Regional Money Diaries - Instalment 001
IT’S BEEN TOLD THAT LIVING REGIONALLY CAN BE THE BEST CHOICE YOU CAN MAKE WHEN IT COMES TO YOUR FINANCIAL LIFE. WITH LOWER COST OF LIVING, HOUSING AFFORDABILITY AND SOME SERIOUSLY COMPETITIVE CAREER OPPORTUNITIES (LITERALLY YOU CAN GET A JOB ANYWHERE RIGHT NOW!) COUNTRY LIFE CAN BE A KILLER IDEA IF YOU’RE WANTING TO SORT OUT YOUR FINANCIAL SITUATION. HUMANS ALSO LOVE TO KNOW WHAT EVERYONE ELSE DOES WITH THEIR MONEY, SO OUR MONEY DIARY SERIES IS KICKING OFF. WE’RE ASKING SOME OF OUR RURAL FRIENDS ABOUT THEIR MONEY. HOW THEY MAKE IT, HOW THEY SPEND IT AND SOME OF THE OTHER NITTY GRITTY IN-BETWEEN. WHILE PERVING ON SOMEONE ELSE’S MONEY MADNESS IS GREAT FUN, WE ALSO HOPE YOU MIGHT LEARN A THING OR TWO ABOUT THIS EVER PRESENT TABOO. IN THIS FIRST INSTALMENT OF OUR MONEY DIARY SERIES WE SHARE THE MONEY STORIES OF THREE DIFFERENT YOUNG, REGIONALLY BASED AUSSIES. ENJOY!
DAISY, 30
How do you make money?
I work in Agriculture as a research and development manager.
How much do you make?
$136k a year.
How long have you been making that much money?
Salary component – 12 months. But I have had a total package (if that included a house or a car for personal use) for about the last four years.
How old were you when you first started earning money and do you remember what you did with it?
I started earning money around age 14, working two jobs. I wasted a lot of it, bought clothes, did experiences, enjoyed good food!
How much cash do you have in the bank right now?
Only $5k as I just used every cent to buy my first home.
Do you think living regionally has given you a financial leg up in any way?
The opportunities I have been presented in agriculture have always been huge financially when compared to my mates in the city.
Can you list everything you spent money on in the last two weeks?
Dog grooming
Accommodation for a friend’s wedding + dinner/drinks prior
Rates and power bill
New coffee table
Groceries
Table for bedroom TV
Internet bill
Naturopath and products
Manicure/Pedicure
Booktopia
A new pair of Crocs
Do you have any debt? If so, how much?
A $298,000 mortgage.
Do you have any investments? If so, what are they and how much are they worth?
I don’t have any shares at the moment but it’s something I’m working up to at the moment.
A house $350,000
A caravan $20,000
How do you manage money with your partner?
We have literally just redone our budgets and discussed our money goals as individuals and as a couple. We have two joint accounts, one for savings and one for spendings. We have automated every single bill and finally set up our accounts so that we are already putting aside additional money (outside our two joint accounts) to be able to pay Rates, Electricity and Water bills. We are kind, open and transparent on our wins and losses and how we are tracking against our goals.
How did you learn about money?
She’s on the money has been a great resource! I was left with debt from an old, bad relationship and I had a few great friends who helped me learn about money, budgeting, goals, loans and savings. The podcast and book from Victoria Devine on “She’s on the money” taught me to understand my money story, and make better decisions.
KATE, 20
How do you make money?
I work on a cattle station in the Northern Territory.
How much money do you make?
I clear 1k in my bank a week.
How long have you been making that much money?
I have been making $1k+ weekly since I left school.
How old were you when you first started making money?
I was 13 with my first job at McDonald’s. I started to save money to buy more expensive things like a camera, car and then a house.
How much cash do you have in the bank right now?
About 35-40k
Do you think living regionally has given you a financial leg up?
Definitely, living expenses are SOO much cheaper and you will get paid relatively the same money. I also found I don’t spend as much because there is less to spend money on. No movies, clubs, nights out, events, etc.
Can you list everything you spent money on in the last two weeks?
Where I live everything is included, food, travel, accommodation. So over the last few weeks the only money to leave my account is for my mortgage 💸
Do you have any debt?
I have one mortgage that I pay extra on every week and have it down to about $175k. Apart from that I own everything else.
Do you have any investments?
I have some shares that I am slowly building up. I use comsec pocket and my shares are worth about 5k currently. I sold most of my share portfolio to purchase my house.
I also own a house that I bought just after turning 19.
You bought a house so young! How did you make that happen?
Honestly it sounds cliché but I worked extremely hard since I was 13. In the school holidays I had two jobs and would work 60-70 hour a week plus babysitting at night. Out of the money I made I would give myself $100 a week. Some weeks I would spend it all, some I wouldn’t. I worked and worked and saved every penny. While friends had branded clothes I would wear my Kmart, and when a lot of friends were out partying I was at work. At the time I felt I missed out a bit on my teenage years but I think I’m making up for it now!
ALEX, 27
How do you make money?
At the moment I live off two days a week of part time work, that’s about $750 a week, and everything else goes into the business.
How long have you been making that much money?
Once upon a time I was making $250k a year! But I’ve taken a leap into a new business venture and put all of my energy (and capital) into that over the last year.
How old were you when you first started earning money and do you remember what you did with it?
14 I think. My first job was at the local pool, it was the best gig because no-one else wanted to work on Sunday’s so I was happy to take those council Sunday rates! I’m sure I spent all my earnings on stupid stuff…
How much cash do you have in the bank right now?
$13k personally + $25k in the business.
Do you think living regionally has given you a financial leg up in any way?
I wouldn’t be able to live so cheaply and put so much money back into the business if I didn’t live regionally.
Can you list everything you spent money on in the last two weeks?
Food.
Fuel.
Do you have any debts?
$400,000 mortgage.
Do you have any investments?
My house = $480,000
Shares = $25,000
But my business is absolutely my biggest investment.
*We have changed people’s names to protect their vulnerability*
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