My Story

Hello! Welcome to Her Money Matters.

My name is Amelia and I want to tell you a little bit about my finance journey.

I have made lots of mistakes with money throughout my life.

I had my first paid job before I turned 15 years old. I have always earned good money and as a result, I have never respected money – because I could always earn more of it!

When I was 18 and had finished college, I did the obligatory trip to Europe before starting University. I didn’t have any savings so I ordered myself a shiny new credit card with a $3,000 limit to pay for everything. I came back from that trip with a maxed out credit card…

When I was 21 my boyfriend at the time gave me a gold Amex (linked to his) with an $8,000 limit as a ‘gift’. I quickly racked up thousands of dollars in debt, buying designer dresses, shoes and bags…

When I was 25, I moved out of home (for about the third time) into an apartment with rent I couldn’t really afford – but it was really cute! I also went out and bought all brand new furniture – all on credit…

When I was 26, on impulse, I got a $25,000 loan to buy a sports car. It was also really cute! It even had personalised number plates. But because the repayments were so high (and because I was still living large) I had to get a second job to pay for it. Oh, and I told myself I couldn’t afford to service it, so there were some very expensive mechanical problems later down the track…

When I was 28, I managed to buy my investment property. I was completely out of my depth and paid more than I should have because I didn’t understand that the real estate agent was working for the sellers – not me, as the buyer…

I am now 34. I still make money mistakes but I have definitely learned some lessons from my 20s.

I now drive a $5,000 car that I paid cash for. I get it serviced regularly.

I now rent what I affectionately call a ‘shit-box’ apartment (I really do love it) and friends can’t believe how low my rent is.

I have sold most of those designer dresses, shoes and bags on eBay and used the money to help pay down debt.

I have paid of my HECS debt for both my undergraduate degree and my recently completed Master of Business Administration (MBA) in full.

I still have a credit card, but I pay it in full each month. I use the frequent flyer points I earn to upgrade myself to business class when I fly.

I have built up my savings and also started building a share portfolio.

Finally, I have upped the repayments on my investment property. I have set myself a goal to have it fully paid off by the time I am 40.

I also want to buy myself another sports car as a 40th birthday present – but this time I am going to pay cash!

Her Money Matters. 

 

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