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I have worked as a solicitor at a leading City law firm since graduating from university almost a decade ago. I went to private school and went on to university, which my parents funded so I wouldn’t be saddled with student debt.
I consider it immoral that students now have to borrow in order to study. Although I would say that there are far too many people studying courses at university that really don’t improve their career prospects. Fortunately, my employer funded my law conversion course as part of my training contract.
After a few business windfalls, my father was able to buy properties for both my sister and me. I was looking for a one bedroom flat in South London with useful transport links which is useful when I have to work late.
I recognize that I have had a very fortunate upbringing and occupy a privileged position. That said, I have a strong puritanical streak and especially enjoy saving money and investing.
After qualifying as a solicitor in 2020 I saved up to extend the property with a new mansard roof. I took out a £250,000 loan fixed at 2.4pc. for five years and the work was completed late in 2022.
Thanks to some big mortgage overpayments, the outstanding amount has recently dropped below £200,000. I hope the interest rates will have dropped by the time my contract expires in 2027.
Financial independence and saving money are key drivers for me. I have no plans to retire young, if at all.
I think my partner and I may have to leave the UK in the future. I disagree with the political direction in which the country is headed and I am concerned that the tax burden will continue to rise. I am simply not willing to hand over any inheritance tax on my wealth when I pass away.
Vital Statistics:
Age: 31
Salary before tax: £82,000, plus 20 per cent. annual bonus on top of the basic salary.
Monthly salary after tax: £4,717 in a standard month without bonus after income tax and national insurance.
SU loan: None
Monthly installment on mortgage loan: £1,570
Monthly housing costs (council tax, utility bills): DKK 200
Pension: 5 per cent of salary (the company contributes 11 per cent)
Subscriptions (Spotify, Audible, the gym): £63.93
Monthly savings: £1,500
Monthly disposable income: £1,000
Day 1
Today is the day a number of my personal subscriptions, including Spotify (£10.99) and Audible (£7.99), disappear by direct debit. I usually listen to music, podcasts and audiobooks while doing chores.
Weather permitting I prefer running outside to lifting weights inside, but I am a member of my local gym (£44.95).
I work from home but have an interview at another law firm across town. Although I feel well paid in my current job, I am constantly looking to move up, so recently I have been interviewing with other companies. To make a move worthwhile, ideally I’d take home an extra £1,000 a month after tax.
Tube prices came to £5.60 and I spent £3 at Pret on a double espresso. I used the leftovers from the weekend for lunch and dinner.
Total: £72.53
Day 2
A bike to work on my Brompton bike started a frugal day at the office. My only expense was £3.40 on my Tesco meal deal, Clubcard price.
I went through a phase of trying to prepare sandwiches the night before work, but I got sick of greens having to sit in the fridge. The last thing you want to do after a long day at work is meal prep. I think £3.40 is a decent deal to retain flexibility, spontaneity and variety.
Total: £3.40
Day 3
Working in the office again, I resort to my trusty Tesco meal deal and hit the dairy aisle. I have a complete string cheese addiction and need to eat two a day before breakfast so I stock up on these with my chicken wrap (£7.80).
After work, the club card is put back into action at my local Tesco superstore for a major food store. Organic chicken wings and some fish are this week’s offer. I also bought frozen spinach for the air fryer and protein porridge for breakfast (£38.42).
Although I appreciate the lower prices at the nearby Lidl, the queue times at the checkout are too long.
Total: £46.22
Day 4
When I work from home, I take the time to prepare a lunch of soup and avocado, both bought as part of the Tesco mid-week haul.
My only frivolous expense is a teeth cleaning kit (£5.99) from Amazon. Even though I’m only a month or two away from my next hygiene appointment, I need a toothpick to remove plaque that proves too stubborn to floss.
Total: £5.99
Day 5
Back at the office again, I’m loving cycling to work this Indian summer. As it’s the end of the week, I treat myself to a chicken wrap from Pret and some quinoa chips (£6.98).
I met up with my boyfriend back in Clapham after work. We go to, you guessed it, Tesco and I buy some more food for the coming weekend, including her favorite biscuits and a rump steak each (£35.98).
We recently rescued a Ragdoll cat from Vestlandet. She has started to scratch up my new carpets, so I ordered a heavy doormat (DKK 99) from Amazon. I’ve read online that cats prefer doormats to scratching toys. In addition, door mats are multifunctional.
Total: £51.96
Day 6
My boyfriend kindly ordered cinema tickets to watch The creator. I returned the favor with a couple of hotdogs, a large Coke to share and a pack of Milky Way chocolates (£22). The movie was disappointing, but the hot dogs were decent. A return bus cost £3.50.
We call into Sainsbury’s on the way home to buy pain or chocolate for Sunday morning and a bottle of full-fat, filtered milk, which lasts longer in the fridge (£5.40).
Total: £30.90
Day 7
Out for lunch at one of my favorite pubs in Clapham Old Town, my boyfriend pops a glass of prosecco and I have an Americano. We share a starter of calamari and splash out on a steak each. I don’t believe in desserts – they don’t count as real food. I am happy to take on the full £78.38 as my boyfriend bought me dinner the other week.
In the evening I settled the outstanding bill for the split aircon system that I recently installed in the bedroom. I consider the £628.25 a capital expenditure on the property so I withdraw the money from my instant access savings account.
Fortunately, the air conditioning is nil for residential property tax, so the deal doesn’t make me feel too hot under the collar.
Total: £706.63
Weekly total: £917.63
As told to Madeleine Ross and Samuel Montgomery.