A couple living in London on £10k a month
"Maintaining a balance between saving for the future and enjoying the present is crucial to me."
The Case is a newsletter about time and money. The Money Case is an anonymous account detailing an individual's financial situation. We focus on people living in the European Union and the United Kingdom. If you’d like to submit your account anonymously, please email to subenklale@gmail.com.
Status:
Age and gender: 33 years old, female
Location: London, UK
Education: MSc in Finance
Relationship status: Married
Does your family support you financially? No
Do you support anyone financially? No
Income:
Your job title: Financial Analyst
Industry: Banking
Your monthly salary: £7000
Your monthly take-home pay: £4800
Do you receive yearly bonus? Last year it was close to £12000
Do you have any side hustles? No
Assets: No assets
Partner’s job title/salary: Marketing Director, £8000, last year he received a bonus of £16000
Partner’s monthly take-home pay: £5400
Total monthly take-home pay: £10200
Savings:
Savings account balance and how much you contribute monthly: £46000, we save at least £2000 monthly.
Emergency fund: £4500, we keep it separate in a high yield account, try to put in a bit every month.
Investments: £7000 in stocks and bonds, buy a bit monthly.
What are your saving goals? We want to save enough for a downpayment on a house and build a robust investment portfolio for retirement.
Housing:
Accommodation: We live in an apartment in a residential area with good transport links.
Mortgage/Rent: Rent is £3000
Current mortgage balance: n/a
When did you buy your home: n/a
What did you pay for your home: n/a
Mortgage interest rate: n/a
Utilities: £200 (gas, water, electricity)
Internet: £40
Are you happy with your home? Yes, but owning a home would provide more stability.
What are your housing goals? We aim to purchase a flat within the next five years, which will require a significant increase in savings and possibly higher income. We plan to have children, so looking for bigger flats in areas with good schools.
Children:
Do you have children and what are their ages? No children.
If no, are you planning on having children? Yes, we plan to have children in the next two years.
Transportation:
Do you have a car? Yes, we have one car that we use for weekend trips and errands.
Monthly car payments: £300
Monthly public transportation: £200 (for commuting to work).
Taxi, car sharing: £50
Debts:
Student loan: about £5000 remaining.
Other loans: No other loans.
Credit card: We use credit cards for rewards but pay them off in full each month.
Insurance:
Health: We have private health insurance paid by employers.
Other: £50 for home and contents insurance.
Food:
Groceries: £400
Eating out: £300
Entertainment:
Events: £100 (concerts, theatre, etc.)
Activities: £200 (golf)
Subscriptions: £30 (Netflix, Spotify)
Memberships: £50 (gym membership)
Other:
Mobile: £30 (we also have work phones)
Self-care: £200 (salon visits, massages)
Clothing: £100-200
Home: £100 (decorations, small repairs)
Holidays and vacations: £4000 per year (one big holiday and several weekend getaways)
Donations:
Do you donate? Yes, we donate £200 monthly to various charities.
Money story:
Did you worry about money as a child?
Sometimes, as my parents were always frugal and we had to budget carefully.
Do you worry about money now?
Occasionally, especially with plans to buy a house and start a family.
When did you become financially responsible for yourself?
At 22, after finishing university and starting my first job.
How do you and your partner split your finances?
We pool our incomes and manage expenses jointly, with a clear budget and savings plan. We discuss all the big purchases but can operate freely within agreed lines in regards to smaller things.
What are your biggest money regrets?
Not saving and investing more aggressively in my twenties, spending money on useless things. I spent a lot of money on clothes and makeup when I was younger.
What are your top financial priorities?
Saving for a house, building a solid investment portfolio, and planning for our future children's education.
What is your biggest financial dream?
To own a beautiful home in London and achieve financial independence by the age of 50.
Is there something you want to stop spending money on?
Impulse purchases, things I really don’t need.
What is something you never regret spending money on?
Travel and experiences that create lasting memories. Maintaining a balance between saving for the future and enjoying the present is crucial to me. I believe in planning carefully but also making sure to live a fulfilling life now.
Anything else?
No