Welcome to Money Diaries, wherever we're tackling what mightiness beryllium the past taboo facing modern moving women: money. We're asking a cross-section of women however they walk their hard-earned wealth during a seven-day play – and we're tracking each past penny.
This week: "I’m a 22-year-old, final-year aesculapian pupil astatine assemblage successful the Midlands. I unrecorded with 2 different final-year medics. If each goes well, we’ll beryllium starting arsenic inferior doctors (foundation twelvemonth one) successful a infirmary determination successful the UK adjacent summer. I’m presently applying for my occupation adjacent twelvemonth and studying for finals and different exams I person to instrumentality earlier then, portion besides being connected placement successful the hospital. Although I bask aesculapian school, it is simply a LOT. I find myself being pulled successful each absorption and conflict to person a steadfast work/life balance. Recently I’ve been trying to incorporated much amusive and things I bask doing into my regular beingness arsenic I consciousness I’m teetering connected the borderline of burnout."
Occupation: Medical student
Industry: Healthcare (NHS)
Age: 22
Location: Midlands
Salary: £2,975 (£1,975 from authorities pupil loans and £1,000 from the NHS bursary).
Paycheque amount: The loans are paid to maine successful thirds but monthly my indebtedness works retired arsenic £247.92.
Number of housemates: Two: M and T.
Pronouns: She/her
Monthly Expenses
Housing costs: £429 rent.
Loan payments: None yet.
Savings? Around £11.5k successful savings accounts and £14.5k successful ISAs. This is thing I’m rather arrogant of. I babysat a batch arsenic a teen and marketed myself astatine a higher complaint arsenic I went connected a babe and kid archetypal assistance course. I besides worked successful a pub arsenic a waitress portion astatine school. I got my archetypal due occupation successful sixth signifier arsenic a receptionist, moving each weekend. Then successful the summertime holidays conscionable earlier and astatine uni I worked successful sleep-away summertime camps. During the pandemic I besides worked arsenic a nanny for a fewer beauteous families. I’ve saved each my wages for supplementing my assemblage indebtedness and (hopefully) for a location deposit successful the aboriginal (though receiving little than £3k to unrecorded connected successful my past twelvemonth means I’m dipping into my savings much than I’d like).
Pension: Not yet! The NHS pension is large though truthful volition commencement paying into that erstwhile I commencement working.
Utilities: Water £14.80, state and energy £50 (we haven’t turned the heating connected yet truthful this volition spell up), Wi-Fi £10.32.
All different monthly payments: My parents kindly wage for my SIM-only telephone contract. Subscriptions: £20 gym, classes and pool.
Did you enactment successful immoderate signifier of higher education? If yes, however did you wage for it?
I americium successful my 5th and last twelvemonth of aesculapian school. For the archetypal 4 years of aesculapian school, you are entitled to mean pupil loans. Some years I received the maximum indebtedness and immoderate the minimum due to the fact that my parents some mislaid their jobs and truthful my household income was precise low. In the past twelvemonth (or 2 if you bash a six-year course), your authorities pupil loans trim and you person the NHS bursary. I get £1,975 from authorities pupil loans and £1,000 from the NHS bursary. I’m having to dip into savings from my erstwhile jobs, which sucks. I besides marque a tiny magnitude of wealth doing paid surveys online but these aren’t guaranteed.
Growing up, what benignant of conversations did you person astir money?
My parents some mislaid their jobs astatine the aforesaid clip erstwhile I was a teenager. I became acutely alert of however choky the fund was and that truly made maine privation to strive for fiscal literacy and a vocation wherever I would ne'er beryllium retired of a job. Healthcare volition hopefully supply that for me.
If you have, erstwhile did you determination retired of your parents'/guardians' house?
I moved retired astatine 18 but came backmost for longer holidays. I afloat moved retired erstwhile I was 21, successful my 3rd twelvemonth of university.
At what property did you go financially liable for yourself? Does anyone other screen immoderate aspects of your fiscal life?
My parents precise kindly wage for my SIM-only declaration portion astatine university. Other than that, I prolong myself disconnected my loans, savings and immoderate surveys I tin do.
What was your archetypal occupation and wherefore did you get it?
My archetypal occupation was babysitting. By the clip I was 17 and applying for aesculapian schoolhouse I babysat astatine slightest doubly a week. I did a paediatric archetypal assistance people to beryllium capable to complaint a higher fee, and started by advertizing successful store windows.
Do you interest astir wealth now?
I cognize I americium fortunate to person savings, particularly arsenic a student, but I interest astir wealth each the time. I don’t privation to travel crossed arsenic gaudy but I unrecorded connected a truly strict fund successful a abstracted slope relationship and interest astir that fig astir days. I truly effort to not apical it up and unrecorded to astir £200 oregon little per month, which has to screen everything barroom my bills and rent.
Do you oregon person you ever received passive oregon inherited income?
I person ne'er inherited anything.
If you’d similar to taxable your ain wealth diary past delight bash nonstop a spot of accusation astir you and your concern to moneydiary@refinery29.uk. We wage £100 for each published diary. Apologies but we’re not capable to reply to each email.
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