You are currently viewing Money Diaries: A week in the life of a 24-year-old Melburnian who makes $70,000

Money Diaries: A week in the life of a 24-year-old Melburnian who makes $70,000

Welcome to Money Diaries, a series about breaking financial taboos by asking everyday Australians how they spend their hard-earned cash in a week.

It’s been a while between drinks for Money Diaries, but we’re back and today a 24-year-old Melburnian working in marketing and advertising takes us deep into his portfolio.

Industry: Advertising Marketing

Salary: $70,000

Age: 24

Location: Melbourne CBD

Lodging: Renting a two bedroom apartment with my partner

Debt: $50,000 in HECS-HELP student debt

Assets: Stocks and crypto assets via eToro, super, online e-commerce business, working pay

Regular monthly expenses:

  • Rent: $2,600 (includes gym access and other essentials)
  • Phone bill: $100
  • Food: $250+ (depends if I’m losing weight to train in martial arts)
  • Internet: $70
  • Public transit: $20-30

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How much of your income do you save and why do you save?

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

How do you budget?

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

What financial habits are you particularly proud of?

I’m proud that I trained myself to spend money on financial assets rather than luxuries. I don’t care much for things like new cars or fancy clothes.

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

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

I am grateful that my parents taught me how to earn money beyond traditional means, which had a lasting impact on my habits and activities.


What do you spend your money the most on?

I am currently investing in crypto assets and stocks through the eToro online platform and other assets.

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

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

Do you have any financial habits that you are not particularly 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 a lot more by eating healthy homemade foods, dieting, and rationing yourself. I work on improving this habit every day.

What’s your favorite thing to spend money on?

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


How do you invest?

I invest a lot in myself. Mainly through education (online courses, certifications), physical fitness (gym, martial arts) and work experience (full-time job, side job).

I invest my money primarily in crypto-assets through eToro, as this has been the asset class that has changed my life the most.

What was your best/worst investment?

Best investment: Cryptoassets in 2020 and 2021.

Worst Investment: Investing in speculative penny stocks.

Editor’s Note: These responses were compiled the week of May 15, 2022.

A week in the life of my bank account

First day – Monday

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

Depending on what I decide to do, working lunch can cost between $10 and $20. If I’m feeling tired, another $5 coffee.

Daily expenses: $30

Second day – Tuesday

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

Daily expenses: $20

Day 3 – Wednesday

Like Tuesday, with a coffee at home rather than at the cafe.

Daily expenses: $20

Day 4 – Thursday

Today is a repeat of Tuesday and Wednesday, with coffee on the house to save money.

Daily expenses: $20

Fifth day – Friday

After work and practice, I can go out to dinner with my partner and have a few drinks.

Daily expenses: $100

Sixth day – Saturday

I usually sleep, because it’s the only day of the week when I rest as much as possible. That probably means I’m going to skip breakfast. I can take a day trip somewhere with my partner, which usually means we’ll probably have lunch and/or dinner out.

Daily expenses: $100

Seventh day – Sunday

Sunday is dedicated to preparing for the coming week. I often go for Sunday brunch ($20), followed by groceries ($40).

Daily expenses: $60


Want to earn a fixed interest rate on your money? The table below shows term deposits with some of the highest interest rates on the market for a period of six months.

Rates based on a deposit of $50,000 for 6 months. Rates correct as of May 24, 2022. See disclaimer.

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