What On Earth Are We Doing With Our Money?
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.
Content Manager (freelance). Preston, UK. 27. Engaged, 1 son, 1 step-son.
💭 Financial goals:
Short term (1-5 years): Pay off credit card - about £2,000 left. Build up savings. Contribute heavily to my boys' savings, too.
Medium term (5-10 years): Get added to the mortgage of the house I live in with my partner. Have substantial savings. Be back in full time employment (if I haven't popped out another kid) and not be self-employed anymore. Have a proper pension.
Long term (10 years +): Savings all round for everyone - myself and the two boys. Have strong Investment ISAs. Mortgage free (pipedream). Make retirement look good.
🌟 Best buy ever: My MacBook Air. As a writer I live on it and it hasn't let me down.
😳 Worst buy ever: Degree - in Journalism and not required for my current work. Also impulse fashion buys.
👀 Things you spend the most money on: My son. Food.
💸 Salary / Income: Day rate of £92.31 (I'm contracted currently) and three days a week so... average of £14,000 ish
💰 Net worth (what you own vs what you owe, or your assets minus your debts): I'd say zero. My debt cancels out any savings so I don't even have a net!
💻 Any side hustles: Occasional writing articles for online publications. I don't have much time with a 1 year old!
👛 Savings: Around £50 in an ISA and £30 in a Cleo account that goes away automatically. After a couple of big house spends (necessary) I'm hoping to top everything back up and then not touch it again. They were depleted due to recent unemployment (pregnant and let go in probation period) where I had to dip into savings and throw myself into freelancing to stay afloat!
🏠 Home: No, I have just sold my old house from a previous relationship and due to buying that house on the Help to Buy scheme I couldn't be on the mortgage for another. I live with my partner who owns the house and I contribute monthly.
🔦 Debt: £2,000 credit card. Student debt of around £25,500 which I doubt will ever get paid off.
📈 Investing: I have two old workplace pensions which I need to do something about. I also have the Moneybox app where I invest small bits of change into a 'Balanced' account. It only amounts to around £30 right now as I'm guilty of cancelling the debits if I can't afford them. It's something I would like to do more of but don't have anyone to teach me what to do!
😌 Pension: Yes. Two old workplace ones which amount to around £500 in total. Yey.
🔮 Insurances: Life insurance through the mortgage. A slight safety net for my boys should something happen.
⚡ What is money for you? I used to believe money was a means to an end and "you can't take it with you" but my mindset has shifted drastically. It's not just about me right now; it's future me and my kids too.
🚀 What is financial independence for you? Not having to worry every month. No dread when offering to pay or when I open my bank account app.
THANK YOU!
🙋🙋 Please help us break the taboo and participate here - it’s anonymous too 🙋🙋
