Ruby Real Money Diaries: We chat to business owner Eva
It can be easy to fritter away your money on the inconsequential. Developing a strong mindset around saving and spending only if it’s really necessary – weighing up the value of everything you buy - is key for our Money Diaries interviewee, business owner Eva. She shares how she prioritises her income; how she still follows her dad’s great money advice, and her financial goals for the future.
Age: Early 40s
Location: Sydney, NSW
Occupation: Business owner
HECS / HELP debt? No
Any other debt? No
Do you have any savings? Yes
Are you actively saving? Yes
RUBY: Hi Eva. Thanks for lifting the lid on your financial habits for our diary series! Let’s start with savings – are you a planner and does that include an emergency fund?
Eva: I’m a big planner. About 75 percent of everything I earn I move into different accounts. I’m big on investing. My emergency fund would be my main savings account.
RUBY: What does a day in the life of your spending look like?
Eva: Generally, I’ll buy a coffee, buy my lunch and have a small dinner – usually bought from the supermarket. I might have a wine with a friend. I don’t have any major day-to-day expenses, except petrol and car costs. All my other spending is living costs, like my bills.
RUBY: How do you feel about your finances today?
Eva: I feel ok, but with no real support network to turn to, I always feel a little nervous about my finances and how they’re going. I always want to save more to give myself a sense of safety.
RUBY: Where did you learn about money? What’s the one piece of advice you’ve always followed?
Eva: I learnt most of my money lessons from my dad! The advice I’ve always stuck to is that you should never own more material things than you can carry on your back. You should never share your bank account – and only use debt to your advantage, rather than relying on it. I also think research is really important; you need to read the fine print, ask a lot of questions and always compare offers and products.
RUBY: How do you prioritise your finances and, as you’ve matured as a business owner, has this shifted?
Eva: My attitude to money hasn’t really changed. I spend very little on the small, unnecessary things and weigh up the long-term value of everything I buy. I just don’t feel the need to spend money. That said, I do have two gym memberships (although both are dirt cheap) and they are so beneficial for me!
RUBY: Any long-term financial goals?
Eva: Yes! I want investment diversity: property, business, high and low-risk shares. I’ve invested in cryptocurrency as well.
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 for the information to your own circumstances and, if necessary, seek appropriate professional advice.