Ever wondered how a young professional juggles a solid income with the dreams of homeownership and unexpected expenses? Buckle up, because this week's Money Diary dives into the real-life financial hustle of an accountant in Ireland, revealing the highs, lows, and hidden costs that many of us can relate to. But here's where it gets controversial... is chasing home improvements and paying off debts really the smartest use of a good salary? Let's find out and see if it sparks your own financial reflections!
Welcome to our ongoing series, How I Spend My Money, featured on The Journal (https://www.thejournal.ie/money-diaries/news/). This column shines a light on the everyday money choices made by people across Ireland, offering a candid peek into their budgets, habits, and strategies. Whether you're someone who splashes out without a second thought, hoards every euro like a squirrel preparing for winter, or falls somewhere in between, we're always on the lookout for fresh voices to share their stories. Fancy joining in? Drop us an email at money@thejournal.ie—we'd love to feature your own week-long money diary and hear how you manage your finances.
Remember, these diaries come straight from readers just like you, and everyone's situation is unique. Not every detail will mirror your life, so approach them with kindness and an open mind—it's just a snapshot of one person's financial week, not a one-size-fits-all blueprint.
Building on last week's insights from a Dublin-based marketing manager earning €63K, we're shifting gears this time to profile a 28-year-old accountant pulling in €88K annually in the Midlands. She works in Dublin, adding a layer of complexity to her routine, and she's channeling her earnings into some exciting (and pricey) home renovations while tackling a hefty loan.
Occupation: Accountant
Age: 28
Location: Based in the Midlands but commuting to work in Dublin
Annual Salary: €88,000, including bonuses
Monthly Net Pay: Typically €4,326 after taxes, with €100 automatically set aside for her pension each month
She's aiming to fund renovations for her recently purchased home and clear a substantial loan, so her spending reflects a disciplined approach—though, as we'll see, there's still room for life's little pleasures.
Monthly Expenses Breakdown
Let's break this down step by step to make it easier for beginners navigating personal finance. Her fixed costs include:
Transport: €50 monthly. She relies on trains for her commute (since her home is conveniently near a station) and doesn't own a car, which keeps things affordable. For those new to budgeting, this is a smart example of cutting costs by using public transport instead of dealing with fuel, insurance, and maintenance.
Rent: Technically, it's a mortgage at €1,000 per month, split evenly with her partner. This is a common setup for couples sharing homeownership, where each contributes to the payments.
Household Bills: Each person chips in €600 monthly to cover essentials like utilities, food, and other shared costs. It's a collaborative way to manage expenses, ensuring everything from electricity to groceries is accounted for without one person bearing the full load.
Phone Bill: €7.99 with 48 (likely referring to a mobile plan offering data or minutes, common in Ireland).
Health Insurance: None at the moment—she's forgoing this to prioritize other goals, which might raise eyebrows for some who view it as essential.
Groceries: Folded into the household bills above, so no separate line item.
Loan Repayment: A big one here. She took out a €30,000 loan via Revolut last year to help with her home purchase. She's aggressively paying it down, shelling out €630 monthly, with about €16,000 still owed. The high interest rate is eating into her budget, which is why she's focused on clearing it fast—think of it as a financial weight that's harder to shake off than expected. For beginners, loans like this can be tricky; they're useful for big buys like homes, but the interest compounds over time, turning a short-term fix into a long-term drain. And this is the part most people miss: rushing to pay off high-interest debt might mean sacrificing fun or savings elsewhere—controversial, right? Some experts argue for investing extra cash instead, but others swear by debt freedom for peace of mind.
Hair: €100 every six weeks for salon treatments.
Nails: €50 every six weeks for manicures or similar.
These personal care expenses add up, but she sees them as worthwhile investments in self-care, especially after long workdays.
Daily Spending Log
Now, let's walk through her week day by day, with all the nitty-gritty details of her purchases and routines. This gives a real-time feel to how her budget plays out in practice.
Monday
7:30 AM: Since it's a work-from-home day, she starts slow, letting the puppy out before snuggling back into bed for a bit more rest.
9:00 AM: Dives into her workday online—packed with meetings and overseeing junior staff. Her job can be demanding and stressful, with long hours, but this month has been relatively tame.
1:00 PM: Lunchtime break. She heads to Specsavers for an eye exam and new glasses, totaling €110, plus €1 for parking. Eye health is crucial, and regular check-ups can prevent bigger issues down the line—another subtle nod to investing in yourself, even if it feels like an unplanned expense.
5:30 PM: Wraps up work and hits the gym for training. Her boyfriend handles dinner, which they enjoy together afterward.
8:00 PM: Winds down with TV or YouTube, catching up on The Traitors—a show that's keeping them hooked.
Bedtime around 10:30 PM.
Daily Total: €111.00
Tuesday
6:30 AM: Drops the puppy at her mom's and catches the train to Dublin. The crowds are intense, but she scores a seat after some maneuvering. The round-trip journey takes an hour each way and costs €8.80—affordable, but the time commitment is a hidden cost in lost relaxation.
9:00 AM: Hits the office for a jam-packed day of meetings. Dublin's high prices for food and drinks mean her spending ramps up on these days. She grabs a pastry and coffee for €7.95 early on.
1:00 PM: Lunchtime salad sets her back €12.50. It's pricier than home-cooked meals, but since she's only in the office twice a week, she treats it as a perk.
5:00 PM: Heads back to the train station and luckily gets a seat for the return trip.
8:00 PM: Showers and unwinds with Netflix before bed.
Daily Total: €29.25
Wednesday
7:00 AM: Starts with a dog walk, then stops at a local petrol station for a takeaway coffee and milk (€7.50). With extra time, she tackles a kitchen clean before logging into work at 9:00 AM.
1:00 PM: Whips up a homemade sandwich and smoothie for lunch, then squeezes in a refreshing run outdoors.
5:30 PM: Logs off and cooks spaghetti bolognese for dinner. Post-meal, she gives the house a thorough tidy.
7:00 PM: Pops in her AirPods for an evening stroll, appreciating the crisp, cool air—a simple way to recharge.
10:00 PM: Beds down after some YouTube.
Daily Total: €7.50
Thursday
6:00 AM: Office day means an early rise to drop off the dog at her mom's. She brews coffee at home to skip buying one en route.
7:00 AM: Trains it to Dublin.
9:00 AM: Another hectic workday filled with meetings and tasks.
11:00 AM: Dental appointment for a scale and polish. Done every six months, but her PRSI (Ireland's social insurance scheme, which covers certain health services) didn't cover this visit, costing €80 plus €1 parking. For newcomers to Irish finances, PRSI is like a safety net that funds benefits, but not all dental work qualifies—highlighting why supplemental insurance or budgeting for these can be wise.
8:00 PM: Evening routine: shower, lay out clothes for tomorrow, share a cup of tea, and hit the sack around 11:00 PM.
Daily Total: €81.00
Friday
6:00 AM: Work-from-home, but up early anyway. Standard routine, including a quick walk for coffee (€3.70).
1:00 PM: Homemade omelette for lunch.
5:30 PM: After work, she and her boyfriend shop at Dunnes for groceries (alternating between there and Lidl for deals). Today's haul: €140.
7:30 PM: Cozy night in with a movie and Chinese takeaway (€35). They indulge in this once or twice monthly, and their Sky package includes free Netflix for streaming.
Daily Total: €175.00
Saturday
8:00 AM: Sleeps in a bit, then goes for a run, followed by a shower and hair drying.
10:00 AM: Deep cleans the house and takes the dog for a walk.
12:00 PM: Browses furniture shops but doesn't buy anything. On the way home, fills the car with petrol for €50.04. Speaking of home projects, their place isn't ancient but needs updating—the stairs, kitchen, and bathroom renovations are proving incredibly costly. This is a great example of how even modern homes can drain wallets on upgrades, and some might argue it's better to buy a move-in-ready property to avoid these overruns.
6:00 PM: Out for dinner and drinks with her sister and partner: €45 for food, €16.90 for beverages.
Daily Total: €111.94
Sunday
8:30 AM: Lazy morning vibe.
11:00 AM: Visits her mom for lunch, bringing the dog along.
3:00 PM: Cooks chicken and pasta for dinner as a couple.
5:00 PM: Gym training, while her partner walks the dog.
8:00 PM: Relaxes at home for the rest of the evening.
Daily Total: €0.00
Weekly Spending Subtotal: €515.69
What She Learned from the Week
Reflecting on her diary, she noted a few key takeaways that could inspire your own budgeting:
She enjoys treating herself to coffee, especially on work-from-home days when a walk to a café feels like a mini-reward. It's about balance—small indulgences can keep you motivated without breaking the bank.
Appointments like the eye test and dental work bumped up her spending this week, but they're not the norm. Still, she's glad to prioritize her health; for beginners, tracking these can help you plan for irregular costs.
Clearing her loan is top priority to free up cash for savings. High-interest debt like this can feel like a financial anchor, so strategies like extra payments or side hustles might help. But here's where it gets controversial: Is hustle culture around debt payoff always best, or should she consider investing some of that energy elsewhere, like building an emergency fund first?
Planning ahead, she's eyeing a car purchase in the next year, which means adjusting her budget now to avoid surprises.
This diary underscores the trade-offs in modern life: commuting for a good job, maintaining a home, and still finding joy in simple pleasures. It also sparks debate—do you agree that commuting an hour and a half twice weekly is worth the €88K salary, or is remote work the future to cut costs? And on renovations: Are they a savvy investment, or just fancy ways to spend money that could go toward savings?
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What do you think? Is rushing to pay off a €30K loan the way to go, or should she slow down and enjoy life more? Do her coffee habits make sense, or are they a frivolous drain? Share your views, agreements, or disagreements in the comments—we'd love to hear how this resonates with your own finances!
