Mamamia’s Money Diaries asks Australians to record a week in their financial lives. Kind of like a sex diary but with money. So not like a sex diary at all. We still find out the best kept secrets though. We discover what women are really spending their hard-earned cash on. Nothing is too outrageous or too sacred. This week a 24-year-old journalist tells all.
Industry: Media
Age: 24
Salary: $50,000
Housing: Renting with two flatmates
Regular expenses (monthly):
- Rent – $1000
- Phone – $80
- Transport – $120
- PT classes – $120
- Utilities – $100
- Groceries – $240
- Internet – $25
- Netflix – $12
Savings: ZERO
Debt: HECS, around $20,000
Having recently moved out of home to a new city on my own to start my first full-time job. To say I’m new to budgeting would be an understatement. My current rent of $250 p/w makes my former weekly at-home board of $50 (which I often complained about…) look like a distant paradise, and my days of impulse Iconic purchases are sadly over.
I can hear the tiny violins lamenting my sob story as I’m writing this, but everyone’s gotta start somewhere. And on a side note, I do think being thrust into the cold, bony arms of adulthood has so far made me more rational and careful with my money.
Although my current lifestyle means I can’t save any money right now, I’ll keep the real whining for when I’ve got school fees and a mortgage under my belt.
Top Comments
I would not pay $350 for a locksmith even when I can afford one. I would go get keys off housemates or just wait for them to come home.
If they were going to be ages, i would head to the pub for dinner. Would rather spend $100 on myself having a nice meal and drinks ratger than $350 on a locksmith. (Although i hide a spare key at home, always, so never lock myself out)
> I hide a spare key at home
Same. Wont catch me makin g the same mistake twice.
Had the fire brigade break in my house cos the door locked on my 2yo when I was out the front smoking lol lucky she was asleep but still
Sounds like something i would have done. Ha! :)
This is the most realistic Money Diary yet, the rest have been a lot more 'bought lunch again, YOLO'.
To the author: you're on the right track! Part of the trick to building savings is not succumbing to lifestyle creep every time you encounter increased income, because you will find it super hard to cut back on what you become accustomed you.
On a more practical note, can I recommend trialling YNAB (You Need A Budget)? Such a great app for managing that new full time pay packet and not blowing it all!