LAUREN SHERRITT, 27
$30,000
WHAT DO YOU DO? I’m a content producer at a writers’ centre and I do some freelance writing on the side; I work four days a week so I can write on my day off. Last year, I averaged $300 per month in freelance earnings, but some months I make nothing and some I make much more. That income splits over non-essentials and savings, the amount depending on what I need or am saving for. If there are months when I want to make a larger purchase, or times like the end of last year when I was saving to go to Europe, I’ll work more to make sure I’m bringing in enough money.
HOW LONG HAVE YOU BEEN ON $30K?
For about a year. Prior to this, I worked at the same place in a different role with less money and more hours.
HOW MUCH DO YOU PAY PER WEEK IN RENT?
$200. I live with my partner in Gordon Park, Queensland.
DO YOU MAKE VOLUNTARY SUPER CONTRIBUTIONS?
No, I can’t afford to, but my work puts in a larger-than-required percentage.
WHAT ARE YOUR CURRENT FINANCIAL GOALS?
After my holiday to Europe, I’d like
to replenish my savings (I only spent $4,500, but considering my income, that's a real treat). I also have a $6,500 car loan I pay off fortnightly, and I'd like to be able to double my payments on that to get it paid off faster. I find it difficult to concentrate on “saving for a rainy day” when I have debt accruing interest, so my priority is to pay that off first.
ARE YOU FINANCIALLY INDEPENDENT?
Yes, my partner and I share costs evenly. He earns a little more than I do and came into the relationship with more savings. I make sure I can pay my half of the bills up-front so I'm not living unsustainably, but if there's a large purchase we both want to make, sometimes he'll buy the item and I'll pay him back gradually. We keep a close tally of this, as I don't like owing money.
DO YOU CONSIDER YOURSELF GOOD WITH MONEY?
I spend within my budget, but I'd like to save more (which means I need to keep working hard to earn more). I try to make the things I choose to spend money on, like travel or new clothes, really worthwhile. Impulse shopping isn't something I have the luxury of doing on my wage, but I'm okay with that.
HOW OFTEN DO YOU WORRY ABOUT MONEY?
It's definitely something I worry about, especially with everyday things like grocery shopping and morning coffees. I'm not immune to the occasional meltdown over my bank balance (as my partner will attest to).
HOW MUCH MONEY DO YOU THINK YOU NEED TO LIVE THE LIFE YOU WANT?
I'd like to be on $650 a week, which is $200 more than I currently take home. It would allow me to pay my bills comfortably, put away savings and still splurge on entertainment, eating out and the like, which I can't afford at the moment.
WHERE DO YOU SEE YOUR FINANCES IN FIVE YEARS?
I'd like to start investing, and maybe start working towards buying a house. I've just opened an account with [app] Acorns to invest small amounts of money and get used to how investing works, and build up a little spare savings while I'm at it.