I’m a senior account manager on £45k, but living in London is swallowing all my savings

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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Maxine is a 37-year-old senior account manager for a PR consultancy specialising in luxury fashion. She earns £45k per annum and loves her job.

However, living and working in London makes it basically impossible to save. She’s aware that people will think she sounds “very privileged,” but she’s always struggled with saving since she started on a 21k salary over 10 years ago.\

Her partner stays at home to look after their 6-year-old girl, which means the pressure is on Maxine to keep earning. She’s desperate to spend more time with her little girl but doesn’t know what her options are… Can she take a sabbatical without stalling her career?

She’s also worried that if she takes a sabbatical and her partner gets a new job, he might not want to return to childcare duties when she goes back to work.

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MY ACCOUNTS Current account: £2000
Savings account: £3000

MY INCOMINGS

Annual salary pre-tax: £45,000
Annual salary post-tax: £33,861
Monthly wage pre-tax: £3,750
Monthly wage post-tax: £2822
Other incoming payments: £0

MY OUTGOINGS

Rent/mortgage: £1800
Bills: £250
Splurges: £300
Other: £0
Any student loan/credit cards/overdrafts etc: I’ve got £2000 worth of credit card debt.

MY MONEY THOUGHTS

My worst money habit: Splurging on toys and clothes for my daughter.

My biggest money worry: Falling behind on mortgage repayments.

My financial hopes for the future: Being financially secure enough to take a sabbatical.

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.