Over £33,000 in savings and no student debt
A young lawyer earning £150,000 a year has gone public with her spending habits as wages in City Law soar to unprecedented levels.
The junior associate, 26, has lived in London for five years but admits she’s not ‘the best saver’, according to an anonymous post she wrote for a lifestyle website. Refinery 29.
The rookie, who brings home around £7,269 after tax every month, lives in the capital with her boyfriend and contributes £1,425 a month towards their rent – a 60/40 split. She contributes 5% of her salary to her pension and shares the cost of utilities, around £190, with her boyfriend.
As for student loan repayments? Non-existent because “my parents paid for my undergraduate studies [degree] and my employer paid for the LPC,” she tells readers. She currently has savings of over £33,000.
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After providing a breakdown of her other monthly expenses, including at least £650 in her savings account, she explains that between the ages of 21 and 26 she lived in a flat in London owned by her parents. “I paid the charges but a reduced rent,” says the young lawyer.
Since moving in with her boyfriend, she now says she’s ‘100 per cent financially responsible’ but adds that she’s been ‘financially responsible since she was 23 in every aspect’ except for deducted rent .
Documenting in detail a week of outings, the junior barrister’s expenses amount to just over £470 – ‘slightly above average’, she warns – with the majority of that spending going to the entertainment (£156.35), including trips to a nightclub, the cinema and a painting classify.
Money aside, the anonymous associate reveals she is a transactional attorney, so her days are “filled with drafting/revising contracts and other documents and liaising with our client and the other party.”
His breakdown of his week also shows that his working day can end anywhere between 7 p.m. and 11:30 p.m., with his company providing a free taxi for late arrivals at the office.