Makeup and a pub meal: What a portfolio director on $270,000 spends in a week

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This article originally appeared in Refinery29 Australia.

Welcome to Money Diaries, where we ask real people how they spend and save their money during a seven-day period, tracking every last dollar. Anyone can write a Money Diary! Want to see yours here? Here’s how.

Today: a portfolio director who makes $270,000 a year and spends some of her money this week on dry shampoo and hair dye.

On Money Diaries, a portfolio director who makes $270,000 a year and spends some of her money this week on dry shampoo and hair dye.Credit: Refinery29 Australia

Occupation: Portfolio Director
Industry: Banking and Finance
Age: 42
Location: North Sydney
Salary: $270,000
Net Worth: $2.45 million ($200,000 in savings, $10,000 in shares, $450,000 in superannuation, and a property worth $2.5 million.)
Debt: $710,000 remaining on my mortgage.
Paycheque Amount (Monthly): $14,800
Pronouns: She/Her

Monthly Expenses

Mortgage: $3,993. I am a single parent with two kids. I have a new partner, but we don’t live together.
Credit Card: My credit card usually has $5,000 on it, which I pay off in full each month.
Joint Account: My ex-partner and I both pay $3,500/month into a joint account which is for the kid’s expenses. This covers school fees, extracurriculars, sports, and all things kids related. This also includes future funds for the kids’ high school education.
Other Contributions: I also contribute $1,500 to my new partner each month for staying over at theirs about half the time (when I don’t have the kids).
Phone: $60
NBN: $75
Health Insurance: $200
Home Insurance: $150
Car Insurance: $100. I do not own a car but I borrow my dad’s and cover the running costs.
Utilities: $200
Fuel: $300
Groceries: $600
Entertainment/Eating Out: $1,500

Did you participate in any form of higher education? If yes, how did you pay for it?

Yes. I completed combined bachelor’s degrees in science and commerce at The University of Sydney. I put it on HECS and repaid the debt (which was around $30,000) thanks to a combination of savings and parental support within five years of graduation. That was a long time ago though!

Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?

There was no direct conversation with my parents about money, but their attitude was shown through their frugal behaviours. Mum would always look for the best price in everything and Dad would just hand over his pay. Although both my parents worked, Mum was the one controlling the household budget. Dad dabbled in shares from time to time, but it was more of a hobby than an investment. My parents used to squabble over money about what to spend and how to spend it. I think it had a strong effect on me, but more on a personal relationship level than financially.

What was your first job and why did you get it?

I worked at Hungry Jack’s when I finished Year 12. I was very keen and jealous when my friends started getting jobs around Year 10, but I could never get one. My parents were still supporting me and I was still living at home so I didn’t need a job, but I was getting bored. But after that summer stint, I started working at Myer with good hours and made a good amount while I was at uni.

Did you worry about money growing up?

No, not really. I was really careless with money when I was young and spent a lot on frivolous shopping and clothes using money I earned from part-time jobs. However my parents’ arguments over money made me realise that the saying “money doesn’t buy happiness” is very true — while my family was comfortable, my parents started getting quite resentful of each other because of their constant budgeting.

Do you worry about money now?

Yes, every minute! I have a budget that tracks my spending each month and a forecast of my savings goal for the next 12 months. It’s part of my upbringing and part of my job as I work with numbers and forecasts each day. I also worry about my kids’ future, especially being a single parent.

At what age did you become financially responsible for yourself and do you have a financial safety net?

Probably 20, when I was at uni. I officially moved out of home when I finished uni around 22. I did have a safety net and knew I could always ask for financial help from my parents, but I rarely did. I became a supersaver once I left home! I used to save half of my pay without fail!

Do you or have you ever received passive or inherited income? If yes, please explain.

I receive a few hundred dollars in dividends from the shares I own that I acquired through employee schemes from previous work. I haven’t received any inheritance. I did receive some money from the Bank of Mum and Dad to help out with my deposit when I bought my first property in my late 20s. I had saved $60,000 and my parents kindly topped up that deposit with the same amount. For that, I am forever grateful. It enabled me to purchase a two-bedroom unit in the inner west before the price really shot up. I am very thankful for what they had done for me and can only wish I could do the same for my kids when they get older.

Day 1

7:00am — I wake up when the sun is shining through the windows. I roll over and decide I’ll sleep in until 7:30am. Kids are not up yet — we are just not morning people and they’re usually in bed late, around 9:30pm. I end up staying up way too late after they go to sleep so I can have ‘me time’. I have a mental count to remind myself what I needed to do today. Monday is usually my WFH day — I love having a slower start to the week and not needing to rush from school drop-off to the office.

7:30am — Finally drag myself out of bed. Make the older kid a Nutella sandwich and heat up a bacon and cheese roll for the younger kid for brekky. I don’t eat breakfast and haven’t done for years unless I get super hungry in the morning. I do have a large coffee most mornings though, which I usually make from the Nespresso machine if I’m home. Alternatively, my coffee-addicted partner, J., will often buy me one from a reputable cafe. He is a coffee snob!

7:45am — I try to get dressed as I yell at my kids to eat and get ready for school. Post COVID, my kids are obsessed with their electronic devices to the point of no return!

8:15am — Rush out the door. Start the car for the short drive to school drop off.

8:40am — Back home. Make a Nespresso. Message J. to say good morning. Get ready to turn on the laptop, but not before a quick scroll on the phone.

9:00am — Finally start work. It’s boring and I’m feeling sleepy. I’ve been at my job for ten years now — I started as the only one in the team but with business growth, I was promoted and now have a team to support the more standard day-to-day tasks. The work itself is challenging and involves a lot of numbers and financial analysis, as well as legal documentation review. I mostly enjoy it and do get a lot of autonomy, but I’ve started to feel more pressure from management due to inflation and interest rate rises.

1:00pm — Exercise time. I go for a seven-kilometre run around the water. It is a privilege to live so close to the water, albeit not right on the beach.

2:00pm — Quick lunch with some butter and Vegemite toast and a cup-a-soup. I loved powdered soup for some strange reason.

3:30pm — Kids are home from school and get ready for after–school activities.

4:00pm — Drop off kids for dance and basketball practice. Head into Chemist Warehouse to fill a script for one kid’s eczema. Walk out with a random assortment of things, including a L’Oréal eyeliner (they are the best after trying various expensive and drugstore brands!), hair colour, dry shampoo and other bits and pieces. $106.96

4:20pm — On the way back, it’s cold and windy. Happen to walk past a boutique that has a cosy fleece jacket. I realise I left my other proper jacket at J.’s, so I decide to get this for only $29! I also pick up a bottle of vodka ($60) and a birthday card for my kid’s friend ($2.95). I was drinking a lot during COVID-19 and I’m now trying to cut down on wine. I read that vodka and sparkling water is a healthier option, as long as I don’t down a bottle each time! $91.95

5:00pm — Pick up kids and drop them off at their Dad’s for the night. We have a very collaborative arrangement in terms of our shared custody and it would be unusual for me to not see the kids every day.

6:00pm — Arrive at J.‘s. He’s cooked chicken curry for dinner. Yum! I mix a vodka drink for me. J. is mostly a beer drinker, so he passed.

8:00pm — Log back onto work.

11:00pm — Finished work and head to bed. But not before looking at my phone again and chatting to J. while he’s in bed studying for his post-grad.

Daily Total: $198.91

Day 2

7:00am — Today I’m working in the office. Cuddle J. until we absolutely have to wake up.

8:00am — Leave for work. We usually drive to the city even though public transport would probably take the same amount of time. Traffic is heavy as usual.

8:45am — Car is parked. J. gets coffee for us. His shout.

10:00am — Our weekly team meeting. This is getting tedious and is unfortunately quite draining given the way the economy is headed. Today we talk about potential sales of some of our assets to get some capital back to our firm.

1:00pm — Seven-kilometre run around the Botanic Gardens to clear my head. It is such a beautiful course and I can never get sick of the view. The fact it is pretty flat and without hills is a plus!

2:00pm — Have a tuna salad for lunch using ingredients I brought in. I look at my banking apps and realise an Afterpay payment has gone through for the dryer I bought a few weeks ago. The old one sadly died after a good five years of solid use! $112.25

5:00pm — Leave work to pick up kids from school. The younger one has soccer training tonight.

7:30pm — Drop off kids at their Dad’s for the night and arrive at J.‘s. He’s made nachos for dinner tonight. I have another vodka mix.

9:00pm — Check my work emails and reply to a few.

11:00pm — Snuggle in bed with J.

Daily Total: $112.25

Day 3

7:00am — Another day in the office. Roll over and snuggle with J. I have been waking up during the night with a few work issues on my mind so any extra time lying down is welcome!

8:40am — Leave for work. It’s my shout for coffee today. $9.49

9:00am — I have been dealing with some serious issues with work, so this morning I have a workshop with some internal stakeholders.

1:00pm — Go for a run to clear my head. I was supposed to meet up with J., but he’s gotten stuck with some urgent work, so I run alone. It is nice to work in the city together. That was actually how we met — we used to work in the same building. No dating apps here!

2:00pm — Another home brought tuna salad for lunch. I do my budget while at lunch and pay off one of my credit cards in full before the due date ($697.39). I have three credit cards — one for kids’ expenses and two for personal expenses. $697.39

5:30pm — Leave work. J. and I both have to go pick up the kids tonight. He picks up his kid and I pick up my younger one while the older one is at dance class.

6:30pm — We all meet up for dinner at the pub. Tonight is burger night, so the kids share a beef burger with fries and some pink lemonade. J. and I also get the burger special, but we grab the spicy chicken. I also grab him a Coke and a red wine for myself. I’ve been looking around for food deals as we go out two or three times a week with the kids and it adds up. Sometimes we have Thai, but the pub usually has some good deals midweek. I pay for tonight’s meals. $71.50

8:30pm — Home time. Usual routine of getting the kids to do their homework and packing lunches for tomorrow.

9:30pm — Usher kids to bed while I check work emails and reply to a few. Then it’s bedtime for me.

Daily Total: $778.38

Read the rest on Refinery29 Australia here.

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