Money Diaries: An investment banker on £112K who moved to London last year

WELCOME TO HOW I Spend My Money, a series on The Journal that looks at how people in Ireland really handle their finances.

Are you a spender, a saver or a splurger? We’re looking for readers who will keep a money diary for a week. If you’re interested send a mail to money@thejournal.ie. We would love to hear from you.

Each money diary is submitted by readers just like you. When reading and commenting, bear in mind that their situation will not be relatable for everyone, it is simply an account of a week in their shoes, so let’s be kind.

Last time around, we heard from a PR manager on €44K living in Co Cork. This week, an investment banker on £75K who moved to London last year.

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I am a 24-year-old investment banker in a large US bank. I moved to London for the job two years ago. I am fortunate to have a pretty high paying job for my age, but there is an obvious trade off in workload, hours and stress. I try to save as much as I can each month, generally around 60% of my post-tax income. This is predominantly so I can move back to Dublin and buy a place, but also so I can save as much as I can while I’m young. I generally put £2k into savings each month which is boosted each year by a pretty sizable bonus (c.50% of salary).

I live with a friend from back home who I moved over with at the time and we are fortunate to live quite central for a relatively good price, although it’s still pretty expensive. I try not to work weekends but sometimes it is just needed so when I’m off, I generally try to make the most of it – whether it be meeting friends, playing football or tennis, or going for a run.

Occupation: Investment banker

Age: 24

Location: London, England

Salary: £112,000 (~€129,000) – this includes a bonus

Monthly pay (net): £4,334.08 (~€4,991.56)

Monthly expenses

Transport: £200 (~€230) – this is for the Tube and flights home

Rent: £1,250 (~€1,439)

Household bills: £100 (~€115)

Phone bill: £10 (~€11.50)

Health insurance: £0 – this is covered through work

Groceries: £30 (~€35) – I get most of my meals through work, so my only groceries are toiletries, personal care, etc.

Subscriptions: £11.99 (~€14) on my Spotify subscription

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Monday

3.30 am: I was fortunate enough to be home for the weekend and had an early flight, so was lucky to get a family member to drop me to the airport. I pick up a breakfast sandwich when I get there, which costs €10.

8.00 am: Land in Heathrow and as I’m in a rush to get to the office, I opt for the more
expensive Heathrow Express for £25 (~€28.80).

9.00 am: Arrive to the office and I’m able to avail of free breakfast.

12.00 pm: I’m also able to avail of the free lunch on offer in work today.

6.00 pm: After working for the day, I use my £30 Deliveroo work allowance to order dinner, which is very beneficial as I practically never have to pay for dinner other than on the weekends. Some nice savings on food all round today.

1.30 am: After cranking out a few more hours’ work I take an Uber home, which is also a work expense.

Today’s total: €38.80

Tuesday

8.00 am: Up, shower and straight to the Tube into work. It costs £2.90 (~€3.34) and takes roughly 30 minutes.

8.30 am: Once I arrive in the office, I once again avail of the free breakfast. This not only saves me money, but valuable time in the morning which is much appreciated with the long hours I generally work.

12.00 pm: Go for lunch in a café nearby and get a sandwich, which is £10 (~€11.50).

5.30 pm: As boring as it sounds, I get Deliveroo again in work which is £30, but I do not have to pay for it.

3.00 am: I am quite busy on multiple live deals so a late enough one tonight. Get a taxi home which is expensed through work.

Today’s total: £12.90 (~€14.84)

Wednesday

9.00 am: Up, shower and straight to the Tube, costing £2.90 (~€3.34).

9.30 am: As you could probably have guessed, I get breakfast in the office and I’m quick to get to my desk to get started back at the work.

12.30 pm: Go for lunch with a good friend who works in a different team within my bank, which costs me £7.50 (~€8.64).

5.30 pm: Similar to breakfast and dinner the past few days, I again take advantage of the £30 Deliveroo allowance in work.

1.00 am: After pushing through a few more hours work, I leave and get an Uber straight home.

Today’s total: £10.40 (€11.98)

Thursday

7.00 am: The usual routine – up, shower and Tube straight in to work. As always, it’s £2.90 (~€3.34).

7.30 am: Free breakfast and straight to work.

12.00 pm: Lunch again with colleagues on my team. It costs £10 (~€11.5) for a sandwich, which is eaten in the canteen where I also take advantage of the free snacks.

6.00 pm: After a stressful day of work, I head to the pub near the office with the team for a couple of pints (which we’re able to expense) before heading back to the office, where my Deliveroo is waiting. Back to work after that.

11.30 pm: I’m quite tired after a pretty long and stressful few days, so decide to call it a night. Get my usual Uber home and then it’s straight into bed.

Today’s total: £12.90 (€14.84)

Friday

9.00 am: I have an appointment first thing, so I’m not in a rush into work. I get a Lime bike, which costs me £3.99 (€4.60) and the appointment is covered by my work health insurance.

10.00 am: Get the Tube to the office which costs £2.90 (~€3.34). I grab two croissants in the shop first as I’m starving. Costs £2 (~€2.30).

11.00 am: As I was a bit late in today, I have to catch up quickly so I end up skipping lunch

6.00 pm: I know, it’s getting boring now, but I use the £30 Deliveroo allowance again.

9.00 pm: After writing this for the last few days, I’m beginning to think my life is far too boring and probably a bit too mundane for a 24-year-old. Anyway, I get out of the office at a decent hour as I’m expecting to be back in tomorrow morning, so I wanted to have a rest evening.

Today’s total: £8.89 (€10.24)

Saturday

8.00 am: Up early and Uber straight into the office (which is expensed).

8.30 am: Once I get to the office, I use the work Deliveroo account to get a £15 breakfast.

4.00 pm: I try to avoid the weekend work, but we have some intense deals with tight timelines, so I need to work this weekend. Anyway, I order dinner which I have with a colleague who’s also in the office.

9.00 pm: Crank through some more work and get an Uber home at 9pm. It’s straight to bed when I get in.

Today’s total: £0.00

Sunday

8.00 am: Up and immediately at my laptop as I want to get ahead on the week ahead so I can have some time to enjoy my Sunday.

11.00 am: Close the laptop and immediately leave my apartment to have lunch with a friend. It costs me £12.50 (€14.40) for a sandwich in Borough Market.

1.00 pm: We walked around for a while before I headed home for a quick outfit change and was straight back out the door.

2.00 pm: I meet a friend in central London for a couple of Guinness which comes to £21.80 (€25.11), plus £5.40 (€6.22) for the Tube there and back.

8.00 pm: I stop in a sushi shop around the corner from where I live to get some dinner. It costs £16.50 (€19).

9.00 pm: Straight home and in bed early – ready for another big week ahead.

Today’s total: £56.20 (€64.73)

Weekly subtotal: £136.88 (€155.43)

***

What I learned –

I generally keep quite a close eye on what I spend money on and I’m quite conscious of what I buy. I am also appreciative of the fact that the majority of my food and transport is covered through work – although this is at the sacrifice of my sleep!
I am fortunate to have quite a high-paying job that I both enjoy and that provides some incredible opportunities, but I am keen to ensure I save as much as possible so I can hopefully afford to buy a place in a nice area of Dublin and move home in the next few years.
Hopefully I can continue to save as much as possible to set myself up for the future!

Money Diaries An investment banker on £112K who moved to London last year