Mamamia’s What My Salary Gets Me 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. In this series, we discover what women are really spending their hard-earned cash on, and nothing is too outrageous or too sacred. This week, a 26 year-old social worker shares her daily money diary.
Job: Social worker/researcher.
Housing: Owner/mortgage payer of a 100-year-old weatherboard house on half an acre in North-west Victoria which I purchased 18 months ago.
I’m also newly married and my husband lives with me in my house. We don’t have any children yet but we do have three dogs and two cats. My most important financial achievement has been purchasing my first home, I made a huge sacrifice in order to do so which was moving seven hours away from my home (Melbourne) to break into the regional property market which was affordable to do so as a single person (which I was at the time).
Since moving to the country, I met my partner, bought a home (by myself) and put down some roots. I’m recently married and navigating the next phases of our life together - planning and saving up to start a family.
I’m happy to report that I'm very good at managing my budget and saving money. It’s one of the strengths I bring to my relationship because my husband is actually terrible at it.
I’ve never understood why women have been given such a bad rap around having an inability to manage money when almost every married woman I speak to (in hetero relationships) reports the same thing: they manage the money because their husbands are frivolous. Where did this notion of women being hopeless with money come from? I’d seriously like to know.
My monthly expenses are roughly $1,289 plus my mortgage $1,200. I work for a not-for-profit organisation so I use my salary sac each fortnight to pay my mortgage and the remaining $1,600 gets paid into my main bank account.
I have six different bank accounts, which is how I manage my money, and every fortnight I transfer a lump sum into each of the following accounts.
Splurge/date night: $100.
Rates and water: $100.
This usually leaves around $800 in my daily expenses per fortnight account to cover my living expenses.