Money. It's something that plays a big role in all aspects of our lives, affecting everything from the homes we live in, the places we travel to, the jobs we accept and the ways in which we socialise. When we're in control of our money, it gives us a sense of freedom over the choices in front of us, but when our finances feel like a runaway train we can't quite get a steer on, we're left panicked. And yet, despite money weaving its way through our day-to-day in a pivotal way, we don't really feel comfortable talking about it.
How many times have you been too awkward to tell your friends you'd rather go to a cheaper restaurant because you've run out of money from your pay check? Or been in the dark about how much you're worth in monetary terms at work, because everyone's salary is shrouded in mystery?
We bet you've experienced these kind of situations, or similar ones, because lack of confidence in approaching chats about cash is sadly very common. A study of UK adults, published in 2020 by the Money and Pensions Service found 55% of people don’t feel comfortable talking about money, with shame, not wanting to burden others and being brought up to avoid talking about the topic all cited as reasons for bottling things up.
While there isn't an overnight solution for dismantling this taboo, there is something we can all do: normalise talking about money. Maybe you could speak to your friend about your savings goals and where you're struggling, or schedule a meeting with your boss to discuss a potential pay rise. Whatever it is, it's a step towards empowering yourself to get more comfortable with your finances. To help you on your way, we asked 10 women from a range of career fields to open up about what they earn and spend each month.
Grace*, a solicitor from Birmingham, earns £44k, taking home £2,550 a month.
Where the money goes each month:
“I definitely have a ‘buy it now, think about it later’ mindset. Why not? My first big pay check went on Chanel sunglasses and a Louis Vuitton handbag,” Grace says.
Isabel*, a freelance celebrity stylist from London, earns between £40k and £60k a year, taking home £3,650 a month on average.
Where the money goes each month:
“I became a freelance celebrity stylist and fashion consultant after interning for various designers and magazines. I worked bar jobs and lived at home to save money. One role only covered my travel expenses – for an entire year. Once I’d made enough connections, I quit and pitched myself out to get clients. Fashion is all about networking,” says Isabel.
Olivia*, a nurse from Nottingham, earns £22k, taking home between £1,600 and £1,700 a month.
Where the money goes each month:
“I save £150 a month and use it to pay off my overdraft. I’d like to save more and buy a place in my hometown,” says Olivia.
Chelsea*, a hairdresser from East Sussex, earns £15.6k, taking home £1,300 a month.
Where the money goes each month:
“Many people leave the hairdressing industry early on due to the low starting wages. I trained in London and worked there as a junior stylist on minimum wage, but I couldn’t afford to live so moved home to my parents’ in Sussex and got a job there,” says Chelsea.
Hannah* from London is a PA to a CEO and earns £55k with a yearly bonus of £10k, taking home £3,370 a month.
Where the money goes each month:
“Initially, I worked in sales at a car dealership. After a month, though, I told my boss I hated it but loved the company, and he made me his PA. Then, three years ago, I left to become PA to the CEO of a bank,” says Hannah.
Louise*, an assistant fashion buyer from London, earns £28k and takes home £1,975 a month.
Where the money goes each month:
“My wage isn’t amazing but a buyer, like my boss, could earn up to £50k. And my work discount is 50%, which helps,” says Louise.
Kelly*, a software developer from London, earns £60k, and takes home £3,500 a month.
Where the money goes each month:
“I’m a diligent saver and only buy something if I can’t get it out of my head after seeing it. My drone (a DJI Mavic Pro) has been my most expensive purchase, costing £990 – I researched which model to get beforehand. It’s great for making videos while travelling,” says Kelly.
Josie*, a supermarket assistant from London, earns £18k, taking home £1,300 a month.
Where the money goes each month:
“I wanted an active job, so when a friend suggested I work with her in a supermarket, I applied. It’s really fast-paced – everything has a timescale. If one task, such as getting a delivery in, runs over it can have a knock-on effect on the rest of your day,” says Josie.
Carina, a carer from Essex, earns £25k, taking home £1,750 each month.
Where the money goes each month:
“The coronavirus peaks have been awful; staff kept falling ill so I’ve had to cover them, once working for a month without a day off (leaving home at 6.30am and getting back at 11pm). But my wage packet’s been healthy. I’ve bought vodka and “calming” colouring books,” says Carina.
Poppy*, a teacher from Oxfordshire, earns £36.5k, taking home £2,150 a month.
Where the money goes each month:
“Teaching is known for being underpaid but so far in my experience the salary growth is there if you fight for it, and if you’re performing you move up the pay scale,” says Poppy.
*Names have been changed
