What On Earth Are We Doing With Our Money?

University lecturer 40 York.png

You may already know Refinery29’s Money Diaries… this is our own version of it! We’ve put together a few questions to understand what women are doing with their money. Let’s break the taboo and talk more about finances!

It’s short, snappy, fun and anonymous.

University Lecturer. York. 40. Married with kids.

Financial goals:

Short term (1-5 years): Overpay my mortgage, increase substantially my pension contributions, get a better paid job and build an investment portfolio that provides decent returns.

Medium term (5-10 years): Buy a bigger house, save for my kids education.

Long term (10 years +): Definitely live comfortably, afford overseas travel and continue to save for a comfortable retirement.

Best buy ever: (£50,000) My PhD, it gives me so many more options for my career and earning potential.

Worst buy ever: Unplanned food shops and impulse buys when out and about :(

Things you spend the most money on: Childcare! (I cant wait for the 30 hrs free childcare to kick in for my youngest), the mortgage and household bills.

Salary / Income: £36,000

Net worth (what you own vs what you owe, or your assets minus your debts): -

Any side hustles: Investments via an ISA (“Individual Savings Account”), and I'm working on getting a new side hustle!

Savings: I am a big saver (when not on maternity leave!) and will save as much as I can a month, but my task is to stop saving and start investing to make my money work harder for me!

Home: Yes (value approx. £250,000)

Debt: No debt other than our mortgage.

Investing: I have a work place pension, SIPP (“Self-Invested Personal Pension”, i.e. a personal pension) and ISA. The latter two need my attention and are my focus right now.

Pension: SIPP and workplace pension.

Insurances: Yes, for out home and car and mortgage.

What is money for you? Money to me is security, choice, opportunity to do things I enjoy, but also a responsibility, it needs to be used wisely and effectively.

What is financial independence for you? Independence, empowerment and individual choice.


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