Welcome to A Week In My Wallet – your free-for-all look inside the financial lives of real women…
Monthly expenses
What was your family’s approach to money when you were growing up?
Definitely not extravagant at all. We had trips to Europe every couple of years to see family (which I guess actually is extravagant!) but a low key car, no designer clothes etc. That said, there was never a feeling that we didn’t have enough, just that it wasn’t quite ‘right’ to just throw money around. I’ve been more aware of this attitude of the ethics of spending ‘too much’ since I’ve been older, and especially since having a family. I feel guilty telling mum if we’ve spent an outrageous amount on something, such as $400 on shoes or something. Not that she’d want me to - I think she’d just be surprised.
"Now I’m with my husband who is very good with money (he also earns a lot more which makes it easier to save), and I feel guilty that I don’t contribute more (even though he says I shouldn’t)."
How did you gather the deposit for your home?
Savings over about 5 years, and parent gift.
Are you working towards any financial goals?
● Private school for our kids
● Paying down the mortgage
● A holiday next year for a wedding in Europe (if we can!)
Illustration: Sarah Miller
Aside from the big expenditures, what do you fritter money away on?
● Food (entertaining friends for dinner)
● Clothes and toys for kids
● Clothes for me (although this has reduced since having a child)
● Things for our home
What is holding you back financially?
● Cost of childcare means I can’t work full time
● Maternity leave next year will mean we’re at the lowest earning capacity we’ve been at
What motivates you financially?
● Being able to afford a nice lifestyle including holidays
● Decorating our house
● Being able to give our children things and more importantly experiences
● Having nice clothes
● Being able to give a substantial amount to charity
Do you follow a budget?
Yes, it’s a Google sheet, and we’ve only just started it! We’ve itemised everything and we’re going to track to see if we’ve estimated correctly. It’s broadly categorised into long term and short term savings, and every day expenses.
How do you and your partner split your expenses?
We share most things, except we’ve assigned personal amounts. I have $300 per month to spend on things for me.
Do you think of yourself as good with money? Why or why not?
No. I spent my twenties firstly living overseas, spending everything I earned, then came back and was at uni for a few years, then working part time to do research. I never saved because I was single, and I think I had some sense that I’d never be earning that much, so it wouldn’t get me far, and actually living paycheck to paycheck was about what I needed. I wish I had addressed it earlier because now I’m with my husband who is very good with money (he also earns a lot more which makes it easier to save), and I feel guilty that I don’t contribute more (even though he says I shouldn’t). So now I’m really motivated to be a lot better, especially given we have a mortgage and will be a family of four in less than 4 weeks!
A week in my (lockdown!) wallet:
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