How much are we all earning? How does your profession add up? How are women your age spending their money? Is everyone in debt? And is the cost of living crisis biting everyone?
It’s time for some honest, candid conversations about money and budgets as we steer down a recession – so welcome to our series ‘Money, Honey’, where we’ll be diving deep into the bank accounts of wahine across the country to truly get a sense of what’s going on in our piggybanks.
Up this week it’s Auckland Social Media Marketing Manager Abigail!
Name: Abigail
Age: 27
Location: Auckland
Living situation: I live in a van, or I house sit, with my husband
Job: I run a social media marketing agency, I started it two years ago after quitting my $76k/year urban planning role. Now I make $100-$140k/year, but business expenses are $50-60k so my take home pay is $50-$90k.
Salary per year: Between $50-90,000
Any other income: No
Total income for your household per year: $50-90,000 – I’m the sole earner
Take-home pay per fortnight: $1000 (roughly)
My situation: My husband and I don’t split bills. We live in a van and also spend stints house sitting. I work remotely from anywhere.
Tell us your weekly budget: Rent/mortgage, Food, Bills, Childcare, Investments ,Debt payments, Savings, Spending
Rent/ Mortgage: none
We spend about $500-$700 a week on fuel, food, laundromat, internet and phone bills.
What’s inside your bank account:
Investments: $4k invested in a Squirrel deposit. $2k in Sharesies. $20k in Kiwisaver.
Assets: Our biggest asset is our van, valued at $60k
How do you approach budgeting? We don’t
Are you a spender or a saver? I’m an investor. I spend big if it will have a long-term payoff, I spend on experiences – I hate spending on ‘things’ and live minimally since we live in a van. I try to avoid spending on unnecessary things and will save what I can when I can.
Do you have any debt, and what is it from? I have a $40,000 student loan, down from $60,000 in the last three years.There is also a $7000 loan, borrowed from family.
How has the cost-of-living crisis affected you and your spending? Yes, we moved out of our rental in December 2023 and have been living alternatively since then.
What are your financial goals? Invest and save enough for a house deposit in five years.
What’s the best thing you’ve bought in the last three months? Kapiti Lemon Curd Yoghurt, smoothest silkiest yoghurt ever!
What’s the thing you regret buying the most in the last three months? Unnecessary subscriptions.
What (if anything) are you saving towards? Overseas visits to family and for friends’ wedding.
Aside from the big stuff (rent/mortgage, bills etc) what’s your biggest source of discretionary spending? Outdoor equipment – kayaking, hiking and tramping gear.
Do you worry about money? Yes, as my income fluctuates a lot from month to month.
How much money (honestly) do you think you’d spend on an average day? $80.
Where do you think it’s worth spending money, and where do you think you can save it? Spending when it has a longer term payoff – whether its financial or long-term pleasure. Short-term gratification is not worth spending on. It’s fleeting.
Do you have any money-saving tips you’d like to share that work for you? Think outside the box. Make your own decisions on what you actually want life to look like. It doesn’t have to look the same as everyone around you. House sitting, for example means free accommodation in Auckland. It is dependent on your situation but consider doing one part of life differently. Sell some shit. You probably have sooooo much lying around that someone else needs. Sometimes money saving means finding innovative ways to earn more, so you can put it away.
What’s the first and last thing you would cut from your spending if you had to make some savings? Cut alcohol and eating out first. Cut fuel and adventures last.
Anything else we should know? I love that you’re doing this. We are all more empowered when we can talk about money. Its not good or bad, its just different for everyone.
