As part of our series exploring how New Zealanders live and our relationship with money, a 42-year-old lawyer shares how he and his family approach their finances.
Want to be part of The Cost of Being? Fill out the questionnaire here.
Gender: Male.
Age: 42.
Ethnicity: Pākehā.
Role: Lawyer with two kids, 11 and 8.
Salary/income/assets: $350k household income (two working parents), two kids, 1960s state house on a quarter acre .
My living location is: Suburban.
Rent/mortgage per week: $900 mortgage per week; my wife and I have always combined our incomes; four people in our three-bedroom house and two cats.
Student loan or other debt payments per week: $200k left on the mortgage which we are trying to pay off as quickly as possible. We’ve just reduced how much we pay on the mortgage a fortnight.
Typical weekly food costs
Groceries: $750.
Eating out: Nil.
Takeaways: $30, usually junk for the kids as a treat at the end of the week.
Workday lunches: My employer subsidises lunches so about $40. My wife prefers to make her lunch.
Cafe coffees/snacks: I make Nespresso in a keep cup but my wife needs at least two coffees per day from a cafe so about $50 a week, plus we will each get a coffee from the local cafe in the weekend. Call it $60 a week.
Other food costs: Nil.
Savings: About $1k a week for holidays, fixing cars, paying for things the kids need and emergencies. Sometimes that’s less if the credit card has seen active duty. We put money aside each pay for bigger outgoings like rates and insurances.
I worry about money: Rarely.
Three words to describe my financial situation: Stable, fortunate, conservative.
My biggest edible indulgence would be: Good meat from the butcher.
In a typical week my alcohol expenditure would be: Presently nil as taking a break for the health but previously about $150 a week. We enjoyed the nice stuff – French rosé, Central Otago pinot, Scotch and gin.
In a typical week my transport expenditure would be: At least $200 a week for petrol to run two cars to get around Auckland. We need the cars to ferry the kids about and head in different directions to work.
I estimate in the past year the ballpark amount I spent on my personal clothing (including sleepwear and underwear) was: Mainly stuff on sale from Three Wise Men and the like for work. I’d say I’d buy about seven shirts a year, a couple of pairs of chinos and a blazer, so about $800. I’ve got three pairs of quality boots that I rotate and will last forever. Outside of work I wear old stuff and never update my wardrobe.
My most expensive clothing in the past year was: A blazer for $250. It was on sale.
My last pair of shoes cost: $750 for RM Williams boots. I’m a big believer in saving for a quality item that will go the distance.
My grooming/beauty expenditure in a year is about: The local barber just put his cost up to $20 (!) and I see him every two to four weeks so about $200 a year. Fastest haircut in Auckland. I use a nice moisturiser on the face, and have a small collection of colognes but my wife sorts those out for me so I’d hazard that costs about $300 a year?
My exercise expenditure in a year is about: $300 a year for a pair of walking shoes. I pick up shorts and singlets on sale from Dressmart so perhaps a further $200 a year for those.
My last Friday night cost: Nil. Stayed at home with my son, cooked a good feed and watched YouTube together.
Most regrettable purchase in the last 12 months was: A cricket bat at a charity auction. I don’t play cricket but I was drunk and it seemed like a great idea at the time. Still, it was for a good cause so could be far worse. I’m usually pretty considered with my purchases and tend to agonise over the decisions before committing.
Most indulgent purchase (that I don’t regret) in the last 12 months was: A new smoker from the USA. Solid investment – good kai for years to come.
One area where I’m a bit of a tightwad is: Buying gifts for my brother-in-law.
Five words to describe my financial personality would be: Miserly until I’m whimsical.
I grew up in a house where money was: A topic that was not up for discussion. Mum and Dad supported four kids with post-war sensibilities. We never went without the essentials but the value of everything was drilled into us on the daily.
The last time my Eftpos card was declined was: Last week. It happens all the time. I forget to check the balance before a purchase and with a shared account for discretionary spending. I never know what’s going or has gone out. Usually it means money needs to be transferred from the holding account unless it’s close to payday and things have gone pear-shaped that fortnight. All the bill money is kept separately with another bank to avoid any issues with the regular outgoings.
In five years, in financial terms, I see myself: Mortgage free and saving to help the kids with their education, saving for the future and being able to travel overseas again.
I would love to have more money for: Buying nice stuff for my parents – things they’d class as frivolous. They’re comfortable and moving towards retirement but have a mindset where they don’t treat themselves so it gives me a kick to treat them every once in a while.
Describe your financial low: Two decades ago. Flatting while studying and working part time. My income from work and independent circumstances allowance equalled my rent, plus 50g of tobacco per week.
I give money away to: Buskers. Friends or acquaintances going through health issues or tough times. Friends or colleagues who fundraise for charity. Fortnightly savings for the kids.