What On Earth Are We Doing With Our Money?

£36,000 Edinburgh Copywriter

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.

Copywriter. Edinburgh. 25. Living with partner

💭 Financial goals:

Short term (1-5 years): Aiming to pay off my credit card (I should actually do this next month!), build up a healthy emergency fund, start saving for a big trip to Japan next year and start investing at the start of 2020.

Medium term (5-10 years): I'd like to be at a point where I'm comfortable with investing and can use any profits to save towards my future. Maybe upsize my home but I'm not really sure!

Long term (10 years +): I'd love to be able to buy a holiday home somewhere, move to a little house near the sea and run a tourist-based business. I think the business side of things is more of a dream than a goal realistically.

🌟 Best buy ever: I really think it's got to be my house. Having the freedom to fix things when they go wrong is so worth it - even though it's an additional financial burden. Aside from that, pretty much any holiday I've been on. I love travelling and giving myself the chance to fully relax and get away from the drudgery of the everyday.

😳 Worst buy ever: Hands down, it's got to be rubbish clothes from ASOS/Primark/etc. They're such a waste of money, they don't last and they rarely fit well. I've really tried to curb my ASOS spending, especially as having to send it all back when it inevitably doesn't fit is just an extra chore I don't need.

👀 Things you spend the most money on: Definitely travel and food - but they're both things I love and that I don't want to cut back on. I'd rather be able to go away a couple of times a year than buy a new outfit every month.

💸 Salary / Income: £36,000

💰 Net worth (what you own vs what you owe, or your assets minus your debts): Around -£35k if I've worked that out correctly, not as bad as I expected!

💻 Any side hustles: Nothing at the moment. I feel like I should have something on the go but I also really value my free time away from work, so I'm not sure I'd want to give that up.

👛 Savings: Yes - I have a pretty in depth savings plan. Every month I put away £35 for Christmas, £100 to build up my emergency fund, and round-up by Monzo spending into a pot for a spa trip. Once I've paid off my credit card I'm also planning to put £300 - £400 a month away to go towards holidays.

🏠 Home: Yes - me and my partner bought our home last year for £165k with a 10% deposit (thanks 25% LISA bonus!)

🔦 Debt: I have just under £400 debt left to pay off on my credit card. Something like £145k on my mortgage. And a whopping £55k of student debt that I can't even pay off at the rate it's gaining interest.

📈 Investing: Just my pension currently, but I'm planning to start investing with Everest's managed portfolios at the start of the year once I have more of a buffer built up in my emergency fund.

👵 Pension: Yes - I contribute to my employer's pension which is a 4% salary sacrifice that they match. I find myself pretty worried about pensions and whether a state pension will even exist by the time I get there so I'm thinking about starting a Lifetime ISA as well.

🔮 Insurances: Other than home and travel insurance, I don't have any. When I was speaking to my mortgage advisor they suggested life cover and income protection but they were both expensive (£40 - £55 per month) and didn't seem right for me at this point in my life.

What is money for you? Money is a lot of things. It lets me treat the people I love, it gives me security and it can also be a huge stress when I feel that I'm not managing it properly or when I feel like I don't understand it.

🚀 What is financial independence for you? Being able to spend without feeling guilty. Which is definitely something I'm still working on!


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