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 Sport Manager Jane!
Name: Jane
Age: 31
Location: Auckland
Living situation: Solo, own my own home
Job: I’m in a sports leadership role
Salary per year: $110k
Any other income: No
Total income for your household per year: $110
Take-home pay per fortnight: $1570
Investment returns: None yet
My situation: I live on my own, in a house that I own. I work 40 hours a week, but being in the sports industry there are extras on weekends and night work so my weeks can vary depending on what is happening that particular week.
Tell us your weekly budget: Rent/mortgage, Food, Bills, Childcare, Investments ,Debt payments, Savings, Spending
Mortgage and bills: $500
Groceries: $100
Residents Society Fees: $50
I have just recently moved into this job which has been a massive pay rise for me so my budgeting has changed. Previously things were relatively tight – I just paid my mortgage (just over $1000 a fortnight, and bills (rates, power, water, internet, petrol etc) and budgeted $100 per week for groceries. I also pay a residents society fee so I put $100 aside for that every pay. I have physio to pay for each fortnight due to an injury. Paying for anything outside of this made me slightly nervous! I wasn’t saving anything, but with good control I was able to live comfortably.
I have always been a saver with a good nest egg though, even after purchasing my house – so I was always going to be okay if shit the fan! Now that I am earning more, my budget is not as tight and I have a lot more freedom – it’s definitely not causing anxiety anymore and I know how lucky I am. I’m now able to save a lot more (taking out all the payments I mentioned above still leaves me more in my pay than what I was getting paid in my previous job). I now have money to spend on me and can save at the same time which is wild! I have no debt (except my mortgage of course) and after purchasing my house last year, my only investment now is my KiwiSaver but potentially now will look into some other investments.
What’s inside your bank account?
Savings: $20,000
Kiwisaver: I haven’t checked since buying my house, but would maybe be at a couple thousand now.
How do you approach budgeting? I try to be sensible – look after the needs and then if there is any left over either save, or put towards my highest wants!
Are you a spender or a saver? Saver
Do you have any debt, and what is it from? Just my mortgage – with anything else if I can’t pay for it in full, I won’t buy it. Avoiding debt and paying things off is very important to me!
How has the cost-of-living crisis affected you and your spending? High interest rates and prices at the supermarket had the biggest impact on me. I definitely tightened up when I needed to.
What are your financial goals? Haven’t thought about it recently to be honest!
What’s the best thing you’ve bought in the last three months? A trip to Sydney.
What’s the thing you regret buying the most in the last three months? Nothing (I don’t buy much)!
What (if anything) are you saving towards? I don’t really have anything in mind at this stage but maybe more travel?
Aside from the big stuff (rent/mortgage, bills etc) what’s your biggest source of discretionary spending? My Warriors membership!
Do you worry about money? I’m conscious of it, but I wouldn’t say I worry about it anymore.
How much money (honestly) do you think you’d spend on an average day? Most days I will spend a big fat $0. Maybe $20 on a Friday for dinner, and then $80 or so on some weekends for other stuff.
Where do you think it’s worth spending money, and where do you think you can save it? I’m the type of person who will spend money on experiences, and outside of that only on things I need. I have very good control when it comes to shopping – if I don’t absolutely love it in the shop, I won’t buy it. And I don’t have expensive taste, I’m easily pleased so if something is cheaper and going to do the job then I will opt for that one.
Do you have any money-saving tips you’d like to share that work for you? I always ask myself if it’s a want or a need (please note that within reason self care comes under need!) – If I can’t pay for something outright I won’t get it.
What’s the first and last thing you would cut from your spending if you had to make some savings? First thing to cut would be my takeaway Fridays! Last thing to cut would be my Warriors season membership. Up the Wahs!