It's been a while between drinks for Money Diaries, but we are back and today a 24-year old Melburnian working in marketing and advertising takes us for a dive into his wallet.

Industry: Marketing/Advertising

Salary: $70,000

Age: 24

Location: Melbourne CBD

Housing: Renting a two-bedroom apartment with my partner

Debt: $50,000 student HECS-HELP debt

Assets: Stocks and cryptoassets via eToro, super, online ecommerce business, work salary

Regular monthly expenses:

  • Rent: $2,600 (includes access to gym and other essentials)
  • Phone bill: $100
  • Food: $250+  (depends on whether I'm weight cutting for martial arts training)
  • Internet: $70
  • Public transport: $20-30

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Save

How much of your income do you save and what are you saving for?

I try to save at least $1,000 a month from my salary and anything I can earn from other sources of income. I’m currently saving to buy more financial assets.

How do you budget?

I use a spreadsheet and calculate everything from my total incomes to my expenses.

What money habits are you especially proud of? 

I’m proud that I’ve trained myself to spend money on financial assets rather than luxuries. I care little for things such as fancy new cars or clothes.

Growing up, did your parents have conversations with you about money? Did your parents/guardian teach you about money?

Yes, my parents taught me the true value of money and how it can bring opportunities and freedom for myself and others. They also taught me how hard it is to obtain and maintain.

I’m thankful that my parents taught me how to make money beyond just the traditional means, which has had a long-lasting impact on my habits and pursuits.

Spend

What do you spend most of your money on? 

I currently invest in crypto assets and stocks via online platform eToro and other assets.

Do you make spending decisions carefully or are you a bit loose with the purse strings?   

I could be better. I was probably a bit stricter with myself when I was a student, but my past investments have now enabled me to enjoy more little luxuries.

Do you have any money habits you aren’t especially proud of? 

I’m not too proud of myself when I buy cheap or fast food. I usually think: “why did I buy this when I could have bought more crypto?”

You can actually save so much more by eating healthy homemade food, dieting and rationing. I’m working on improving this habit everyday.

What’s your favourite thing to spend money on?  

Experiences and travel. Nothing beats quality experiences with my friends and family.

Invest

How do you invest?   

I invest quite a lot into myself. Primarily through education (online courses, certifications), fitness (gym, martial arts) and work experience (full time job, side-hustle).

I invest my money primarily into cryptoassets via eToro, as it has been the most life-changing asset class for me. 

What has been your best/worst investment?

Best investment: Cryptoassets in 2020 and 2021. 

Worst investment: Investing in speculative penny stocks.

Editor's Note: These responses were collated the week beginning 15 May 2022.

A week in the life of my bank account

Day One - Monday

Wake up early and go to the gym for an hour before work. I will buy a $5 coffee from my local café. 

Depending on what I decide to go for, work lunch could be anywhere from $10-$20. If I’m feeling tired, another $5 coffee.

Daily spend: $30

Day Two - Tuesday

My routine for the rest of the week is the same, but I will spend less on eating out and will probably have a coffee at home rather than at a cafe.

Daily spend: $20

Day Three - Wednesday

Same as Tuesday, with a coffee at home rather than at a cafe. 

Daily spend: $20

Day Four - Thursday

Today is a repeat of both Tuesday and Wednesday, with a coffee at home to save some cash.

Daily spend: $20

Day Five - Friday

After work and training, I may go out for dinner with my partner and a couple of drinks.

Daily spend: $100

Day Six - Saturday 

I usually sleep in, as this is the one day of the week where I rest as much as I can. This probably means I’ll skip breakfast. I might go on a day trip somewhere with my partner, which usually means we’ll likely get lunch and/or dinner out.

Daily spend: $100

Day Seven - Sunday 

Sunday is all about preparing for the week ahead. I will often have Sunday brunch out and about ($20), followed by grocery shopping ($40).

Daily spend: $60

MDWeeklyBreakdown.jpg


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