‘I’m a 29-year-old woman and my income would shock my friends if it was made public’

In this edition of Her Money Diaries, we meet Gigi from Galway City, whose family lost all their money in the recession

This week’s Money Diary, we’re taking a look at Gigi from Galway's real-life relationship with money.

Gigi is an insurance underwriter who earns €45,000 per year, but fears she is the lowest earner in her friendship group and believes her salary may shock some people if they found out.

What are Gigi's fixed monthly payments?

Every month, Gigi pays for her rent, car insurance, contents insurance, gas bill, electric bill, Wi-Fi, and petrol. These are her non-negotiable payments that simply need to be paid. For many of us, these are the payments that take away most of our income, but ones we cannot live without.

Luckily, Gigi has still managed to save a rather healthy amount of money with €16,700 saved, but she has quite a way to go with a €50,000 savings goal.

Gigi spends money on non-necessities like the gym, her Amazon subscription, and having a nose around Dunnes Stores, but don't we need these financial breaks every so often?

Take a look at what Gigi's weekly spending looks like:

Monday - Food shopping in dunnes which usually costs me around €60-70.

Tuesday - Today I spent €80 on petrol.

Wednesday - I might do some online shopping, which usually ends up with about €75-100 spent.

Thursday - I usually need a top-up shop in Dunnes, plus I also had lunch at work.

Friday - Today I went out for dinner for €40.

Saturday - I had a trip to town, which means coffee and a treat, new Rituals shower foam, and some bits in Penneys because why not.

Sunday - I had breakfast out, usually around €15 -20.

Gigi confirmed she likely spent extra on top of her weekly output, especially if she has a nose around Dunnes Stores, or needed a few extra bits on Amazon.

Gigi's spending mirrors our own, but like most of us, she has some financial struggles that hang over her. She worries about never owning a home and being debt-free, with personal family struggles having left her with many fears about her own finances.

However, she doesn't restrict herself entirely because we all need to enjoy life a little too, whether that is a joyous trip to Dunnes Stores or a delicious meal out.

Gigi's Money Mindset

"Our family lost all our money in the recession, so coming from a fairly well-off home to having no spare money in the house for anything. Growing up, any time I did get money, I spent it right away. Now I feel like I have anxiety about ever being in that position again, of having no money."

She added, "I know with the wage I have and my partner not being able to get a mortgage because of health complications, I’ll never own a home of my own."

Gigi hopes to be debt-free one day and to have €50,000 in savings, but admits to making big purchases when she was young that she now regrets.

"My mindset is that I have no family or family money to fall back on. If I want or need something, I can only rely on myself; it’s made me way more sensible with my money."

One financial habit she hopes to grow out of is the avoidance of checking her bank balance out of fear.

Like many people in their late twenties, Gigi is worried about how her finances compare to her friends. We've all been there at the fancy dinner when you're fretting about splitting the bill, or how our hearts sink a little bit when we hear about someone managing to buy a house.

She admitted, "I’d say I’m the lowest earner in my friend group, so I’d say my income would be a shock."

She may not earn as much as her friends, but Gigi's financial honesty will undoubtedly help many others who are in the same boat as her.

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