Yahoo Finance ‘I’m a 31-year-old solicitor earning £82,000 – this is how I spend my money’
Email money@telegraph.co.uk if you would like to take part in How I Spend It. All our writers are genuine but anonymous
I have been working as a solicitor at a leading City law firm since graduating from university nearly a decade ago. I attended 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 are now required to borrow in order to study. Though I would say there are far too many people studying courses at university that really don’t improve their career prospects. Thankfully, my employer funded my law conversion course as part of my training contract.
Following a few business tailwinds, my father was in a position to purchase properties for both my sister and me. I went for a one-bedroom flat in south London with useful transport links, which come in handy when I need to work late.
I recognise that I have had a very fortunate upbringing and occupy a privileged position. That said, I have a strong puritanical streak and particularly enjoy saving money and investing.
After qualifying as a solicitor in 2020, I saved up towards extending the property with a new mansard roof. I took out a £250,000 loan fixed at 2.4pc for five years and the works were completed late in 2022.
Thanks to some hefty mortgage overpayments, the outstanding amount has recently dipped under £200,000. I hope interest rates will have decreased by the time my deal expires in 2027.
Financial independence and saving money are key driving forces for me. I don’t have any 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’m concerned the tax burden will continue to increase. I am simply not willing to hand over any inheritance tax on my wealth when I pass away.
Vital statistics:
Age: 31
Pre-tax salary: £82,000, plus 20pc annual bonus on top of base salary.
Post-tax monthly salary: £4,717 in a standard non-bonus month after income tax and National Insurance.
Student loan: None
Monthly mortgage payment: £1,570
Monthly housing costs (council tax, utility bills): £200
Pension: 5pc of salary (company contributes 11pc)
Subscriptions (Spotify, Audible, the gym): £63.93
Monthly savings: £1,500
Monthly disposable income: £1,000
Day 1
Today is the day when a number of my personal subscriptions, including Spotify (£10.99) and Audible (£7.99), go out by direct debit. I tend to listen to music, podcasts and audiobooks while doing chores.
Weather permitting I prefer running outdoors to lifting weights inside, but I am a member of my local gym (£44.95).
I am working 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 up the ante so recently I have been interviewing with other firms. To make a move worthwhile, I would ideally like to take home an extra £1,000 per month post tax.
Tube fares came to £5.60, and I spent £3 at Pret on a double espresso. I took advantage of weekend leftovers for lunch and dinner.
Total: £72.53
Day 2
A cycle to work on my Brompton bike kicked off a frugal day at the office. My only expenditure 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 fed up with greens going off in the fridge. The last thing you want to be doing after a long day at work is meal prep. I reckon £3.40 is a decent deal for retaining flexibility, spontaneity and variety.
Total: £3.40
Day 3
Working in the office again, I resort to my trusty Tesco meal deal and tackle the dairy aisle. I have a full blown Cheesestring addiction and need to eat two per day before breakfast, so I stock up on these alongside my chicken wrap (£7.80).
After work, the Clubcard is put to work again at my local Tesco superstore for a major food shop. Organic chicken wings and some fish are this week’s specials. I also purchased frozen spinach for the airfryer and protein porridge for breakfast (£38.42).
Although I appreciate the lower prices at the nearby Lidl, the checkout queue times are excessive.
Total: £46.22
Day 4
Working from home, I take the time to prepare a lunch of soup and avocado, both purchased as part of the midweek Tesco haul.
My only frivolous expenditure is a tooth cleaning kit (£5.99) from Amazon. Although I’m only a month or two away from my next hygienist appointment, I need a toothpick to clear some plaque that is proving too stubborn to floss.
Total: £5.99
Day 5
Back in the office again, I’m loving cycling to work during this Indian summer. As it’s the end of the week, I treat myself to a chicken wrap from Pret and some quinoa crisps (£6.98).
I met up with my girlfriend back in Clapham after work. We head to, you guessed it, Tesco, and I buy some more food for the weekend ahead, including her favourite biscuits and a rump steak each (£35.98).
We recently rescued a Ragdoll cat from the West Country. She’s started scratching up my new carpets so I ordered a heavy doormat (£9) from Amazon. I have read online that cats prefer doormats over toys for scratching. Plus, doormats are multifunctional.
Total: £51.96
Day 6
My girlfriend kindly booked cinema tickets to see The Creator. I repaid the favour with a couple of hotdogs, a large Coke to share and a packet of Milky Way chocolates (£22). The film was disappointing, but the hotdogs were decent. A bus there and back came to £3.50.
We call in at Sainsbury’s on the way home to buy pain au chocolats 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 favourite pubs in Clapham Old Town, my girlfriend tees off with a glass of prosecco and I have an Americano. We share a starter of calamari and splash out on a roast each. I don’t believe in desserts – they don’t count as real food. I’m happy to take on the full £78.38, as my girlfriend bought me dinner the other week.
In the evening, I settled the outstanding bill for the split aircon system I recently installed in the master bedroom. I consider the £628.25 cost a capital expenditure on the property, so I pull the cash from my instant-access savings account.
Thankfully, air conditioning is zero rated for VAT for residential properties so the deal does not leave me feeling too hot under the collar.
Total: £706.63
Weekly Total: £917.63
As told to Madeleine Ross and Samuel Montgomery.
Recommended
How much your spending on ‘nice-to-haves’ is really costing you
Last week’s How I Spend My Money was: ‘I’m a 26-year-old TV worker earning £61,000 – this is how I spend my money’
The best of your comments:
Irene iroche
With the rubbish they spend their money on no wonder they cannot buy a house. I had no such luxuries and went without & saved every penny to pay for my own home and still do to continue the upkeep of it.
I walk around my town in all weathers everyday to keep fit. No gym membership, or foreign hols, or fancy lease SUV (7 year old car). No Pret or Costas everyday, I make my own lunch and drink to take to work, no multiple tv subs, no new outfits for every occasion…..etc!
I am happy and secure but far from well off but I don’t feel I am missing out either, yet the younger folks moan that they cannot get on the housing ladder. I only earn about £30k and can only dream of earning that much. They don’t know how lucky they are!
Anony Mous
£500 a week and nothing to show for it and never will have at that rate. No chance of saving any money for a house then is there? A classic definition of a “wage slave”.
Ke Mis
They really need to learn to cook. At least you see what’s going into your food.
And £35 on a hamper for Mum! Yet a £30 pizza for yourself?
