Looking at how others manage their money can be really insightful - and give you tips and ideas on things you might like to try on your own financial journey - whether your goal is to build an emergency fund, save for a home or just boost your income with a pay rise! We chat to Ruby reader Hannah about her financial habits and what works for her in terms of savings.
- Age: Late 20s
- Location: Sydney
- Occupation: Graphic designer
- HECS / HELP debt? No
- Any other debt? No
- Income: 70-90K
- Do you have any savings? Yes
- Are you actively saving? Yes
RUBY: Thanks for talking to us about your financial habits, Hannah! Are you the type of person who has a savings plan, or do you wing it month to month / week to week?
Hannah: I usually have a rough goal for my savings, but mostly I just wing it and hope for the best!
RUBY: What does a day in the life of your spending look like?
Hannah: An average day would be for me to travel to and from work, grab a morning coffee on the way, and then maybe once every 2 weeks I’d buy lunch. On average I’ll buy takeout probably once every two weeks. On the odd occasion I’ll need to buy something extra for dinner or milk if I have run out.
RUBY: How do you feel about your finances today?
Hannah: I’m not as comfortable as I would like to be at my age, especially when I compare myself to others, but overall I’m pretty content with how I’m tracking.
RUBY: Where did you learn about money? What is one piece of advice that you have always stuck to?
Hannah: I guess I learnt mostly about money and finances from my parents, while growing up. I’m not sure I’ve ever really stuck to anything in regards to financial advice, but a year ago, I realised one thing that works: if I don’t see my savings, my nest egg tends to grow faster. So having an account I can’t see and even better, can’t move money from, easily helps me save more.
RUBY: How do you prioritise your finances and has this shifted as you’ve matured? Do you budget or consciously save for large purchases, or are you an impulse buyer?
Hannah: I use to be very much an impulse buyer and I still am a little! But as I’ve matured, I do think longer about a purchase and whether or not I really need it.
“I wish I’d learned earlier that not being able to see my money would help me save faster”
Loved this? Check out more in the Ruby Money Diaries series – we’re putting up a new interview each month.
Things you should know: This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.