How I Manage My Money: Marnie Goddard
In our ongoing series, “How I Manage My Money,” we aim to uncover how individuals across the UK are navigating the complexities of spending, saving, and investing to meet their financial obligations and aspirations. This week, we hear from Marnie Goddard, a 34-year-old resident of West Sussex who shares her financial journey with us. Marnie lives with her husband Tom, 39, and their four-year-old son Rupert. Having previously relied on loans to make ends meet, Marnie is currently not contributing to any savings or ISAs. However, she is actively adding to a workplace pension and expresses concern that the state pension may not keep pace with the rising costs of living. After years of renting, Marnie dreams of owning her own home, especially as her rental expenses have consistently increased since she moved into her current residence in 2021.
Monthly Budget
My Monthly Income:
I take home £1,708 each month from my full-time position in the accounts department at RSPCA Assured. Additionally, I earn around £100 monthly from selling Dungeons & Dragons dice on Etsy. My husband, who works in airport security at Gatwick, contributes to our household income as well. We also receive £104 in child benefit each month, which helps to ease our financial burden.
Our Monthly Outgoings:
- Rent: £1,500 (I cover half of this amount)
- Groceries: £500
- Council tax: £160
- Gas and electric: £120
- Water: £25
- Mobile phones: £60
- Broadband: £28
- TV licence: £14.12
- Car insurance and road tax: £94
- Creditspring loan repayment: £100
On leisure activities and day trips, we typically spend between £50 to £100 monthly. Fortunately, my husband has a workplace scheme for car fuel, so I don’t have to budget for that expense as it is deducted directly from his salary.
Reflecting on my childhood, I was raised by my mother in Worthing, and we faced significant financial challenges. After my mother passed away when I was just 10 years old, I moved in with my grandparents and great-aunt. Although we weren’t wealthy, we managed to live comfortably. I attended college but did not pursue university studies. Tragically, my father passed away when I was 30.
Working full-time in the accounts department at RSPCA Assured has been a blessing, especially since my employer supports my ability to work while caring for my son. Without this flexibility, managing childcare costs would be a significant challenge.
I believe that both the cost of living and tax levels in the UK are excessively high. Our energy bills have tripled over the past few years, and the prices of basic necessities, including even budget supermarket food, are soaring. I diligently search for competitive prices on essential items, often opting for Aldi to keep our grocery expenses manageable. Even products that are exempt from VAT seem overpriced. For instance, my son’s school shoes cost £40 this year.
Current Living Situation
We reside in a two-bedroom rented flat in West Sussex. When we initially moved in back in 2021, our rent was £1,295 a month, but it has steadily increased each year. Currently, we are paying £1,500 monthly, which is over 15% more than when we first moved in. The thought of a potential rent increase this year is quite daunting. I genuinely aspire to own my home one day, but it feels like an unreachable dream at the moment.
In the past, I have faced financial hardships and resorted to taking out small loans. My first loan was for £500 from a company called Creditspring, which I successfully repaid in about six months. Although there was no interest on the loan, I did have to pay a fixed membership fee. Since then, I have taken out a few additional small loans with Creditspring, primarily to cover special occasions like birthdays, Christmas, and other family treats. Currently, I am repaying £100 per month to Creditspring.
Although I have a current account where my salary is deposited, I am not currently setting aside money for designated savings accounts or ISAs. However, both my husband and I are contributing to our workplace pension each month, as I feel that the state pension alone will not be sufficient for us in our later years due to the consistently rising cost of living.
To me, financial motivations take a backseat. My priority is the happiness and well-being of my family, especially ensuring my son has everything he needs. Ideally, I would like to earn double my current salary, which would provide us with greater financial independence now and during retirement.
Looking ahead, my husband and I dream of becoming homeowners and establishing a safety net of savings to rely on in times of need. Securing a stable future for my son remains my most important goal.
Interested in sharing your own financial story? Reach out to us at [email protected].
