Yes, I got my three-year bachelor’s degree and paid for it with student loans. Loans didn’t cover all my living costs in my first year, so my parents paid for half of my university hostel living costs. My brother also helped me out in my first year by paying some of my living fees: I’d spent all my student loan money on alcohol and shoes and didn’t want to tell my parents (thanks, bro). After first year, I moved into a flat and my student loan covered my rent and bills. My parents gave me an allowance of $200 a fortnight. I also worked part time so I could save up for my overseas experience. I graduated with just under $40,000 in student loans and am on track to pay them off this month — only 10 long years after I graduated, lol.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
We didn’t have that many conversations about finances. My brother has always been a saver, but I’m a spender. Even though I am waaay better now, I still have spending and impulsive tendencies, mainly around makeup and skincare! My brother has always been very good with money — he was able to give me $1,500 when he was only 21 to help me out and it wasn’t an impact for him. I wish my parents had educated me on investing, but that wasn’t really a thing when I was young — and even if they had talked to me about it, I probably would not have listened. Their main message to us was to not go into unnecessary debt and if you don’t have the money to pay for it upfront, then don’t buy it.
What was your first job and why did you get it?
My parents wouldn’t let me get a “proper” job in high school as they wanted me to focus on studying. So instead, I babysat for a family in the last two years of school — one night a week, and some weekends. I went to a private school and I really wanted to keep up with my peers, so I used the job for extra spending money. My first taxed job was the summer between school and university — it was in catering and it gave me money that I could save for uni… Which I ended up just spending on fun summer activities and partying, haha.
Did you worry about money growing up?
Not really. I did ballet — which isn’t cheap — for 16 years, and we did heaps of extracurricular activities. We also went on domestic and overseas holidays regularly. When we moved to Wellington from my small town, my parents put me in a private school and I was surrounded by people with lots of money. While my parents were upper-middle class, my peers were next level, and their parents were very upper-upper class. I worried about going out with friends because they just used their parents’ credit cards while I just had my weekly allowance or extra money I had begged for from my dad.
Do you worry about money now?
I don’t really worry now. When I was overseas, there were times that I had $10 to my name and was always worrying about money. But now, D. and I make good money, have solid savings and are on the same page with our financial goals. I do worry about having to put off having a baby: we want to buy our own home soon and I don’t think we could afford a mortgage on one income while one of us was on baby leave. But then again we probably would be fine, we would just need to stop going out as much or buying as many skincare products (me) and then we would have a lot more spare money.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I moved out of home at 18 to go to university and then I went overseas for two years. But during this time, my parents still paid me an allowance. When I moved back home, they let D. and I live rent free for 18 months, so I probably wasn’t fully financially responsible for myself until D. and I moved into our own place when I was 24. We have our savings to fall back on, but I also know that my parents or D.’s parents in Australia would help us out if we needed it. My parents are always asking us to move back home, so we can always move home, lol.
Do you or have you ever received passive or inherited income? If yes, please explain.
Yes. My brother gave me $1,500 when I was in uni to pay for my hostel fees. My parents paid for some of my uni accommodation and paid off a $2,000 overdraft for me while I was overseas (and never asked for repayment). They also gifted me $5,000 for an elective surgery I had in 2020 and paid around about $12,000 for our wedding. We live in the same city, so they will often treat us to coffee or dinners when we catch up. D.’s parents gave us $20,000 to go towards a house deposit which kick-started our savings; they also chipped in about $12,000-$15,000 for our wedding, and they always pay for our flight tickets back to Australia once or twice a year.
