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.
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Sophie* is a 31-year-old content creator on approximately £85,000 per year. Her income comes from brand partnership deals, speaking opportunities, and affiliates on her product recommendations on social media.
She pays income tax on all my earnings but is also regularly gifted luxury products. Sophie has created a lucrative career for herself, which she’s really proud of and has managed to save money with a view to purchasing a house in the future.
Sophie and her partner (who works a 9-5 office job) have decided to move in together. They want to buy a house. As Sophie has a larger income, she’s prepared to fork out most of the deposit for the house, but she’s worried about mortgage payments and joint home ownership.
Sophie doesn’t think she and my partner will split up but has heard horror stories from friends who have split from their partners after buying a house and it’s been a traumatic experience for them.
Would it make more sense for Sophie to own the house outright?
MY ACCOUNTS
Current account: £12,000
Savings account: £80,000
MY INCOMINGS
Annual salary pre-tax: £85,000
Annual salary post-tax: £65,000
Monthly wage pre-tax: £7,000
Monthly wage post-tax: £5,416
Other incoming payments: £2,000
MY OUTGOINGS
Rent/mortgage: £2,500
Bills: £300
Splurges: £0
Other: £200
Any student loans/credit cards/overdrafts: None
MY MONEY THOUGHTS
My worst money habit: Spending it too freely.
My biggest money worry: That I will lose it.
My financial hopes for the future: To pass down money to my future children.
Current money mood (three emojis which sum up your feelings towards money): 🏠💰😟
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.
Property ownership options
Buying a home is a significant milestone; doing it with a partner can be exciting and daunting. When buying a home with a partner, it’s crucial to understand the two main types of joint ownership: Joint Tenants and Tenants in Common.
Joint Tenants means both partners own the entire property together. If one partner can’t pay or passes away, the other is responsible for the full share. This arrangement is common among married couples or those living together.