Welcome to Money Diaries, where we’re tackling what might be the last taboo facing modern working women: money. We’re asking a cross-section of women how they spend their hard-earned money during a seven-day period – and we’re tracking every last penny.

This week: “I’m a 26-year-old on a finance grad scheme in the tourism industry. My current role partners to the highest profile team in the business so it’s exciting but really demanding and the expectation is that you drop any social life as and when the business needs you (it always seems to). I’ll be finishing this placement next week after a year and I am lucky enough to be taking a six-week operational break before returning to head office for my final year in December. I’m single and live in London with my best friend from uni, who I’ve lived with for about five years now.”

Occupation: Finance (management accountant)
Industry: Travel and tourism
Age: 26
Location: London
Salary: £38,000 (this has been confirmed to rise to £43,000 in two paycheques’ time in recognition of finishing year two of my grad scheme).
Paycheque amount: £2,287
Number of housemates: One: my longtime flatmate, R.
Pronouns: She/her
Monthly Expenses
Housing costs: £860 rent. Our two-bedroom flat is £1,650 in total but I pay a wee bit more for a larger room and the parking space.
Loan payments: £65 student loan, £33 cycle to work repayment.
Pension? I pay in 4%, which works out as £126.50, and my employer pays in 9%. 
Savings? £800. My necessary outgoings as a proportion of my salary is frightening and puts me off trying to save. As long as I have great industry perks I prioritise discounted trips abroad and loosely ensure I always have one month’s contingency rent in the bank. I did save about £4,000 by living at home for three months during lockdown but I used this to buy a car upfront last year. 
Utilities: £95 council tax, £60 electricity, £13 Wi-Fi.
All other monthly payments: £7.80 SIM contract, £13 road tax, £67 car insurance. £35 ClassPass membership, £68 cheer gym membership (I train twice a week with a competitive cheerleading team aiming for the 2024 Worlds). Subscriptions: £8 Disney+ (I may cancel now I’ve completed OMITB).

Did you participate in any form of higher education? If yes, how did you pay for it?

I went to Edinburgh for five years and took out a fee loan (£9,250 per year). My parents paid the majority but not all …read more

Source:: Refinery29


Money Diary: A Management Accountant On 38k

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