The cost of being: A 24-year-old who worries about her lack of savings

As part of our series exploring how New Zealanders live and our relationship with money, a public servant who’s ‘trying to get better’ explains her approach to spending and saving.

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Gender: Female.

Age: 24.

Ethnicity: Pākehā and Māori.

Role: Full-time public servant, volunteer at Community Law.

Salary/income/assets: $76,000 a year.

My living location is: Urban.

Rent/mortgage per week: $510 shared between my partner and me for two rooms in a three-bedroom flat.

Student loan or other debt payments per week: $120-ish a week on student loan repayments and $25 a week on a large IOU to my mum from when I was still studying.

Typical weekly food costs

Groceries: $200 a week on groceries shared between my partner and me (if we are being really onto it and doing a weekly supermarket shop).

Eating out: Depends on the week but $50-$100 a week each for my partner and me.

Takeaways: We’re not a huge takeaway household, so we may spend $40-$60 every two to three weeks on takeaways.

Workday lunches: $15-$30 a week (I try to BYO lunch most days but may slip up once or twice).

Cafe coffees/snacks: $20ish a week (it used to be more but the cafe in my work building charges $7 for an oat latte so I have pulled back).

Savings: I have around $1,000 in savings at the moment after just buying flights and insurance for an overseas trip at the end of this year. I try to save $400-$500 a fortnight but sometimes that is just not feasible.

I worry about money: Sometimes.

Three words to describe my financial situation: Comfortable, frivolous, lucky.

My biggest edible indulgence would be: Cheese scones.

In a typical week my alcohol expenditure would be: $20-$60 depending on whether we’re off to a BYO or just having drinks at a bar.

In a typical week my transport expenditure would be: Less than $10 – I live and work in the CBD, so if I can’t walk there it’s likely I’m taking a short bus ride (or not going).

I estimate in the past year the ballpark amount I spent on my personal clothing (including sleepwear and underwear) was: Over $2,000 – I am on a “no-buy” year because of this…

My most expensive clothing in the past year was: My graduation dress. It was $370 and was perfect for the event and for any future weddings but I do wish I had just rented it.

My last pair of shoes cost: $100. I got a pair of secondhand knee-high black boots for winter.

My grooming/beauty expenditure in a year is about: I get fringe trims every three to five weeks and a cut and dye every three to six months. I also get my nails done every three weeks. I’m pretty frugal with my skincare because I am lucky to have clear skin. All up I would spend over $3,500 on my grooming and beauty… yikes.

My exercise expenditure in a year is about: I spend around $1,300 on the gym each year and about $500 on my social sports team.

My last Friday night cost: Nothing – it was a very quiet night in.

Most regrettable purchase in the last 12 months was: Probably anything I got off Trade Me that didn’t fit right.

Most indulgent purchase (that I don’t regret) in the last 12 months was: My new cardigan. It was $300 but I needed to replace some of my very old (six to eight years old) knitwear so I had work-tidy pieces.

One area where I’m a bit of a tightwad is: Groceries and meal planning – I want to have nice meals and reduce the amount of money I spend on work lunches as much as possible.

Five words to describe my financial personality would be: Blasé, indulgent, silly, anxious, trying-to-get-better.

I grew up in a house where money was: Available and not much of a worry.

The last time my Eftpos card was declined was: Probably last month – I am notorious for not keeping money in my Eftpos account because I am irrationally concerned about losing my card and someone spending my money.

In five years, in financial terms, I see myself: Better off than I am now (I hope). I’ve started to knuckle down and invest the money that I can spare so that I have a nest egg for my future and I’m not constantly reliant on a good salary to get me by.

Describe your financial low: About two years ago when I got a demand letter from my bank about my overdraft. I have never gone into overdraft again and it has scared me off any form of credit cards or overdraft for the foreseeable future.

I would love to have more money for: My savings account. I am so worried about where I *should* be in comparison to my friends/peers and feel like I fucked up by not putting money aside while studying.

I give money away to: I often give money or buy things for my little sister who is still studying, and I have regular charitable donations set up, too.