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Ruby Real Money Diaries: Alison has two money habits she sticks with

18 May 2021

What do you do if you’ve grown up in an environment where money was scarce, and no one really taught you how to manage it? That was the case for solicitor and business owner Alison, who admits she still makes mistakes and is an impulse buyer. However, she has some good money habits too and is saving for her second property, proving that you can always learn to become better with money. Let’s find out more about Alison’s financial journey…

About Alison

Age: Early 30s
Location: Cairns and Hobart
Occupation: Solicitor and business owner
HECS / HELP debt? No
Any other debt? Yes, a mortgage
Income: 90K+
Do you have any savings? Yes
Are you actively save? Yes

RUBY: Hi Alison. Thanks for talking to us about your financial journey. Let’s start with your day-to-day spending – what does that look like?

Alison: I very rarely open my wallet – if I do, it’s generally for everyday expenses, to buy things like food, wine, petrol. Occasionally I do like to go clothes shopping. Most of my transactions are direct debit. I do grocery shopping online, and I use my phone for a lot of things – like shifting money or paying for items.

RUBY: How do you feel about your finances today?

Alison: I don’t really consider myself good with money. Sometimes I’m overly cautious with money, and other times I’ll blow a heap of cash on something frivolous.

RUBY: Where did you learn about money?

Alison: I grew up in a low socioeconomic area and to be honest, I never did learn about money and how to manage it. I wish I had.

RUBY: How do you prioritise your finances and has this shifted as you’ve matured?

Alison: Household expenses always come first, but I don’t really have a budget in place. I would definitely call myself an impulse buyer.

RUBY: Do you have any financial habits that you always stick to?

Alison: I have two money habits that I’m strict about. I always pay my bills, and I don’t have any credit cards. I also have an emergency fund in a separate bank, so I don’t see it every day.

RUBY: Do you have any children and if so, how do you manage those costs?

Alison: I have two young girls aged 2 and 5 and there may be another one along soon! Children are expensive, it’s true – but if you have more than one, you can recycle a lot of clothing and things they need, which can help you save. Childcare is the real killer, though.

RUBY: What are your long-term financial goals?

Alison: I’d like to pay the mortgage off as soon as possible – and I’m also saving for another home, so that’s another long-term goal I’m working towards.

I never really learned about money growing up, but I have two money habits I stick to: always paying my bills, and not having any credit cards. Alison, solicitor and business owner

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.


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