Welcome to Money Matters: GLAMOUR’s weekly dive into the world of finance. We’re chatting all things personal finance, from contracting rights in the workplace to expert mortgage advice and saving for your first home, to ISAs and dealing with debt, to help empower you to make better choices. Now more than ever, it’s important to understand our money, but so many of us feel as if we don’t have a handle on it – or worse, feel anxious and scared about money.
So each week, a woman in a unique situation will give us an honest breakdown of her finances, and our expert will give her easy tips on how to tackle it.
To submit your own anonymous money diary and get top expert tips tailored to you, simply submit your entry here. And don’t forget to join GLAMOUR’s Facebook group, Money Matters, for more exclusive finance content.
Meeka* is a 27-year-old living in London, interning at a PR company. Originally from Shropshire in the West Midlands, she left her job as a nanny to pursue PR in the capital, but this move has hit her finances hard.
She lives with six other people in a flatshare, meaning her rent is £688, but her standard of living is not high – sharing a tiny fridge between seven.
She is struggling to keep up with her friends and their expectation for her to pay for “extravagant social events – especially baby showers, weddings, and hen parties – when I don’t have the funds for it.”
MY ACCOUNTS
Current account: £332
Savings account: £1,200
MY INCOMINGS
Annual salary pre-tax: £21,000
Annual salary post-tax: £17,840
Monthly wage pre-tax: £1,750
Monthly wage post-tax: £1,500
Other incoming payments: £0
MY OUTGOINGS
Rent/mortgage: £668
Bills: £120
Splurges: £200
Other: £0
Any student loan/credit cards/overdrafts etc: I have an overdraft of £750, which I regularly dip into
MY MONEY THOUGHTS
My worst money habit: I honestly think I’m good with money!
My biggest money worry: Spending it all on social occasions to impress other people.
My financial hopes for the future: To be earning more and have a permanent job.
Current money mood: 👰😡 🤨
Makala Green is a multi-award-winning Chartered Financial Adviser at Schroders Personal Wealth and has over 18 years of experience in the financial industry. She understands managing money can be complicated and confusing, which is why she is passionate about making financial planning more accessible for all. She is also the Author of The Money Edit; a no shame no blame guide to taking control of your money.
Be upfront about your finances.
Money expectations among friends can be easily managed with a few transparent conversations and flexibility. You don’t have to discuss details, such as your salary, but do lay out your expectations to help your inner circle know where they stand. If you earn less than your peers, you should express your priorities and limits. For friends that regularly organise overpriced occasions, opt to take the lead with cheaper alternative ways you can all enjoy. Avoid feeling pressured to spend beyond your means for friends, as this could strain your finances. Instead, get your friends to contribute a set amount each month into a savings pot that can be used as a kitty to cover the costs of events and nights out. If none of that pans out, understand it’s ok to politely decline an invite or makeup later.