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WELCOME TO HOW I Spend My Money, a series on The Journal that looks at how people in Ireland really handle their finances.
Are you a spender, a saver or a splurger? We’re asking readers to keep a record of how much they earn, what they save, if anything, and what they’re spending their money on over the course of one week. If you’re interested, send an email to money@thejournal.ie. We would love to hear from you.
Each money diary is submitted by readers just like you. When reading and commenting, bear in mind that their situation will not be relatable for everyone; it is simply an account of a week in their shoes, so let’s be kind.
Last time around, we heard from a software engineer in the east of the country, earning €140K. This week, an Irish/Munster man living in Melbourne with his family on $185,000 (€112,000).
I am a 38-year-old married accountant and father of two young kids living in Melbourne, working for a large financial institution.
We try to save as much as possible. On reflection, I think I put a lot of pressure on myself and sometimes my wife. We are lucky to have a family member of ours around to help out with our kids some days. However, they are returning home shortly, so the childcare bill will increase quite a bit.
We are not sure what we are saving for; the plan is to return to the real capital someday. I priced relocating back to Ireland with two kids and a dog, and some shipping to be around $25K and then to set up back home to be around €20-25K for two cars, rent and deposit, first month’s bills, as my wife won’t be able to work instantly.
I look at some houses here sometimes, and while I think that would be great to strive for, we’d be without family then. The next few months will be clearer for forming a decision, but there are a lot of considerations, and it would seem there is no perfect number needed for that move.
Occupation: Accountant
Age: 38
Location: Melbourne
Salary: I’m on $185,000 (€112,000) – including superannuation guarantee at 12% and a 15% bonus paid annually. My wife is on $162,000 (€98,000), which includes superannuation guarantee at 12% and 10% bonus paid annually
Monthly pay (net): $17,298.45 per month (€10,478.50). I’m paid fortnightly
Transport: $700
Mortgage: $3,420
Other household bills: $700, which includes gas, electricity, water
Phone bill: $30 (paid twice a year $180)
Health insurance: $415
Groceries: $1,900
Subscriptions: $110
Childcare: $2,730
Kids activities: $400
Vanguard: $100 for kid’s account, $600 for my wife’s and $250 for mine (just prefer to take less out to keep the balance up)
Ireland/Emergency savings: $1,500
Medical expenses: $50 roughly – prescriptions and Panadol for the kids, etc. Most doctors’ visits are bulk billed, i.e. on our Medicare
Holidays: $8k-$10k annually (paid via savings or with a credit card in one month), so not a monthly cost but something to factor. Flights you have to pay upfront, but accommodation can be deferred if not travelling back to Ireland.
The bonus will cover some of the holidays or be used for savings as well. The remainder is either spent out at restaurants, coffee, etc. I automatically transfer back to Ireland, where we hold funds as well. However, if I review the budget and there is excess, I may save that as well in Vanguard or somewhere.
Both our salaries go to the joint account, and all expenses come out of there or via a credit card for some. So essentially, we split into two.
***
6.45 am: I get up to go to work. Shower and drop the kids off at childcare (just one today as daughter stays at home on Mondays with a family member). My wife drops me off at the station. It’s an hour train ride into the city centre, and I pick up a coffee on the way to the office ($5.20). The train cost is around $5.
10.30 am: I am in the process of purchasing another car, so I run a report from the road authority site and can find out any historical issues and corroborate what the dealer has told me. ($30).
12.00 pm: I go to a place called Spud Bar for lunch. They have a mashed potato with meat option and toppings. I also get a drink with it ($24). On the way back to the office, I chat with a co-worker about some resource planning and get another coffee ($6).
4.00 pm: I head away early from work as there will be a protest in the city, so it may disrupt some transport links. Get the train ($5). Before that, I stopped at a vending machine and got a chocolate bar for the journey ($3.20).
5.30 pm: We prepare dinner for the kids, but they don’t eat all of it, so they end up having Weetabix. Then it’s bath time. I have a sandwich myself as I don’t want to eat something too heavy, as I play football at 7 pm.
7.00 pm: Wife puts both kids to bed tonight as I play football just up the road from my house, been playing with most of the lads for a good few years now and really enjoy it. This is just a kick around on all-weather pitches. ($18.50)
9.00 pm: Home, shower and a pot of tea. My mother brought me a box of Barry’s tea with 600 bags in it, and I’m about halfway through after 1.5 years.
Today’s total: $96.90
2.00 am: Hear my son crying, try to give him some water as it’s quite humid. Downstairs, then for some milk for him and back to bed.
6.45 am: I get up to go shower. We drop the kids off at childcare, and I drop my wife to train station. I’m working from home today. Soon we’ll have another car and can do separate trips. We are near the beach, so I walk around there with my dog before the work day starts. We stop for a coffee and a sausage roll. We split the roll, but she has no interest in the coffee. ($14.57)
9.00 am: Health insurance for the month comes out ($412.50). It’s good cover, and I needed it last year when I had my appendix out. It’s not a common corporate benefit like there is in Ireland, working with multinationals. YouTube for the kids and me also comes out today. ($22.99)
12.00 pm: At home for lunch, so I make a sandwich. The other family member makes some rice and beans, but I am not too into it, so I skip.
5.00 pm: I head off from my desk at home to collect the kids from childcare. I bring them home, and we have some dinner. A bit of playing outside with the bubble machine and in our makeshift playroom in the garage, watching some Paw Patrol and then we head up for baths. The missus gets a Didi (ride-share, like Uber) home from the station as I’m too busy with the kids.
7.30 pm: Kids go to bed, and wife goes off to the gym.
9.00 pm: Pot of tea. The rest of the evening is spent watching Netflix and chilling out before bed.
Today’s total: $450.06
6.00 am: Awake – and it’s pay day!
6.45 am: This time, I get up to get the kids ready, and my wife takes the car. I’m working from home today, so I won’t need it, and will likely collect the new car. But in truth, United are playing at 7.15 am, so I can watch it without having to go out. Make a coffee with our machine that my mother bought for us when she was over last. This is a great machine, however, I feel I still buy too many, so it can be somewhat underused.
9.00 am: It’s a 1-1 draw in the end. We’ll take the point. Feel like doing some cleaning and laundry as it was piling up, so do it now as I have no meetings in the morning.
10.00 am: Start work and go through to lunch. Lots of planning underway for a half year and the annual financial report, so I have some slides to prepare and present on Friday.
12.00 pm: Lunch is a homemade sandwich again.
1.00 pm: Get a call about the car: it’s ready. I get a Didi up to the dealership, which costs $36. Get there and get into the car, they answer the follow-up questions I had. I’m still within three days of signing the contract, so I can walk away, but after obtaining reassurances, I’m happy, and I pay the balance ($6,800). Hop in, engine management light comes on. Back into the dealer who resets and reaffirms it’s fine. They didn’t put any fuel in also, which I’m a bit surprised by, so I have to get some ($90).
5.00 pm: I collect the kids, and they have some dinner (Chicken Kievs). We have good fun playing a bit of hide and seek before my wife comes home, and we commence baths.
7.30 pm: Football training tonight in the rain (this is a separate club I joined for football on Mondays, as this is an over-35s league).
9.00 pm: Training finished, I have two beers afterwards in the clubhouse ($17). The football and social bit afterwards really helps improve my mental health.
Today’s total: $6,943.00
6.45 am: I was supposed to go to the office, but talks of some protests again, so use that as an excuse to leave it off – although I need to head out to see mates later for a few beers. I debate for 30 seconds and come to my senses: I’m not going into the office. The missus and I go walk the dog near the beach and back in for a coffee and breakfast in a café close by ($65).
9.00 am: Start work. Have some meetings and things to get done, so I keep the head down.
12.45 pm: Come downstairs for lunch – sandwich again, had the option of rice and beans, but I’ve enough of it now at this stage. Wife comes home after spending some cash in Aldi for some more bread, milk and specifically a multitude of those squeezy yoghurts the kids love. We’ll defer a larger shop to the weekend at this stage ($14). The other family member bought some items as well.
5.00 pm: I take the car and park it at the station, which is free. Tonight, I’m off out for pizza and beers with a few of my ex-workmates. Cost of train is $5.
8.30 pm: Meal concludes and the bill is split four ways. My portion is $78.
9.30 pm: After another two pints ($30), I head home in a Didi ($80).
Today’s total: $272.00
6.45 am: I get up, shower and head to the station. Again, parking is free, but I get a coffee ($5.20). Train costs $5.
10.30 am: Busy couple of meetings, so work through until 1 pm. Some more bills out today. Childcare, which is taken weekly, is currently $639.50. This is after the rebate we get from the government, which is income-based. Hello Fresh, the meal kit we get delivered every second week, which basically allows me to make three meals during the week instead of shopping for ingredients, also comes out. ($89)
1.00 pm: I go downstairs to the building and get a chicken wrap and an orange juice. Suffering slightly from last night, but drive on. The wrap is not great ($20). The place is very empty. I feel sorry for some of these inner city businesses, as trade has never been the same since Covid.
4.20 pm: I head away from work a bit early and get on the train ($5). Get back to the car and head home, but pick up a couple of beers on the way. ($26)
7.00 pm: Wife is heading out, so I put the kids to bed and catch up on some shows.
11.00 pm: Wife gets home, and I’m still lying on the couch with the dog. Off to bed.
Today’s total: $789.70
7.00 am: We have breakfast, and I go off to swim with the little fella while my wife goes to ballet with my daughter. It costs around $250 a month for the swimming for two and $165 for two months for the ballet. Get two coffees on the way back home, then in drive-thru Maccas ($15).
9.00 am: Cut the grass and wash the deck.
11.45 am: Back to swimming with the daughter. She now swims on her own with the teacher. Then home and some lunch.
7.00 pm: Spent the remainder of the day at home with the kids. We had pizza in the fridge, and some beers purchased the day prior, so we tucked into them, and then my wife and the other family member came home after some volunteering.
10.00 pm: Watch some stuff on the tele and off to bed.
Today’s total: $15.00
8.30 am: Get a sleep in. Best wife ever. Ring the mother and father back home and put on the kids, end up chatting about funerals and weather.
10.30 am: Off to the shopping centre to get a few things. Haircuts for the kids ($88), one more child seat for the new car ($169).
1.00 pm: Back home and lunch there – Rice, beans and some garlic bread.
3.30 pm: Up to St Kilda for a friend’s birthday with the kids. However, it’s on the beach, so kids can play there. Parking is $20 for the day or $7 an hour. Full day it is. I was in two minds about coming as the St Kilda festival was on, so a lot of roads were closed, but we managed to get parking close by.
7.00 pm: Have a few beers there, and my wife advises she will drive home. $80 for a couple of beers and some food. It’s around $15 a pint most places.
7.45 pm: Home and kids go to bathe and off to bed.
10.00 pm: Catch up on more TV with the missus and then off to bed.
Today’s total: $357.00
What I learned –
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