Imagine earning up to £10,000 a month yet still feeling the pinch when it comes to holidays and debt. It’s a reality for Katie Barge, a 43-year-old chartered psychologist, business owner, and mum of two, who’s juggling a thriving career with the financial pressures of modern family life. As part of our Wallet Watch series, Katie opens up about her financial journey, revealing how even a substantial income can’t always shield you from money worries. But here’s where it gets controversial: despite her earnings, Katie admits that splurging on date nights and family outings is keeping her from achieving her dream of becoming debt-free. Could her spending habits be the real culprit? Let’s dive into her weekly money diary and find out.
Katie lives in Cheltenham with her husband Andy, a 44-year-old cyber security manager, and their two daughters, aged six and ten. Together, they bring in a joint monthly income of up to £10,000, yet their financial goals—like clearing a £150,000 mortgage and a £100,000 personal loan—feel just out of reach. And this is the part most people miss: even high earners can struggle with budgeting and prioritising savings. Katie’s story is a reminder that income alone doesn’t guarantee financial freedom.
A Week in Katie’s Financial Life
Monday: As a self-employed locum psychologist, Katie works remotely, gathering evidence and writing reports for children she supports. It’s a low-cost day, with a homemade spaghetti Bolognese for dinner using groceries delivered by Ocado. The evening is spent relaxing with Netflix or helping the girls with homework. Total spend: £0.
Tuesday: Another remote workday, but Katie travels to London for a podcast appearance. Instead of splurging on a £200 first-class train ticket, she opts for a £38 National Express bus ride—a small but significant savings. She also spends £140 on a hotel in Victoria. Total spend: £178.
Wednesday: The podcast goes well, though unpaid. Katie spends the day networking at a business mastermind group, which costs £62.50 weekly. She justifies the expense as an investment in growing her wellness and therapy business, Dr Katie Therapy, which she launched in 2018. Dinner is another home-cooked meal. Total spend: £62.50.
Thursday: Katie works at an independent school, providing private creative therapy. She packs her own lunch to save money, cutting out £10 daily takeaway expenses. Her daughters attend the same type of school, costing £1,600 monthly, a decision driven by her eldest’s potential neurodivergence and the school’s holistic approach. Total spend: £0.
Friday: Date day with her husband includes a £30-£50 lunch—a weekly splurge. After school, the family heads to Gloucester Quays for a cinema trip or meal, spending around £100. Total spend: £100.
Saturday: The girls’ activities—football and dance—cost £24. Katie and Andy enjoy a child-free lunch for £30, followed by a £30 trip to the climbing wall. Dinner is home-cooked. Total spend: £60.
Sunday: Family day includes a football match, a run, and housework. The weekly Ocado shop arrives, costing £100-£230. Dry January means no alcohol, trimming costs slightly. Total spend: £230.
The Bigger Picture
Katie’s monthly outgoings total £7,631, including mortgage repayments of £3,100, loan repayments of £1,000, and private school fees of £1,600. While their income is substantial, fluctuating self-employment earnings and a lack of budgeting make financial goals hard to achieve. Here’s the controversial question: Is Katie’s lifestyle too lavish for her financial aspirations, or is she simply a victim of poor budgeting skills? Let’s discuss.
How Katie Can Turn Things Around
- Cut Back on Splurges: Reducing date nights and weekend lunches could save over £200 monthly, chipping away at debt.
- Treat Savings Like a Bill: Automating transfers to a dedicated ‘Canada Fund’ could help her save for that £10,000 holiday without temptation.
- Switch Supermarkets: Replacing Ocado with a cheaper option like Asda could significantly lower grocery costs.
Thought-provoking question for you: If you were in Katie’s shoes, would you prioritize cutting back on lifestyle expenses or focus on increasing income? Share your thoughts in the comments—let’s spark a conversation!
