As part of our series exploring how New Zealanders live and our relationship with money, a willing victim of the brain drain is earning enough to travel, help his family and save for his future.
Gender: Male
Age: 26
Ethnicity: Mixed Pākehā/South East Asian
Job: I moved to Melbourne nine months ago, bought my flights without a job lined up but managed to suss one before I landed. I’m an engineer on an infrastructure project making $117,000 AUD (~$125K NZD), inclusive of the 11% super contributions. This is my third job out of uni. I effectively got a 60% salary increase by moving across the ditch. The brain drain is real.
My living location is: Inner-suburban Melbourne.
Rent/mortgage per week: My partner recently bought the apartment I live in, I’ve just started paying them $2,000 a month with the aim to pay off the loan as quickly as possible.
Student loan or other debt payments per week: I have NZ$29,000 in student debt, I pay $500 a month to minimise the overseas interest rate.
Any major upcoming costs: Lots of upcoming travel.
Typical weekly food costs
Groceries: Around $100 a week.
Eating out: Trying to cut down on eating out so maybe $50 a week.
Takeaways: $20.
Workday lunches/cafe coffees/snacks: $20. I take lunch to work but might have to buy something once a week. I make my own coffee every morning and take it to work, which equates to a $20 bag of coffee a fortnight.
Savings: AU$35,000 that I’ve managed to save in the eight months I’ve been working in Australia, somewhere around $20K in Sharesies, and $6,000 left in my NZ bank account.
I worry about money: Rarely, but the cost of living in New Zealand makes me worried for my parents.
Three words to describe my financial situation would be: Lucky, rapidly growing.
My biggest edible indulgence would be: $6 Melbourne coffees at some trendy alleyway cafe.
In a typical week my alcohol expenditure would be: I don’t really drink but might buy an $8 G&T at monthly after-work drinks.
In a typical week my transport expenditure would be: My work covers my daily public transport commute, but I pay $50 a month in fuel.
Lifestyle costs
I estimate in the past year the ballpark amount I spent on clothing (including sleepwear and underwear) was: Maybe $500? I don’t buy clothes often.
My last pair of shoes cost: A $40 pair of questionably legitimate Ultraboosts from Vietnam.
My annual grooming/beauty expenditure includes: $50 on two haircuts.
My exercise expenditure in a year is: Close to $1,000 on climbing gym memberships, not yet including the $300 I’ll need to spend on a new pair of climbing shoes since my current ones have a hole in the toe.
My last Friday night cost: $8 on a G&T.
My most regrettable purchase in the last 12 months was: The $100 flight change fee when I got my flight times wrong.
My most indulgent purchase (that I don’t regret) in the last 12 months was: I paid for my mum and two brothers’ upcoming Christmas flights to Melbourne for ~$2,500.
One area where I’m a bit of a tightwad: Books and ebooks. I pirate a lot of ebooks and have joined multiple libraries.
Five words to describe my financial personality: Higher quality is worth it.
I grew up in a house where money was: Tight. Parents pretty much earned just above minimum wage. We always had food in the fridge and wood for the fireplace though.
The last time my Eftpos card was declined was: Some time last year, when I just hadn’t transferred enough into my spending account.
In five years, in financial terms, I see myself: Prospering. I think my salary will be increasing further with some pay rises and a job change or two in the next couple of years. My loan will finally be paid off and I’ll probably have enough to buy myself a house.
I’d love to have more money for: Paying off my parents’ mortgage.
My biggest financial low was: It would have been in early 2019 when I couldn’t get a job after university and was burning through my savings after travelling.
I give money away to: Buying flights for my family and shouting dinner for my friends who visit.
Want to contribute? Send us an email briefly describing your situation at costofbeing@thespinoff.co.nz