A Glasgow woman who runs two businesses with her partner has shared what she does with her £50,000 salary.
She revealed she was able to quit a job she hated when her fiancé set up a successful business after going through ‘very difficult times financially’.
Speaking anonymously, the 28-year-old business executive shared insight into how she spends and saves her salary.
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The woman told Refinery 29 she lives with her fiancé and her cat just outside Glasgow and together they run two companies, a marketing agency and an education company, bringing in a total of 200 £000.
The Refinery 29 Money Diaries examines how the “modern working woman” spends her earnings over a seven-day period and asks her to track every penny.
The Glasgow firm’s director admits her ‘business expenses are quite low’ and that they ‘only take up half of that combined for salaries and dividends’.
She and her partner split the bills 50/50 and add £6,000 to their joint account to cover bills, groceries and any additional expenses.
She added: “We only started making this amount of money about 18 months ago so it’s pretty new to us and we’re still finding our ways to invest/save and to fun too.”
In seven days she spent a total of £776.05. One of these days she spent £512.98 after buying £140 flights to Seville with Ryanair.
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She said: “I swore to myself years ago that no matter where I flew or for how long, I would always pay for a suitcase.”
Apart from renovating her house, the company director also likes to save and invest her money in crypto and ISA stocks and shares.
And for other savings she reveals she saves 10% for her personal tax each month the couple have standing orders of £200 going out in shares and ISA shares from our joint account and when they take their dividends they put around £5,000 each in their joint savings.
This can then be split between their wedding fund, vacation, emergency, crypto, and ISA stocks and shares.
She then adds that she is saving £1,000 of her own money for holidays, sweets and wedding shoes.
In terms of pensions, her company pays £500 a month into her and her fiancé’s pension pots.
She explains: “There’s about £6,000 in mine but I’m not currently contributing anything to my pension from my salary.”
Other costs include his £51 phone bill and a weekly £18 cleaner (split). Subscriptions: £29 MuscleFood, £63 gym memberships, £13.99 Spotify Duo, £20 Netflix and Now TV, £25 Nespresso (split). £20 Liberty Personal Subscription.
Growing up, she said her family never really talked about money until it was an issue. She lived at home while in college and only took out a small student loan to cover her travel expenses.
She got her first job at 16 at a buffet and that’s when she opened her first bank account, but admits she didn’t become fully financially responsible for herself until ’til she moves in with her 22-year-old fiancé.
Until then, she paid for her car, went out and gave her mum £100 a month – although this was returned to her in a lump sum.
Thinking about money, she is relieved that for the first time she doesn’t care about finances.
She continued: “For the first time in my life, no. We’re so lucky to be in the position we’re in, but it’s been a lot of hard work and risk taking to get here.
“Just a few years ago I was working in the emergency services and B [her fiancé] was trying to do it as an editor. I had a fairly low salary and covered all our bills (we were renting an apartment at the time).
“We had very difficult times financially and although we never went into debt, it put a strain on our relationship.
“We are now in such a good place and I am so grateful for every hour that B has grafted to give us this life.
“He built an amazing business that allowed me to quit a job I hated and grow this business (and our subsequent business) together. It feels like a dream sometimes.”