This week: “I’m a 26-year-old postdoctoral research assistant in chemistry, based in Edinburgh where I have lived for four years. I finished my PhD research a year ago and was left with £1,500 credit card debt at the end as I was unable to get paid during the pandemic. I had to use all the savings I had planned to put towards travelling for rent and necessities. I now work in chemistry research at a university over an hour’s commute away. I have considered moving closer but I love Edinburgh and haven’t made the leap yet. I recently paid off my debt and have enough savings to start to relax a little about money again. I’m enjoying living in the city and being able to have fun socialising again.”
Occupation: Postdoctoral research assistant
Industry: Science and research
Age: 26
Location: Edinburgh
Salary: £35,000
Paycheque amount: £2,050 (after tax, student loan and pension contribution).
Number of housemates: One: my friend L.
Pronouns: She/her
Monthly Expenses
Housing costs: £500 rent.
Loan payments: £194 car payment with 22 months remaining.
Savings? £1,250 in fixed interest rate account, £1,200 in instant access savings. Every month I put £300 between these accounts and £150 on a 0% interest credit card I took out to pay for an upcoming trip. There is £1,600 to pay off but I have 18 months to do it and there is enough in my savings account to cover it so I am not concerned. I think about the monthly payment as a savings contribution.
Pension? I pay around £270 a month directly from my account. My employer pays 20% on top of this. It is a perk which I remind myself to appreciate when I worry about my savings.
Utilities: All utilities included in rent.
All other monthly payments: £20 phone bill. Subscriptions: £9.99 Spotify, £29 ClassPass, £0.79 iCloud storage, £7.99 Disney+.
Did you participate in any form of higher education? If yes, how did you pay for it?
I love learning and got an undergraduate degree, then a PhD in Scotland. The Scottish government doesn’t charge for undergraduate degrees but I had a loan for living costs. My parents helped me when they could but weren’t always in a position to do so. I worked throughout summers to fund living costs and spending money. I was paid for the majority of my PhD by a stipend. The pandemic hit two months before I was intending to hand in. It is normal practice in my field to spend a month or two unpaid, finishing off data collection and writing, which I had accounted for. Unfortunately, I was unable to finish when I intended and wasn’t entitled to further funding so had to use all of my savings for living costs for eight months. I finished with £1,500 credit card debt on 0% interest, which I paid off as soon as I could when I was working and fortunately avoided interest.
Growing up, what kind of conversations did you have about money?
My parents didn’t discuss money with us at the time but I know now it was much tighter than we were led to believe. My siblings and I had a very good childhood although my parents lived payslip to payslip and we didn’t go on holidays abroad. I never felt we missed out though. I am now very conscious of saving a little every month and having a safety net as money caused a lot of tension between my parents.
If you have, when did you move out of your parents’/guardians’ house?
I initially moved out when I was 17 for university for four years. I went back for one year when I began my PhD to save some money but I moved to make the most of Edinburgh.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I was completely responsible for myself at 22. I largely funded myself through uni but I did get help when I needed it from my parents. When I started my PhD I considered myself independent, however I did live at home for one year rent-free so I guess it wasn’t until I moved to Edinburgh in my second year that I became independent. My partner earns significantly more money than I do so often pays for more date nights. This makes me uncomfortable sometimes but I remind myself that I would spend extra money on those I care about if I could.
What was your first job and why did you get it?
I tutored in my final year of school for spending money.
Do you worry about money now?
Yes. I am at an age where my friends have been working for a few years post-uni and are thinking about buying property, plus socialising has become more expensive. I’m especially conscious as I spent all my savings to live and am now slowly building them up again. I know I’m very fortunate as I can afford to save, have a car and never worry about where my food is coming from but it’s hard not to compare my situation to those closest to me.
6.35am: My alarm surprises me this morning. I snooze for 10 minutes then get up and ready for my train.
7.25am: I’m very tired today so I pick up a sugar-free Red Bull at the station, £1.55. (I don’t drink coffee or tea so they’re my vice. I periodically quit but I do enjoy sipping one on the train.) I collect my prepaid ticket and eat a Graze bar I bought earlier in the week. Debate napping.
10.15am: I head to town after a long meeting to get a cake for a colleague’s birthday. I also pick up chicken bites and an apple to add to my lunch later. I have some money from the kitty so just pay for my bits. £1.80
12pm: I brought flavoured grains, a carrot and Babybel for lunch today. I add the chicken and eat up. I then spend the afternoon planning experiments and interpreting new data.
2pm: Take a break for some Maltesers from the vending machine. This is a new addition to the building. It may be catastrophic. 80p
5.30pm: Head to the station starving, that lunch did not fill me up today. Go to get crisps from the vending machine and there’s £1 in it! Win for me. I eat Mini Cheddars on the way home, reading The Beekeeper of Aleppo. It’s sad but lovely.
7pm: Meet my partner, T, at the station and he convinces me we should go out for dinner instead of cooking. I’m easily swayed by Mexican food. We go for a drink first, which I get, £8.70, then he covers dinner. We head home via Tesco for a chocolate bar. £1.20
9.30pm: We are home and sit down with our chocolate to watch Selling Sunset. My choice but T loves the drama.
10.30pm: Head to bed early as I am knackered.
Total: £14.05
6.45am: I’m working from home today but T leaves early as usual. I roll over and at 8.30am I drag myself up and open my laptop.
10.30am: After a few hours of admin and presentation prep I decide it’s time to eat. I shower then head out for half an hour via Lidl. I get a croissant, buns, hot smoked salmon, salad, Pringles, yoghurt and cleaning sponges (this is today’s food as well as lunch tomorrow). £7.33
6.30pm: Log off after spending the day organising data and editing a paper draft. Tiring but productive. I head to a spin class, pre-bought via ClassPass. I love this class. It feels luxurious to pay so much for exercise but I don’t begrudge the expense as I feel so good during and after.
7.30pm: I get home and eat some of the salmon and salad from Lidl earlier while chatting to my flatmate, L. She’s on holiday tomorrow so we get a good gossip in. It will be nice to have the flat to myself for a while but I enjoy the chat in the evenings.
10pm: I’m sleepy and head to bed. Play a game of chess on my phone (I know…screen time is bad…) then fall asleep as soon as the light is out.
Total: £7.33
6.45am: Out of bed and ready to go to the station. Really bad period pain today and walking is painful.
7.25am: Later to the station than normal because I had to walk so slowly. Get there and realise they’ve changed the platform. I run to the right one (ouch) and make it with one minute to spare. The conductor won’t let me on, however. I let out a few tears as I’m late, in pain and have to spend £12 on a new ticket (it usually costs £5.45 when I book in advance). I buy a Red Bull to cheer me up while I wait for the next train. £1.55
8.30am: I realise on the train that my railcard expires today. I buy another for £30. I don’t mind, I love getting the train and make more than my money back on it. I munch my cereal bar from home and drink my Red Bull as I start working because I’m now late for work.
10.30am: Post-morning meeting (presentation was good) we have some birthday cake in the office and chat about science. I head into the lab after to get some practical stuff done.
12.30pm: I eat leftover salmon, grains and salad from home. Very tasty, I think I’ll add this to the lunch repertoire instead of soup or dal. I check my personal email at lunch and have a response about my credit card being cancelled when I tried to buy a present from a small business. They’re crediting my account with £100 for the trouble!
4pm: Hit the vending machine again post-tutoring session… Maltesers are great. 80p
5.30pm: Head to the train and read my book. When I get back to Edinburgh I head to the swimming pool for a relaxing swim, jacuzzi and sauna (pre-booked on ClassPass). Pick up some Jelly Babies and a Coke on the way home. £2.25
9pm: My friend comes over for some wine. She orders food but I just snack on bits from the fridge. She heads home about 11pm after we’ve shared YouTube recommendations and I go straight to bed.
Total: £46.60
8.30am: Wake up and enjoy having nothing to get up for. I eventually get myself out of bed and go for a nice long run around the city. I head home via Lidl and get fancy breakfast bits (avocado, sourdough, chillies, a lime and tomatoes). £3.75
1pm: Spend the day pottering around the flat. Watch TV, read and do some cleaning chores.
4pm: I’m heading out for a fancy date with T tonight and he is arriving in an hour so I jump in the shower and make myself look pretty.
8pm: We have a lovely dinner at a restaurant in Leith which T’s parents gave us a voucher for in summertime (this covers the whole meal). Afterwards we walk to a new bar but it’s too busy to get a seat. We have a shot at the bar and then T orders an Uber into town. £10.50 for the shots.
11.30pm: We spend a few hours at a live music bar, T gets drinks because I got the last round. We have a very funny time people-watching and the band is great! I order us an Uber home when the band is swapped for a DJ. £12.36
Total: £26.61
12pm: We have a very lazy day. It’s not a very nice morning so we have breakfast in T’s flat and watch Friends repeats. It brightens a little so we go for a short walk. I pick up traybakes on the way home for us. £3.47
3.30pm: I have a nice long bath with my book then get the bus home to pick up my work stuff. I’m working at home again on Monday and prefer doing it at T’s place. He is back in the office but has a great setup so I use it sometimes. I do bits round my flat then drive to his. I fill up my tank on the way and it breaks my heart to see the total. It breaks my heart every time these days. £72.78
7pm: Back at T’s and we have dinner (feta and spinach tart) then watch Tick, Tick…Boom! on Netflix.
10pm: Head to bed ready for the week ahead.
Total: £76.25
8am: Wake up. Have breakfast at T’s (Nutella on toast) then sit down to work.
12.20pm: I’m pretty focused and don’t realise I’m hungry until it’s too late. I head to the local M&S in a service station to treat myself and find that it’s been closed. So sad, I was looking forward to a prawn cocktail! I go to Lidl instead and buy bread, pâté, apples and a candle for T’s flat. £4
6pm: Finish work and feel like I should go for a run but decide a walk is enough. I go out but it’s cold so I head home after half an hour.
7.30pm: I eat leftovers from Sunday for dinner (T is out with friends). I watch some quiz shows then some reality TV (balance) until T comes home and we go to bed.
Total: £4
7am: I get to leave later for work when I stay at T’s so I get up a little later and drive to work. I stop at a service station to get a cereal bar, Red Bull and bottle of water (forgot mine, oops). Cringe at the price but don’t think about it too much as I don’t want to be late by stopping again. £4.58
12.15pm: After a morning of purifying compounds in the lab I head into town for a quick walk to get a roll and some Smarties to go with lunch, £1.28. Eat up and get a message from a friend confirming drinks tonight. I want to get back sharp so cut lunch short and set up a few experiments for tomorrow. I help a student with their presentation for an upcoming conference then head home.
7pm: I get home and make some eggs with veg from the freezer. I hate wasting veg and usually make batches of soup for lunch so anything I know I won’t use I freeze for the soup (or in this case an omelette). Not the tastiest but fills a hole. I then get the bus to drinks. £1.80
10.30pm: I meet for drinks with my friend and we celebrate his new job. Another friend joins us after a while and we don’t realise the time! I pay as we’re celebrating. A bit more than I planned but it’s a fun evening and there have been plenty of occasions where they’ve paid for me. I also like spending money on nice times! £41.40
Total: £49.06
Food & Drink: £94.96
Entertainment: £0
Clothes & Beauty: £0
Home & Health: £0
Transportation: £128.94
Other: £0
Total: £223.90
Conclusion
“I think this was a pretty typical week for me. My biggest expense is travel but I justify it with my cheaper rent. I’ve recently made an effort to cut down on random snack trips to the shops as I know it adds up. Looking through the week it doesn’t seem that I’ve been great at it! I don’t do one big weekly food shop as sometimes I’m cooking for me and sometimes I’m with T or my flatmate and I eat together. I do cook in bulk though and always have a few Tupperware boxes in the freezer for lunches, which I haven’t made use of this week. Recording my spending didn’t really impact me as I usually check in fortnightly to figure out how busy a month it is, if I’ve wasted much money etc. so I’m pretty aware anyway. I’m trying to be less harsh on myself when I spend money enjoying myself or on other people because that’s always worth it. I’m moving jobs in a few months after my contract is up, which should drastically improve my travel expenses. I’m looking forward to saving a bit more for my own peace of mind when that happens.”
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