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 26-year-old mum tells all.
My partner (30) and I (26) have had shared finances for quite some time now.
Seeing as when we had our son, I wasn’t entitled to maternity leave (full-time student problems) and we lived off only his wage, so it just made more sense to combine our finances, especially once we purchased a house.
If there is money in the account, I can be certain to spend every cent, but I do think we effectively save well while still living the lifestyle we enjoy.I do Family Day Care as my job, so our son is at home with me at no cost just lost income. Once he is in school I’ll return to full time work in my qualified field where my wage will at least double, and my MIL will do before/after school care for him as needed as she is retired, so financially we will be in a better position then.
Combined yearly income: $88,400 (I only work part time #mumlife!)
- Mortgage $400
- Bills $200
- Gas and electricity $55
- Phones $40
- Rates $30
- Internet $15
- Insurance and rego $60
- Credit card debt (oops!) $50
- Car loan $135
- Savings $200
Monday - Day One
Today is payday, so I straight away transfer all the necessary money out of our accounts where they belong. We keep our money aside for bills with our savings in our offset account, which probably isn't the most effective method (because they are all together) but it seems to work so far.
Monday is my day off which means I do the groceries. I meal plan every week and we do meat free Mondays to keep costs down. We are out of nappies and toilet paper which adds to the cost, and I can't resist throwing in a few $1 chocolates because we deserve treats. I do try to save money though, so I do the bulk of the shopping at Aldi and grab the last few things in Woolworths. I remember we have some meat in the freezer at home, so decide to use that to save some money.