I’m a teacher on £34k a year. My mortgage and bills have drastically gone up – is treating myself a thing of the past?

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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Kristen* is a 30-year-old Special Educational Needs teacher who owns a property in Huddersfield, which she bought in 2021.

Since then, mortgage interest rates and energy rates have increased, and she doesn’t have any money spare to treat herself to any ‘materialistic’ things.

Kristen is very good at budgeting and saving for Christmas, car insurance etc. and won’t ever say no to a social opportunity, such as eating out. She’s currently saving for a holiday with her boyfriend but is worried she won’t be able to afford it.

MY ACCOUNTS

Current account: £1994.33
Savings account: £100

MY INCOMINGS

Annual salary pre-tax: £34,134
Annual salary post-tax: £23,809.08
Monthly wage pre-tax: £2844.5
Monthly wage post-tax: £1984.09
Other incoming payments: £0

MY OUTGOINGS

Rent/mortgage: £550
Bills: £272.31
Splurges: £300
Other: £97.16
Any student loan/credit cards/overdrafts etc: I have student loan to pay off.

MY MONEY THOUGHTS

My worst money habit: Eating out and buying coffees.

My biggest money worry: Not being able to save or have any money to treat myself with such as clothing.

My financial hopes for the future: I hope to save enough money for another deposit for a house with my boyfriend and be able to keep my current house to rent out.

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.

Eye up your expenses.

A great way to save more money doesn’t always involve stopping what you enjoy but keeping a close eye on your spending. Firstly you want to have an accurate picture of where your money is going each month. Keep track of all your expenses – every coffee, takeaways, tips, and monthly bills. Record your expenses however is easiest for you – a pen and paper, a simple spreadsheet or a free online spending tracker or app. Once you have the numbers, organise them into categories, such as mortgage, utility bills, food shopping and socialising, and total each amount. Be sure to factor in expenses that occur regularly but not every month, such as car maintenance. Use your bank or credit card statements to ensure you’ve included everything.