As part of our series exploring how New Zealanders live and our relationship with money, a working parent shares the ins and outs of her finances.
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Gender: Female
Age: 32
Ethnicity: NZ European
Role: Principal adviser in the public service.
Salary/income/assets: $140,000. My husband usually earns $105,000 but he is currently on parental leave with payments finishing next week.
My living location is: Urban
Rent/mortgage per week: Mortgage repayments are currently $1,477 per fortnight. We need to refix half of our mortgage in July, coming off a 2.45% interest rate to 6%+, we imagine will increase payments by $300 a fortnight.
Student loan or other debt payments per week:$12,500 left on my student loan. It’s around $550 of my pay we don’t see every fortnight so it will be huge to have that extra money when it is paid off next year (right about the time we will need to start paying for childcare).
Typical weekly food costs
Groceries:$250 per week including nappies and formula for our six-month-old. Pre-baby we would usually spend $100ish per week and eat out more.
Eating out: $0
Takeaways: We’re a sucker for UberEats, especially with a baby zapping our energy/any will to cook! We try to limit to once per week usually around $70ish.
Workday lunches: $0
Cafe coffees/snacks: $30ish per week. I buy a coffee the two days a week I’m in the office. We try to go out for a coffee at least once a week as a family as well.
Other food costs:$40 per fortnight for Wonkybox vege delivery.
Savings: We’ve been putting money aside to cover our mortgage increase (around $400 per fortnight). $100 per fortnight goes into a managed fund. We try to save another $300-$400 per fortnight on top. Once parental leave payments end we will need to use savings to cover some of our expenses for the rest of the year.
I worry about money: Sometimes.
Three words to describe my financial situation: Fortunate, tight, manageable (just!).
My biggest edible indulgence would be: Coffee. We buy coffee out and buy good beans for at home.
In a typical week my alcohol expenditure would be:$0
In a typical week my transport expenditure would be: $60 for petrol.
I estimate in the past year the ballpark amount I spent on my personal clothing (including sleepwear and underwear) was: $50. A couple of dresses from Kmart for when I was a beached whale at nine months pregnant over summer. Other than that, covering baby costs have been our focus.
My most expensive clothing in the past year was: $30 for a dress.
My last pair of shoes cost: $90 for two pairs of black work shoes in a buy-one-get-one-free sale.
My grooming/beauty expenditure in a year is about: n/a
My exercise expenditure in a year is about: Currently $0. Planning to restart my gym membership postpartum which is approximately $100 a month.
My last Friday night cost: $0. With a six-month-old we don’t go out very often any more.
Most regrettable purchase in the last 12 months was: Spending hundreds on all sorts of products to support breastfeeding, infant sleep etc. The baby industry is huge and most of it is unnecessary!
Most indulgent purchase (that I don’t regret) in the last 12 months was: A quality stroller, capsule and carrycot system. It cost over $1,500 but has been one of the most useful things we’ve had this year.
One area where I’m a bit of a tightwad is: Supermarket shopping. Mum never bought the brand name items and I can never bring myself to either.
Five words to describe my financial personality would be: Constantly calculating, impulsive at times.
I grew up in a house where money was: Always carefully considered before spending. It took me a long time after leaving home to realise my parents were relatively well off. They just never talked about it, weren’t overly indulgent and always looked for bargains – all attributes that have left them in a strong financial position for retirement.
The last time my Eftpos card was declined was: Maybe while I was at university 10 years ago? I get anxious at the thought so always check my online banking before purchases.
In five years, in financial terms, I see myself: Better off than now. In a position to ensure our daughter gets the same opportunities I did as a kid.
I would love to have more money for: Travel. My siblings live overseas and it would be great to be able to visit.
Describe your financial low: About five years ago. Right after buying our house, we had a number of unforeseen expenses (health, car etc). Right when we were needing to pay a mortgage we suddenly had more money going out then coming in.
I give money away to: We have a fund that we put into fortnightly for our daughter. Undecided if we will give it to her when she is older for a house deposit or use it for things like braces, sports trips etc as she grows up.