Money Diary: A Senior Finance Manager On £85,500
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 28-year-old chartered accountant working as an M&A consultant, living in Berkshire. I have lived here for three years, and live with my husband, B. We both work in stressful jobs and have worked really hard to get where we are. Saving is an important goal for us as we do want a family in the future and aim to be mortgage-free in our 40s. Having said that, we also understand that our 20s and 30s is the time to have different experiences and try to have a good balance between enjoying our income and saving for the future.”
Occupation: Senior manager — M&A consulting
Industry: Finance
Age: 28
Location: Berkshire
Salary: £85,500
Paycheque amount: £4,640
Number of housemates: One: my husband, B.
Pronouns: She/her
Monthly Expenses
Housing costs: £1,285 for my half of the mortgage.
Loan payments: I do not have any long-term debt.
Savings? My partner and I do not combine our savings (B earns a similar wage to me). I have £56,000 in an ISA, which includes my emergency fund (currently at £19,000), £300 in my easy-access bank account and £3,000 in a separate bank account, earmarked as my travel fund.
Utilities: £130 gas and electricity, £18 water, £120 council tax, £10 direct debit for annual boiler service.
Pension? Yes, I have a workplace pension and contribute £570 per month. My employer matches it and I currently have £41,000 in the pot.
All other monthly payments: £27 life insurance, £16 internet, £27 gym. I spend £40-60 on different charities and support friends in their fundraising. £500-£1,000 credit card payments. Subscriptions: £8 Disney+, £50 The Economist (annual).
Did you participate in any form of higher education?
I went to a community college for my undergraduate degree in Asia (that’s where I’m from) and was lucky to have an inexpensive education as my parents paid for my degree. I completed my ACA alongside my bachelor’s degree to become a chartered accountant. ACA was not an expensive professional qualification (compared to a traditional university degree) and was partly funded by myself and partly by my parents. I lived with my parents while pursuing my higher education and therefore did not have significant living costs. I did plan to take a career break to pursue an MBA but could not come to terms with how expensive it is and therefore did not go ahead with it.
Growing up, what kind of conversations did you have about money?
Both my parents came from poverty and would save every penny they could. Although we never had holidays abroad or even locally, they always ensured our school fees were paid, we had clean clothes to wear, nutritious food to eat and a house to live in, which I am very grateful for. My father emphasised the importance of education as well as investing from an early age. My mother is also a saver and has taught me the art of living within my means. The downside of this is that I never saw them spending money on themselves and that is something I struggle with as well. I do appreciate the happiness we get from occasionally pampering ourselves and try to enjoy different experiences every once in a while.
If you have, when did you move out of your parents’/guardians’ house?
I moved out at the age of 23, sharing an apartment with two women.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would say at the age of 23 when I moved out, although I’ve been paying for all my personal expenses plus part of my education since I was 18.
What was your first job and why did you get it?
I got my first job at 18, as an audit intern at a reputed audit firm while studying for my ACA. It did not pay a lot, although it did mean a lot of free meals at work and getting to travel a bit for work. Other than my daily commuting expenses and a bit of shopping every now and then, I saved most of it.
Do you worry about money now?
I do worry if I have an expensive month. Spending money can be hard but I have become more relaxed in the last few years. My biggest fear is losing it all and not being able to care for my future family as well as my ageing parents. When I visit my home country, I’m able to take my parents on holidays and buy them gifts, and I realise that I’m comfortable.
Do you or have you ever received passive or inherited income?
My parents gifted me £25,000 when I got engaged to B. I used it for our house deposit.
7:30 a.m. — I wake up and cuddle with B for a bit. Feel exhausted as I was out at a work event until 1 a.m. last night. I have reduced my alcohol consumption to prioritise my health and my tolerance has become relatively low. I only had two (large) drinks and feel quite hungover and dehydrated this morning. Lack of sleep doesn’t help either. Force myself out of bed.
8:30 a.m. — My work inbox is flooding and it looks like I have a busy day ahead of me. Might have to put in a few hours over the weekend to be on top of things! I check emails as I eat my overnight oats with apples, chia seeds and almond milk. It is a really easy breakfast and I quite like it. I keep changing the fruit for a bit of variety.
12 p.m. — A friend is throwing a birthday party on Saturday so I buy her a £70 voucher for a bottomless brunch at one of my favourite restaurants in London. Split it with B, £35 for my share.
1 p.m. — Eat leftover spinach with some bread for lunch and put a round of washing on. It’s such a warm and pleasant day.
6 p.m. — Log off from work. I was planning to go for a walk but I feel quite exhausted and want to go to bed early tonight. I watch an episode of a science fiction drama series and chill out.
7 p.m. — B is back from work so we order takeaway. Some peri grilled chicken with rice, £12 for my half. I spend most of my evening watching a film on Netflix with B.
11 p.m. — Read a little and fall asleep.
Total: £47
8:30 a.m. — I overslept! Wash my hair and epilate before grabbing a quick banana for breakfast.
9:30 a.m. — I have been on a waiting list to see a therapist for weeks and I finally got in. I have my first session with them for an hour (highly recommend if you’re on the fence about this). Also make a payment for a couple more sessions, £105.
11 a.m. — Buy a train ticket to London, £16.60 with a railcard. I’m looking forward to meeting my friend and celebrating her birthday with her later. B and I buy her some flowers and a card from M&S, we also fancy a pastry each, my half is £11.
1 p.m. — Arrive at my friend’s birthday party and it’s exciting to meet new people. There are a few games and activities planned and it’s a perfect day to be out in the sun. My friend has arranged for delicious Lebanese food for lunch, and there’s cake of course.
6 p.m. — B and I really enjoy being in London. We decide to grab an early dinner at a Thai restaurant we like and order a drink and a main each. Total with gratuity comes to £27 for my half.
9 p.m. — Speak to my mum for a bit and fall asleep early. It’s been a fun day!
Total: £159.60
3 a.m. — Wake up and go back to sleep some more (B is soundly asleep). See that TfL has charged me £6.20 for yesterday.
8 a.m. — Finally wake up properly, cuddle and have sex. Then get up and plan the day. B makes eggs with avocado and bagels for breakfast.
11 a.m. — We’ve spent the last couple hours cleaning as we have a friend visiting. B and I also go for our biweekly shop to Sainsbury’s. We try to only buy supplies for two to three days so we do not waste food. Work can be unpredictable for both B and me, and we tend to get takeout on busy days. We buy loads of fruit, vegetables, bread, eggs and snacks to get us through the next few days, my half is £28.
3 p.m. — Our friend has brought us some treats; we spend some time playing board games together while eating crisps and nuts. Afterwards, we order light Indian street food for lunch. B and I split the bill, £18 for my share.
7 p.m. — I eat dinner, which is an Indian preparation of carrots and peppers with some parathas.
8 p.m. — My work mailbox is piling up and I decide to work for a few hours to take some pressure off Monday.
12 a.m. — Stop working and read a few pages of a murder mystery book. I am trying to get back to the habit of reading and try to fit it in with any time I can find spare (e.g. while travelling). Would love some recommendations!
Total: £52.20
8 a.m. — Wake up, spend some time scrolling on my phone, get dressed for work.
9 a.m. — I reach work, eat my overnight oats and start going through the list of tasks for the day. I am juggling multiple clients at the moment so the workload is really heavy. I understand I get compensated handsomely for the amount of work I need to put in and I do enjoy being busy!
1 p.m. — Buy some roast chicken from a Greek place near work for £5 and eat with my home-cooked rice and sautéed vegetables. Also drop off the gym clothes I ordered online (they didn’t fit me) after procrastinating for a couple of weeks now.
6:30 p.m. — Wrap up work and head home.
7 p.m. — Eat a banana and head to spin class at my local gym. I decide to stay for yoga afterwards.
9 p.m. — I shower and eat dinner with B. He decided to spend his evening making pizzas using store-bought pizza bases. That’s one way to make Monday night fun. B also preps our lunch for tomorrow. Incredibly grateful for him — he sorts out most of our cooking even though his work is equally busy as it’s not something I particularly enjoy or am great at. He had to buy some additional supplies; my half costs £8.
10:30 p.m. — I clean up and we spend the next hour watching Netflix together before we call it a night. I need to start some sort of skincare routine. At present it is just washing my face and moisturising with aloe vera or a light face cream.
Total: £13
7 a.m. — I am woken up by a nice but odd dream which reminded me of my mother. I decide to call her and start dressing for work. We speak every other day — living outside my home country means limited time spent with family.
9 a.m. — Reach work and eat the overnight oats. I catch up with a couple of my colleagues who have just returned from their holidays and discuss how everyone spent their weekends.
12:30 p.m. — Lunch is quinoa with pepper, broccoli and onions. I also have some salad on the side, and I buy crisps from the vending machine at work, £1.30.
4 p.m. — I book a painting class for the weekend with a girlfriend. It comes to around £33 per person.
8 p.m. — I leave the office and meet B. He is on his evening walk and I join him.
9 p.m. — Change into my home clothes and eat dinner, which is brown rice, lentil curry and beans.
10:30 p.m. — Clean up and read before bed.
Total: £34.30
7:30 a.m. — I’m working from home today as I have a morning full of work calls. I read a chapter of my book and spend some time with myself.
8:30 a.m. — Join a work meeting which lasts 30 minutes. Breakfast is oats with some blueberries and chia seeds.
12 p.m. — Lunchtime. I am eating leftover lentil curry and rice with a boiled egg. I catch up with a school friend during lunch break. We live in different countries but aim to speak every week. It’s always refreshing and puts me in a great mood!
4 p.m. — The plumber visits as we are having trouble with our shower head. He spends a couple of hours fixing it and we also have to source a new shower mixer. We pay him £90 and the shower mixer set costs £120; my share of the total is £105.
7 p.m. — Log off and head to Sainsbury’s as we are running out of food. We have been good with not spending on takeout this week. My half comes to £24.
8:30 p.m. — We eat dinner, B cooked paneer with bread. I picked up a packet of crips (my weakness!) during the shop and we decide to eat them right after dinner. We both are glad we only picked up one packet. We eat while watching an episode of The Office on Netflix.
10 p.m. — We are going away for our next holiday in a couple of months and spend the next hour finding hotels and Airbnbs. We find a few good options but decide to wait until the weekend to book anything.
11:30 p.m. — Cuddle and fall asleep.
Total: £129
7:30 a.m. — Wake up and eat my oats. I decide to work from home, which I know is a privilege to be able to do and I am really thankful for it.
9 a.m. — I run a round of laundry and start work.
2 p.m. — I’m approaching a deadline on one of my deliverables and therefore have barely moved since I logged on this morning. Eat lunch, which is some bread with an Indian preparation of cauliflowers and potatoes. End my meal with a piece of chocolate.
6:30 p.m. — I have sent all urgent emails, although I still need to prepare for a meeting tomorrow morning. Something to work on after dinner…
7 p.m. — Go for a quick spin class. I forgot to cancel my class today, which in hindsight I’m quite happy about. I feel much better than I did an hour ago.
8 p.m. — Shower and eat dinner: spaghetti with mushroom and broccoli soup.
10 p.m. — Log back onto my laptop and spend the next hour preparing for the meeting.
11:30 p.m. — Quick cuddle and fall asleep.
Total: £0
Food & Drink: £169.30
Clothes & Beauty: £0
Home & Health: £210
Entertainment: £33
Travel: £22.80
Other: £0
Total: £435.10
Conclusion
“I appreciate I work in a high-stress environment and am compensated fairly for it so our spending is a bit on the higher side. The approach we follow is to save first and spend later. This week is fairly reflective of my spending, except for the extra money spent on fixing the shower. Our spending on food can be higher if work is busy for both B and me. I also tend to spend more over the weekend as I enjoy eating out and seeing my friends. I am really pleased that I did not spend anything on clothes and beauty as that has been my main expenditure in the past. I am trying to embrace the minimal lifestyle and lower spend on clothes and beauty is definitely encouraging! I really enjoyed tracking my spending.”
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