How a 34 Year Old ESG Analyst on £48,000 Spends Their Money
Welcome to ‘What on Earth are We Doing With Our Money’, a series where our community shares their financial journeys, hopes, and aspirations. It’s completely anonymous, and you can take part by filling out the form here.
ESG Analyst. london. 34.living with partner.
⌛ What is an early money memory you have that's impacted your view of money?: Both my parents worked and had separate bank accounts. They had a lot of respect for each other and after they separated there was no fighting about money - it was very amicable. My aunt on the other hand, was married to a rich man and stopped working after having kids. He always talked down on her and when they divorced after his affairs were made public, it turned nasty as he tried to hide money from her and she fought hard to get even a portion of it.
😳 What are the obstacles you feel you face most when it comes to finances?: I ended up working in the financial sector, but I sometimes have imposter syndrome as I am bad at maths and had always thought I would be in the arts.
🔮 In an ideal world, if money were no option, what would you do with your life, how would it look?: I love working, so if money were no option I would take a lesser-paying but more important job like teaching or charity/NPO work.
💰 Reflecting on your financial journey, what is one valuable lesson you have learned that you would like to share?: Put your savings in a separate account on payday and live off the rest.
🛍️ What is one purchase or financial decision you made that made you happy? Or unhappy?: My biggest purchasing regrets were mostly clothes and other material items, which is why I don't buy much now, and when I do buy I'm extra analytical about how often I will wear/use something, and whether it is worth getting at all.
👀 Does the idea of pensions and retirement scare you?: I had always been wary of the pension scheme so anything I am saving right now is sort of my nest egg for life, which includes retirement. I've got a pension through work and I still max out my LISA allowance every tax year, so I am not too fearful.
💸 How is money making you feel right now?: I go through ups and downs but I am confident about my ability to save and live within my means. I was more materialistic when I was younger but my interests have changed as I got older.
📈 If you're not investing yet, what keeps you from getting started? If you've started, how confident do you feel?: I do invest in stocks and shares ISAs, and currently I'm not feeling too confident because everything has dipped. My fixed-rate savings accounts are doing well though, and everything that has unfolded over the past few years has given me so much first-hand knowledge about money and the market.
⚡ What are the key things you want to achieve financially?: I would like to buy a house or flat one day. It would be nice ti feel secure in a home and be able to decorate it and make it my own space. That sense of belonging is something I yearn for.
🚀 What is financial independence for you?: Not having to rely on anyone else for my lifestyle.
🎓 What do you want to learn more about money?: I feel like all financial literacy I gained, I had to search/learn for myself. It upsets me that none of this is taught in school. I would like to know more about the pension system and different types of schemes available, especially for the self-employed. I think there should also be more discussion on budgeting so people can get into the habit of saving earlier in life.
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