As part of our series exploring how New Zealanders live and our relationship with money, a 35-year-old working in finance explains his approach to spending and saving.
Want to be part of The Cost of Being? Fill out the questionnaire here.
Gender: Male
Age: 35
Ethnicity: Māori/NZ European
Role: Finance
Salary/income/assets: Personal $175K salary. Half share of following other assets with partner: 30% equity in home and $30K term deposits, $20K Kiwisaver, $15K shares and $15K car.
My living location is: Urban
Rent/mortgage per week: $1,659 per week mortgage, myself, partner and child.
Student loan or other debt payments per week: Thankfully cleared.
Typical weekly food costs
Groceries: $250 shared between two adults, one child and one dog.
Eating out: $60-70 every other week.
Takeaways: $50-60 if having a night of takeaways, max one night a week usually every second week.
Workday lunches: $15 from the supermarket near work couple times a week, otherwise skipped or working from home.
Cafe coffees/snacks: Rarely or as an alternative to a workday lunch.
Savings: Half share of the following: some emergency money $200, $50 to a travel fund and around $20 to index ETF shares, $800 to an account to pay down mortgage on refix.
I worry about money: Always.
Three words to describe my financial situation: Lucky, conservative, weary.
My biggest edible indulgence would be: Triple Choc Cookie Time.
In a typical week my alcohol expenditure would be: $22 on a box of Wakachangis.
In a typical week my transport expenditure would be: $100 petrol for car (exclusively near home and weekend), otherwise I commute by bike.
I estimate in the past year the ballpark amount I spent on my personal clothing (including sleepwear and underwear) was: $300. New shirt for a wedding and some runners. I still wear shirts from my early 20s.
My most expensive clothing in the past year was: $69 white collared shirt from AS Colour.
My last pair of shoes cost: Allbirds shoes, $150 on sale.
My grooming/beauty expenditure in a year is about: $40 haircut every three months.
My exercise expenditure in a year is about: $400 for bike service and replacement of clothing if need be.
My last Friday night cost: $0.
Most regrettable purchase in the last 12 months was: Netflix/Spotify.
Most indulgent purchase (that I don’t regret) in the last 12 months was: First home.
One area where I’m a bit of a tightwad is: Money grabs from corporates that give no value to me. Credit card fees, service fees, paywave fees, “tipping”. If there is a cheaper option ie Eftpos, cash, bank account transfer, that’s it. If you request tips I will never return or use the service again – pay your staff correctly or adjust your pricing.
Five words to describe my financial personality would be… Conservative, minimalist, desolation of Smaug.
I grew up in a house where money was: Very tight, never knew when money was coming in, a yoyo.
The last time my Eftpos card was declined was: December due to banks having issues with card processing. Only use Eftpos/debit so constantly looking at my balances.
In five years, in financial terms, I see myself: Less nervous, on track to pay down a substantial portion of the mortgage.
I would love to have more money for: Thinking of having another child – do not know how people do it on lower incomes these days.
Describe your financial low: Moving country and breaking a lease, landlord would not take new tenants as they didn’t like non-European names applying. Unemployed and paying two rents in two different countries.
I give money away to… Animal Evac NZ, Save the Kiwi, Surf Lifesaving, Electronic Freedom Foundation.
