Real money talk: Kate

By Bryna Howes 25 June 2019 3 min read

This post is based on an interview we conducted with Kate in February 2019.

Real Money Talk is our series where we interview Australians from all walks of life about their personal finances. The views expressed are those of the interviewees, based on their experiences with money, and as such are not necessarily representative of Spaceship's views.


Name: Kate

Age: 20

Where do you live: Bondi Junction, Sydney

Please tell us a bit about yourself.

I’m a bubbly, energetic girl who works with children. I spend a lot of my time playing guitar and baking.

What is your current net worth?

Ballpark $3,000 in my savings. No super, no investments, nothing.

Any debts? (including HELP from uni)

Nope! I’ve never had a credit card or a loan, and I didn’t go to uni so I don’t have a HELP debt. I did a private course that I paid out of pocket.


Tell us a bit about your career:

I’m a part-time nanny. I work Monday to Friday in the afternoons, totalling somewhere between 12-15 hours per week, which gives me $400 a week. It’s like being a mum without being a mum! I’ve been doing this for two to three years, and only ever had this kind of work. That’s why I don’t have any super.

What advice do you have for people who want to earn more money?

Take whatever opportunities come your way and always be open to new adventures. Don’t knock something until you try it.


What is your savings rate? And how has it changed over time?

Almost all of it. About $300 of it goes into my savings. I’m not a big spender.

Do you have a budget?

No, I just see what expenses come up and go accordingly.

Do you make purchase decisions carefully, or are you loose with your money?

50/50. Depending on what I’m buying, I can be quite careful. With other things, I’m quite careless. Big things that are expensive or have long term consequences (like travel), I’m pretty careful with. I can be pretty careless with little things like food.

How is your work-life balance?

Pretty good, I have a lot of free time! I set up my work like this on purpose because I’m planning to study sometime. This way I’ll have mornings to go to class and study.

What is your favourite thing to spend money on?

Food! Definitely food and social outings.


Do you have a target net worth you want?

Yeah, I’d like to be a billionaire! Nah, realistically, I’d like to be making at least double what I’m making now, per week.

When did you make your first significant behavioural shift towards wealth-building?

When I started working, I guess. I don’t know if I’d call it wealth-building though.

If you could start again, what would you do differently?

Don’t slack off too much. Try to stay as focused and open to opportunities as possible. Don’t restrict yourself. Also: less worrying, more living.

Do you have any worries about retirement? If so, how are you planning to address them?

Not at this time. I might in 30 years or so!

How are you learning about building wealth? Is it from family, books, forced to learn as wealth grew, etc.?

My parents are big on saving and investing right, being smart about money. I’ll definitely invest in the future. As I understand it, it’s probably one of the biggest ways to build your net worth and learn to manage your money. I’d like to invest in some shares, long and short term. To get an idea. My dad’s done that his whole life so I’d like to learn and one day be rich.

Do you give to charity? If you do, what per cent of time/money do you give?

I do occasionally. I should give more! When I do give, I give 10% of what I’ve got.

Anything else interesting?

No matter how you grow up or were brought up, you make your own decisions about your life and no one can tell you otherwise.

Words by
Bryna Howes Right Chevron

Bryna Howes is the Head of Content at Spaceship. She's equally obsessive about cinnamon donuts and scouring the web for great reads.

Real money talk: Kate