This college graduate thought she had saved a lot of money for years. Then she realized that she was doing the exact opposite.
I’m not your typical 22 year old Generation Z (or, dare to say, Zoomer). I save more than I spend. Or is it me?
Join news.com.au Cash up challenge Written by financial adviser Ben Nash to help you get your finances in order, I revisited how good my savings are.
Benz The calculator made me think — Where is my money going?
First, what is the difference between spending and wasting? Ben put it together nicely. One is “everything you are currently spending money on” and the other is “you I want To spend your money. ”
Whenever I get something, it’s when I really do NS want. A big milkshake? Let me take out my wallet. New dress? of course? If you have a stomachache or a russet gown left untouched in the cupboard for months, you’ll find that you’ve wasted your cash.
This reminds me of a high school commerce class. Not only did we learn that working in groups is a nightmare, but in these classes we also learned about the needs and desires of purchasing a product. Do you need it or do you want it?? actually, Do you really want it??
I was in the positive zone of Benz calculator (Fu!).
It’s worth noting that I still live with my parents and are currently saving, moving, or both for real estate.
But now, in retrospect, that doesn’t mean I won’t waste my money.
From when I paid $ 84 a month to not come to the gym, or when I bought an inexpensive ABN and lost $ 100, to when I was forking $ 10 a week on a news subscription service There is no. I worked for a company so I could get it for free.
Or, just after graduating from high school, the only hungry drink was a super-sweet cocktail that cost more than $ 15.
And don’t forget when it’s a hassle to get on the train in the dark or in the rain. We collect Uber fares.
Perhaps I was paying more attention to my money because I was mainly a college student in need of money and had the idea of working part-time to study.
I remember many times trying to decide where to eat and drink with my friends. Everyone declares it “almost broken”, so we chose the bar with the cheapest Sangria deals (even if the table is always sticky).
So I admit that I might have been a little looser when I switched from college to a full-time workforce earlier this year. With my cash.
Two weeks after starting my first full-time job in journalism earlier this year, my first paycheck flowed into my bank account.
I didn’t mean to lie, I got a little dopamine rush to see my balance go up.
I decided to refurbish my room, I bought a more expensive birthday gift for people, and I left even a little trip to go skydiving.
I’m also currently considering whether to get a riding license and spend thousands of dollars to buy a bike.
But I don’t even say I’m a continuous waster of money.
I don’t have a PayPal account and I haven’t downloaded the food delivery app to my phone (or afterpay). We know that once you get it, your money will be sucked into a black hole.
In fact, I don’t even drink coffee (yet).
I decided to ask some of my friends about their waste.
One is that deliveries arrive at the door every day from the online shopping Spree (probably not helped by the fact that she was blocked for several months).
Unimate prefers a reprinted cover, so he buys multiple copies of the same novel.
Another friend admitted that she had bought “a lot of cookbooks” even though she wasn’t cooking, and didn’t try to buzz the recipe.
Are you wasting or spending?
Ben’s calculator gave me some hope — you have to take into account a little waste of money in your budget.
It showed me that I shouldn’t beat myself waste, Or should i say spend, My money.
As a financial journey, I talked to quite a few young first homebuyers a few years older than me.
Some said they gave up their trip to save a home deposit (though I think we all chose it for the last 18 months).
The other didn’t go to the bar for four years — Again, 4 years without a drink –To save money.
But if you ask me, it’s not worth it.
At the end of the day, I still want to spend $ 15 and enjoy a really expensive cocktail without feeling guilty.
Cashed Up is a free 6-week course to help Australians check their finances. Those who sign up for a budget boot camp receive a weekly, step-by-step challenge to improve their financial position.
By the end of the six weeks, participants will set a budget, develop a savings plan, learn how to invest and classify retirement pensions.
Be sure to return to the second week as you will keep a diary as you progress through the course. And hopefully I’ll get more money at the bank after making informed financial decisions.
Initially published as follows Monetized Diary, Week 1: How 22yo Wasted Thousands of Dollars
Cash Up Money Challenge Helps 22yo Waste Money
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