutes before making some dinner. Roast an aubergine and make a tomato and mascarpone pasta sauce to use up some mascarpone I had in the fridge. Serve with some lettuce and listen to a podcast episode of Today In Focus. Tidy up the kitchen and pack leftovers for the next day.
8:45 p.m. — Settle down to watch TV, this time Court of Gold, a documentary on the men’s basketball tournament.
10:30 p.m. — Head to bed with the intention of starting the week right and not doom scrolling too late. Let’s see how long this lasts. Spoiler, not long. TFL charges come out, £7.40.
Total: £7.40
7:30 a.m. — Snooze for 30 minutes as per usual and then roll myself out of bed. Weather is damp but not raining, so grab my breakfast and lunch for the day and head into work on my bike.
8:40 a.m. — Arrive at work, shower, normal UpCircle skincare and then use an outfit that I keep at work. At my desk for 9 a.m., grab some fruit for overnight oats and settle into some tasks.
10 a.m. — Brain is screaming for coffee, so head to my usual spot, hoping they have fixed their payment issues. Thankfully they have, but I have forgotten my keep cup so pay full price of £4 for my iced latte.
12:30 p.m. — Morning passes with some internal tasks and a few meetings. Head with my colleagues for some fresh air to M&S and get the normal Kombucha, £2.65. Eat my leftover pasta from last night, which is still as delicious.
3 p.m. — We have a US office and one of our colleagues is over visiting. They bring a load of US snacks which keep me going through the afternoon. A few more meetings, including meeting my new clients. I start a new project next week, so spend the rest of the afternoon starting to prep for that.
5:30 p.m. — Home time. Cycle back to the flat, then prep my dinner and sort the kitchen out. I accidentally booked onto a gym class (one that I do all the time but I thought I was booking for next week).
8 p.m. — Strength class done and feel better for it. Endorphins! Also thank past me for prepping dinner before I left as dinner now only takes 20 minutes to throw together. Stir fry with crispy tofu using the Wagamama’s teriyaki sauce. Tidy, make leftovers and breakfast for tomorrow before crashing in front of TV and continuing with my documentary.
9:30 p.m. — Shower and wash my hair. Don’t enjoy washing my hair before bed but sometimes the routine just does not stack up. Watch the final episode of the documentary.
11:30 p.m. — After too much doom scrolling, head to sleep. Will regret that in the morning.
Total: £6.65
7:30 a.m. — Normal alarm and snoozing routine. Drag myself from my bed a little quicker and jump on the bike grabbing breakfast and lunch from the fridge. Cycle to work and do my usual shower and skincare routine before heading up to my desk.
9:30 a.m. — The light night is hitting me so the daily coffee run is earlier than usual. Forget my keep cup again so pay full price, £4. I also remember to pay my cousin back for the jazz bar, £10.
12:30 p.m. — Lunchtime, head for a walk with my friends. My leftovers from last night were a lot smaller than I remembered. Thankfully, some lunch has been ordered in for another team so I was able to have a last couple of sandwiches when they were finished.
3 p.m. — Our office manager produces the goods — office biscuits which are needed for the post lunch pick-me-up. The afternoon consists of continuing to prep for my new client and finishing up some internal bits that need handing over.
5 p.m. — Head home on the bike and crash on the sofa for a bit. Get some washing on and make a dinner of stir fried rice — with rice leftover from the weekend and a selection of veg.
6 p.m. — Start a new book. I love reading, however, I am very all or nothing with it and have been struggling to get into something lately.
8 p.m. — The Lionesses are playing, so settle in to watch the match. I enjoy watching a lot of different sports and in particular women’s sport. We score towards the end of the first half and then it is a nervy watch through the second half as we hold firm and come away with the win.
10 p.m. — Make oats for the morning, we are having an office lunch tomorrow so no need to bring my own. Get into bed and eventually go to sleep.
Total: £14
Food & Drink: £144.61
Clothes & Beauty: £10
Home & Health: £42
Entertainment: £10
Travel: £51.84
Other: £11.50
Total: £259.95
Conclusion
“I would say this is a pretty typical week for me with the majority of the spend on food and drink which forms a big part of my socialising. I tend to bring my breakfast and lunch most days, but will treat myself to the daily coffee and kombucha! Still, tracking this has been quite eye opening. The beginning of the week is normally lower cost and then from Thursday or Friday onwards the socialising starts. The market was perhaps an anomaly — I don’t normally buy that many things on a weekend. And TFL charges really do add up but that is the price of living in London. I definitely need to start looking around for a more favourable savings account for the money that is in the premium bonds. ”
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