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.
Evie* is a 38-year-old account director based in Nottinghamshire. She rents with her partner but would love to start saving up for a house. She knows that to make this happen, she needs to ask for a pay rise. But how does she A) ask for a pay rise and B) what should she do if her employer refuses?
Here, she shares her money diary…
MY ACCOUNTS
Current account: £3000
Savings account: £10,000
MY INCOMINGS
Annual salary pre-tax: £27,000
Annual salary post-tax: £23,000
Monthly wage pre-tax: £2,250
Monthly wage post-tax: £1,900
Other incoming payments: £0
MY OUTGOINGS
Rent/mortgage: £700
Bills: £150
Splurges: £200
Other: £0
Any student loans/credit cards/overdrafts: Student loan.
MY MONEY THOUGHTS
My worst money habit: Buying new food instead of eating what’s in the fridge!
My biggest money worry: That I won’t have enough to afford a house – let alone kids.
My financial hopes for the future: That I get a pay rise.
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.
Focus on your spending
Understanding how you spend your money can help you better control your finances. By analysing your spending habits, you can identify areas where you might be overspending and find ways to cut back. Simple strategies like making a shopping list before heading to the supermarket or limiting takeout to a few nights per week can make a big difference.