As part of our series exploring how New Zealanders live and our relationship with money, a 38-year-old academic shares his approach to spending and saving.
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Gender: Male.
Age: 38.
Ethnicity: Pākehā.
Role: University academic.
Salary/income/assets: $115k salary, $70k KiwiSaver, $300k Total World Fund.
My living location is: Small town.
Rent/mortgage per week: $300 mortgage ($160k owing) for family of four (two adults, two children under three.)
Student loan or other debt payments per week: None.
Typical weekly food costs
Groceries: $250 for family of four (two adults, two infants).
Eating out: Rare since kids, maybe averages $50/week.
Takeaways: $50/week, usually fish and chips or curry on a Friday night.
Workday lunches: Take own.
Cafe coffees/snacks: None – have a good espresso machine at home and enjoy baking.
Other food costs, eg garden: We grow some of our own food, mostly through summer/autumn (eg tomatoes, pumpkins, salad greens, cucumbers, berries, feijoa).
Savings: When we were both working full time we invested one full salary every payday into the stock market. This built up a healthy nest egg in passive index funds that will hopefully help fund most of our retirement. Now on one salary, we have much less capacity for saving outside of KiwiSaver, where I contribute 5% to get max 7% employer match. I have auto payments of $15/day to our investments and $25/week to children’s investment accounts.
I worry about money: Rarely.
Three words to describe my financial situation: Strategic, vigilant, secure.
My biggest edible indulgence would be: Whittaker’s chocolate – it seems to go up in price every week!
In a typical week my alcohol expenditure would be: $20ish. I’m a keen home brewer so always have beer available. It costs $50-$80 for 20 litres of craft beer quality ale that lasts a couple of months.
In a typical week my transport expenditure would be: $70 public transport, $30 hybrid car.
I estimate in the past year the ballpark amount I spent on my personal clothing (including sleepwear and underwear) was: Very little – I seem to binge-shop clothes about once every five years and then wear them out fully.
My most expensive clothing in the past year was: $80 pair of shoes for work.
My last pair of shoes cost: $80.
My grooming/beauty expenditure in a year is about: Zero – partner cuts my hair following a YouTube tutorial!
My exercise expenditure in a year is about: Zero – between entertaining small children, dog walks, and enthusiasm for tramping, I get my steps in without having to pay.
My last Friday night cost: $50 – fish and chips for the family and some cider for partner.
Most regrettable purchase in the last 12 months was: Honestly can’t think of one – most purchases are usually quite heavily considered before committing.
Most indulgent purchase (that I don’t regret) in the last 12 months was: $400 watch.
One area where I’m a bit of a tightwad is: Most areas… but haircuts is probably the obvious candidate. It would almost be quicker and less stressful to go to a professional.
Five words to describe my financial personality would be: Always planning two steps ahead.
I grew up in a house where money was: Available but not obvious. We were a single-income household but comfortable and had nice family holidays. However my parents were always careful with money and every purchase was scrutinised beforehand.
The last time my Eftpos card was declined was: In the last year, probably. We don’t tend to keep a lot of cash in checking accounts – it sits in investments or savings.
In five years, in financial terms, I see myself: Hopefully approaching CoastFire, if not already there.
Describe your financial low: Wasting a few hundred dollars on memecoins (crypto) in the 2021 frenzy.
I would love to have more money for: Travel.
I give money away to: Local community groups.