My weekly spending
While many of this Melbourne local’s costs are shared with her husband, the day-to-day figures outlined below are what she has paid over the course of a week.
Monday: $250
I start the week by paying our weekly childcare bill, which covers four days. People are always amazed that it’s so low, but rates in Melbourne’s western suburbs tend to be lower.
Tuesday: $150
A weekly grocery shop of just under $150 is pretty standard for us. We’re incredibly lucky because my parents drop off bagfuls of groceries (mostly fresh vegetables and fruit) and cooked meals to our house each week. It’s almost like I’m still living at home.
Wednesday: $40
We have a small, fuel-efficient car, which is fortunate in the current climate. On my way home from work, I fill it up.
Thursday: $30
I swing by my neighbourhood hairdresser for my six-monthly trim.
Friday: $120
We celebrate the end of the working week by going out for a family dinner at a nearby Indian restaurant where we order a mix of plates to share.
Saturday: $250
On weekends we dine out a lot and today is no different. We enjoy brunch at a local cafe and dinner at a Greek restaurant with friends – this is my personal share of the day.
Sunday: $65
We round out the week with my daughter’s swimming lesson ($25) before enjoying bagels and coffee at a cafe by the park ($40). We spend a lot eating out, but we save so much on groceries, and many of our activities (like playing at the playground) are free.
Total spend: $905
The expert view: Cook at home and start investing small
For Karen Eley, certified money coach at Women Talking Finance, the first priority for this diarist is reversing the trend of spending more than they earn. Her quick fix? Swap just one weekly restaurant meal for home cooking. “It’s a move that would see you save around $5,200 a year,” Eley explains, noting those recovered funds could go straight toward extra mortgage repayments or an Exchange-Traded Fund (ETF) portfolio - which is an investment fund made up of a collection of different assets.
To tackle the latter, Eley advises against information overload. For beginners looking to invest, she recommends choosing just one credible, AFS-licensed podcast, like CommSec Invest: The Share Market Simplified, to learn the ropes without the overwhelm. Then, when it comes time to buy in, there's no need to wait for a massive lump sum. Eley suggests using platforms like CommSec Pocket to invest as little as $50 a month into ETFs, helping to build wealth slowly over time. The ultimate goal is giving every dollar a job. “Our money needs direction and purpose,” Eley warns. “When it doesn’t have that, you wind up using it for splurges.”
