Financial worries plague Sydneysiders from all walks of life in Daily Telegraph’s money diaries
We reveal the financial diaries of Sydneysiders – from university students and young professionals to blue-collar workers, parents and retirees. Take a peek inside their pockets and see how others are saving and spending.
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From exorbitant rental prices and mortgage rates, to pain at the supermarket checkout and petrol pump, Sydney’s cost-of-living crisis means everyone is feeling the pinch.
The Daily Telegraph has interviewed six Sydneysiders in this two-part special, revealing the weekly financial ‘diaries’ of university students, young professionals, blue-collar workers, parents and retirees.
Read part one here, or read on to find out how three very different families are spending, saving and planning for the future.
HARIETTE NTAKIRUTIMANA, 25, CAMPBELLTOWN
25-year-old Campbelltown woman Hariette Ntakirutimana is a self-described “corporate girlie”, documenting her daily spending habits on TikTok. Tough love from her followers is helping her save more – something she knows she needs to do to have money to one day move out of home and buy a house.
Q: What is your job and what do you earn per month?
A: I’m a communications co-ordinator for a financial advice business. I get paid just over $4000 a month.
Q: What is your mortgage/rent payment?
A: I’m living with my parents – I come from an African background so we usually don’t move out until we get married, or buy a property – but I do pay rent, and help pay bills along with my siblings – no more than $500 a fortnight.
Q: What are you buying this week?
A: The majority of my budget goes to food – I’m a picky eater so even when I make lunches at home I’ll often end up buying food at work. Just my lunch or breakfast is $20 a day. I don’t really go out or to parties, I’m not into drinking so my money isn’t being spent in that way. I pay for Spotify and Disney+. This week I’m spending a lot more because it’s my birthday next week and I’m going on holiday – I had already bought flights but the hotel was about $800. My birthday is the one time I’ll buy clothes guilt-free.
Q: What are you going to go without?
A: Impulse shopping. I’ll limit how many times I go to the mall – I’ll only go if I know I’m going to buy something, and I’ll set a budget.
Q: What has influenced your attitude to money?
A: I used to be insanely bad with my money – I think a lot of young people don’t have the education about how to use their money. The best thing for me was to reset my attitude towards money, and stop thinking I’m not making enough compared to other people. I’ve been fortunate with my family members – my mum is really good with her money. If you set aside a small amount of money consistently … that’s going to build over time – and it builds discipline. Social media is also a great platform for educating people about money – I listen to the podcast She’s On The Money.
Q: Do you worry about money?
A: Like most people, I am trying to save for a house and a mortgage, so I have to be sensible. I think it’s about learning that money is a tool that you can use – it’s not something that should give you anxiety. All of us younger people feel anxiety about money, especially right now, but I’ve tried to look at my budget and set realistic expectations.
Q: How have you changed spending habits/what sacrifices have you made?
A: My goal since 2023 has been to have a better understanding of where my money is going – I cut off a lot of my subscriptions and unnecessary gym memberships. I also cut down on beauty maintenance – swapping my acrylic nails for press-ons, and finding cheaper alternatives.
DIANE TIPPER, 58, ALLAMBIE HEIGHTS
58-year-old small business owner Diane Tipper and her husband, 63-year-old self-funded retiree Mark Tipper live in Allambie Heights on Sydney’s northern beaches, but while their lives are comfortable now, Diane admits, she worries for her children’s – and her grandchildren’s – financial futures.
Q: What is your job and what do you earn per month?
A: I have a small business called SleepKeeper – it’s a water-resistant compact travel bag so you can take your own pillow with you. My husband is retired, and our main source of income is super and our property investments. We’ve got about $7000 to spend each month.
Q: What is your mortgage/rent payment?
A: We own our house outright, and rent covers the mortgage on one of our other properties.
Q: What are you buying this week?
A: For our produce we use a service called Farmers’ Pick, it’s $52 a fortnight and it’s all about using the odd pieces of fruit and veggies that get rejected by Woolies and Coles – it’s a huge amount of food and you do save so much money. I would normally have spent $50 a week at least. We also get our meat from OurCow which is another online subscription that knocks out the middleman, so our average grocery shop is only about $150 to $200 a week.
Q: What are you going to go without?
A: We’re not very frivolous with our money – we buy things as we need them, but we don’t shop a great deal.
Q: What has influenced your attitude to money?
A: Really, I think it’s from my mum’s way of dealing with money – she always taught us that you go without the little things to get the big things, and if you save the cents they turn into dollars. I think a lot of the young ones don’t get that – they think it’s only 10 bucks here or there but those turn into hundreds over the year – that would pay for a holiday. We also grew up in the era of 18 per cent interest rates. In our younger days we went without a lot – I remember when we first moved out, our TV sat on milk crates with fabric over it!
Q: Have you been gifted or inherited any money and how did this help you?
A: Yes, when my mum passed away. The money from the sale of her house made a huge difference, it helped us incredibly, and I’m very grateful. My mum was so thrifty, so I’m very mindful of not whittling it away – instead, making sure it’s invested and working for us.
Q: Do you worry about money?
A: No – we’ve put ourselves in a position where we don’t have to. But I do worry about money for my children. My son and his wife have a son and they’re expecting another child at the end of the year, and just living in Sydney is extremely costly for them.
Q: How have you changed spending habits in the cost of living crisis/what sacrifices have you made?
A: In the past we might’ve had takeaway a few times a week but now we’ve got all the fruit and veggies to use up, so it makes us cook more!
IMOGEN JONES, 25, CHIPPENDALE
25-year-old single mum Imogen Jones earns good money working in finance, but despite making commission as an investor relations manager the costs of raising a five-year-old and renting in the inner city keep adding up.
Q: What is your job and what do you earn per month?
A: I’m an investor relationship manager and I work full-time. I get paid on commission so my income changes, but at the moment it’s about $10,000 a month after tax.
Q: What is your mortgage/rent payment?
A: We live in Chippendale and pay $750 a week – it’s a studio, and it has a mould problem, but at least it’s good for location.
Q: What are you buying this week?
A: My biggest expense is rent but that’s closely followed by my son’s preschool – it’s $177 a day. I budget $50 a week for electricity, water and utilities. It’s too expensive to own a car so we spend about $60-$100 a week on Uber and public transport. Our groceries are about $100 to $150.
Q: What are you going to go without?
A: I haven’t been replacing things – when I got rid of my car I didn’t get another one, and then when my laptop broke, I haven’t bought a new one. We buy the more savvy options at the supermarket. I’ve also been saving on beauty services. My entire wardrobe and look has changed because I couldn’t afford the upkeep.
Q: What has influenced your attitude to money?
A: I prioritise the opportunities that come with certain expenses – for example location over the quality of a house. In terms of education, I send my son to one of the most expensive preschools in Sydney – but I like the opportunities it gives him.
Q: Do you worry about money?
A: I’m concerned there’s a point where the cost of everything goes up so high we can’t all just make it work. We’re not living luxuriously – not the kind of lifestyle I would expect someone on a salary like mine would be living 10 years ago. That mark for liveable wages is coming up quite high.
Q: How have you changed spending habits in the cost of living crisis/what sacrifices have you made?
A: Subscriptions to streaming services are the thing I’ve cut down on – every couple of months when I just can’t afford things, those are the negotiables I cut out first. My son’s activities come first on the priority list, but even then, he used to learn Mandarin and take cooking classes but I can’t afford that any more.
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