Money struggles are often not about how much you earn but how you manage what you have. But here's where it gets controversial: Even high earners face financial challenges—it's all about priorities and planning. Today, we dive into the financial journey of an accountant earning €88,000 living in the Midlands, who is working hard to renovate her new home while also aiming to clear her debts. And this is the part most people miss: Even with a substantial income, smart money management is crucial to achieving your goals.
Introducing the Money Diaries Series:
This feature on The Journal (https://www.thejournal.ie/money-diaries/news/) offers a genuine glimpse into how everyday people in Ireland are navigating their finances. Are you someone who splurges, saves diligently, or finds a balance? We’re seeking readers willing to document a week of their financial habits. If you're interested, just send an email to money@thejournal.ie. We’d love to hear your story.
Remember: Each diary is a personal account — not everyone will find their situation exactly matches someone else's. So, let's approach these stories with kindness and understanding.
This Week’s Featured Story:
A 28-year-old accountant working in Dublin, who lives outside the city in the Midlands. She moved into a new house about a year ago, which means her commute is now approximately 90 minutes, mostly a couple of days each week. Her spending habits have changed since purchasing her home—she now prioritizes renovations and pays off a significant loan in Revolut (€30,000).
A Little About Her Finances:
- Occupation: Accountant
- Age: 28
- Location: Works in Dublin, resides in Midlands
- Annual Salary: €88,000 including bonuses
- Net Monthly Income: €4,326, with an additional €100 allocated to her pension
Monthly Expenses Breakdown:
- Transport: €50 (train commute; she doesn’t own a car)
- Mortgage: €1,000 (split with her partner)
- Household Bills: About €600 each, covering utilities and food
- Phone: €7.99 with 48
- Health Insurance: Not currently insured
- Groceries: Included in household bills
- Loan Repayments: €630 monthly towards her €30,000 Revolut loan; she has approximately €16,000 remaining and is eager to pay it off quickly due to high interest rates.
- Personal Grooming: Hair cuts every six weeks (€100), nail appointments (€50 for every six weeks)
Weekly Spend Details:
- Monday: Starts with a relaxed morning working from home; the day includes a work meeting-heavy schedule, a visit to Specsavers for an eye test (€110), and evening training with her boyfriend cooking dinner. Total spent: €111.
- Tuesday: Commutes to Dublin, spending €8.80 on train tickets for both ways and a breakfast pastry (€7.95). Lunch includes a €12.50 salad, and she enjoys an evening at home watching Netflix. Total: €29.25.
- Wednesday: Wakes early, walks her puppy, stops for a €7.50 coffee, and takes time to clean her home. She prepares lunch and goes for a run, then cooks a spaghetti Bolognese for dinner, followed by a walk. Total: €7.50.
- Thursday: Early start with a train trip into Dublin, with a dental appointment costing €80 (€1 parking). The workday is filled with meetings, and she also fits in a six-month dental clean, which is an out-of-pocket expense. Evening is routine, preparing for the next day. Total: €81.
- Friday: Working from home again; she picks up a coffee (€3.70), cooks a simple lunch, then shops for groceries (€140) with her boyfriend. They indulge in a takeaway dinner (€35), enjoying a cozy movie night. Total: €175.
- Saturday: Enjoys a later start with a run, house cleaning, and a furniture browse (no purchases). Spends €50.04 on petrol for renovation projects, and later joins her sister for a meal out (€45) and drinks (€16.90). Total: €111.94.
- Sunday: A restful day with lazy mornings, visiting her mum, a homemade dinner, and a walk. She spiritualizes her Sunday with no expenses. Total: €0.
Total Spending for the Week: €515.69
Key Takeaways & Reflection:
- She admits to spending quite a bit on coffee, but values the routine of walking to a coffee shop on her working-from-home days as a pleasant treat.
- Unusual appointments like dental visits and home renovations slightly inflate her weekly expenses but are investments in her health and future.
- Paying off her loan quickly remains a priority, with a clear goal to build up savings over time.
- She’s also planning to purchase a car within the next year, which will require careful budgeting.
The Big Question:
How do you balance enjoying life today with saving for tomorrow? Do you think her approach to managing expenses while aiming for significant financial goals is sustainable, or is she risking financial stress? Share your thoughts and opinions — your perspective could be the key to inspiring others on their financial journeys.
