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Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last dollar.

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Spotify has increased the subscription prices of its premium plan in many parts of the world, with an individual plan going up by £1 in the UK. The price rise comes following Spotify chief Daniel Ek suggesting during an April earnings call that there could be an increase in subscription fee soon. The changes also come as other streaming platforms, including Netflix and Apple Music raised their subscription prices recently. “The market landscape has continued to evolve since we launched. So that we can keep innovating, we are changing our Premium prices across a number of markets around the world,” the audio steaming giant noted in a blog post on Monday. “These updates will help us continue to deliver value to fans and artists on our platform,” it said. In the US, the company said the premium plan for individuals would now cost $10.99 (£8.55) a month up from the charge of $9.99 (£7.77) it has levied since the platform’s launch in 2011. Along with the price rise for a single individual premium subscription plan, the cost of Duo is increasing from $12.99 (£10.11) to $14.99 (£11.6), and for the Family plan from $15.99 (£12.44) to $16.99 (£13.22), and the one for students from $4.99 (£3.88) to $5.99 (£4.66). “We will raise it and that price increase will go down well because we’re delivering a lot of value for our customers,” Mr Ek said, noting that the changes would happen “when the timing is right.” Spotify said users would be given a “one-month grace period” before the new prices take effect. Other countries where the new price regime will take effect include Australia, Belgium, Canada, Denmark, Spain, Finland and France, among several others. “Starting from today, existing subscribers in these markets will receive an email explaining what this means for their account,” the company said. “We occasionally update our prices as we continue to innovate and invest in giving you better listening experiences and more value than ever before.” Read More Sony has officially unveiled the new WF-1000XM5 wireless earbuds – here’s everything you need to know WWF capitalizes on death of Twitter bird logo to highlight real species facing extinction Watch the moment Twitter blue bird sign is taken down from San Francisco HQ