lifestyle

Emily Power is in her 30s and still gets pocket money from her parents.

Emily Power is 33-years-old, and she gets pocket money from her parents.

It’s not because she’s unemployed or particularly strapped for cash. In fact, it’s her answer to a spending problem she developed while working in the fashion industry.

Each fortnight, Power’s parents dole out $400 “wriggle room money” from her earnings, in addition to money for bills and rent. The rest of her salary is deposited into a savings account, the details of which only her parents know.

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Emily Power. Image via LinkedIn.

“I am not aware of the bank account number or passwords, so there is no temptation – or ability – to get my hands on my money, beyond what is rationed to me,” Power writes on Domain.com. 

Her aim? To save enough to purchase a one-bedroom apartment.

Power predicts she can save enough to buy her own place in two years, although she’s not aware exactly how much she’s saved already.

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“I have no idea [how much I’ve saved], and that’s my choice. I only want to know when I have enough for an apartment deposit,” she told The Project this evening.

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“I have no idea [how much I’ve saved], and that’s my choice.” Image via iStock.

“In five years, I clocked up $14,000 in credit card debt. I’m really lucky to have parents who supported me through this.

“I even go to the supermarket with a calculator.”

While her method of solving it is unconventional, Power’s problem isn’t unusual. Many young people, particularly women, struggle to purchase a first home, and for some home ownership isn’t an option until much later in life.

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