Real Stories: Michelle
What colour are you wearing?
Outgoings! I like bright lipstick and it obviously has to match my hair!
Who taught you about money growing up? Was it discussed in your family?
Well, I suppose my family did teach me about money, but it wasn't something that we discussed a lot. I think the relationship with money in our household growing up was a difficult one. My dad grew up in a low income household and I think that impacted on the way that he was, he was very driven to be successful.
He wanted this so she could provide for the family. However this also came with some issues for myself and my sister growing up. We didn’t end up being equipped with the skills to save. We didn’t understand the notion of keeping some kind of money, for savings and how important that was. It was about getting the money to then spend the money.
So when you became an adult, how did your financial literacy and knowledge develop?
Well, I guess I would say that it didn’t develop very well because I spent a lot of my 20s in credit card debt! LIke a lot of young women do, especially those working in retail. You have to spend to be in that, I was in the forefront, serving customers, being well dressed and trying to sell them products. So I was ALWAYS spending my income on clothing and footwear in the retail environment. My wage went back into the business I was working in. I got done by consumerism, for most of my 20s and 30s. I really regret wasting a lot of money on frivolous things that end up in landfill.
I really changed my way of thinking when I hit my 40s. I guess by then I had spent a lot of time thinking about my relationship with spending.
So how do you feel now about where you're at on your financial pathway?
I just bought my first house! I thought I would always be a perpetual renter. I haven't been a big investment type person, like I'm just comfortable with being comfortable in my home and my heart.
With rental increases and instability in the last few years, it became really important, and particularly during COVID to become more aware. We know that we could be removed from our comfort zone at any minute because we were in a rental property. At the time it was up for sale it really made my partner think about what we wanted, we thought about purchasing and buying a house because we wanted that stability. Stability was a big key to working really hard and saving for the last few years and thankfully I've been really lucky and you know was able to find something recently in a suburb that I was really interested in. I'm very excited about that new chapter!
“Don’t fall for retail therapy”
So in terms of you and your partner having that dialogue, were you on par when you met? Do you think you came to the table with the same information?
We now don’t have to worry as much knowing we have a place we can set up my art studio, he can jam studio and we have our permanent spot. No one can take that away from us! Well,…the bank can! ( laughing)
Do you think it's important to be able to have those conversations with your partner?
Oh, definitely. I know a lot of women who have been in long -term relationships with partners or even married and they still have quite separate finances. They don’t have conversations about it and their finances are separate. I think its great to do what suits you, everyone is different and you need to know how to embrace and work with what works for you and your family.
What advice would you give your younger self?
Don’t fall for retail therapy…please don't ! Don’t because you'll be getting yourself in debt for a good 10 years rather than getting ahead! Those quick dopamine hits are not worth it, not good for the environment and so much of it ends up in landfill! Know what you’re buying and think about that piece of fast fashion because it gives you that one second of good times!