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I earn $48k, rent in Sydney and am $5k in debt

Jenny is 22, earns $48k and is $5k in debt. Source: Getty

Jenny* is a 22-year-old PR junior who moved to Sydney from Perth to pursue her career, and she’s finding Sydney is a little different to home.

Jenny shares her personal finance story with Yahoo Finance.

How old are you, where do you work and what city do you live in?

I’m 22, and I moved from Perth to Sydney in February. I work in a PR firm.

How much do you earn?

I earn $48,000 after tax.

How much does your rent cost?

I rent in Erskineville, and it costs $350 per week.

Do you have any other ongoing expenses?

I didn’t bring my car over, so I don’t have to pay for insurance or petrol or anything.

I’m lucky enough that my parents still pay for my phone bill, but utilities and transport I pay for - that’s pretty much it.

Do you have any debts?

I maxed out my $5,000 credit card when I went to Europe in 2015 and paid it off in 2018 because I lived at home and didn’t really have any expenses.

When I moved to Sydney I bought most of my furniture on my credit card and just found it was really tough to keep up with the payments, and I’ve ended up maxing it out again. I’m working towards paying it off now.

I don’t have a HECS debt as my parents paid for my university degree.

How often do you eat out, and how much would food cost you per week?

I have a few lunches with work every week so I’m fortunate that I don’t really need to buy lunch every day.

I’ll buy dinner around twice a week - mostly with Uber Eats. It would cost me around $45 in total for those meals.

I cook most nights, but it’s only me, so my grocery bill isn’t too high, and I don’t eat a lot of meat so I can save a bit more.

Do you put money into savings?

I put around $1,000 into savings every month, but find myself dipping back in almost all the time.

Do you spend money on travel?

I used to travel quite a bit when I was living at home, but since moving to Sydney I haven’t. If I travel back to Perth my parents generally pay.

Do you receive any financial assistance?

My parents pay for my phone bill but that’s pretty much it.

What are your tips for getting by?

I listen to a lot of finance podcasts like She’s on the Money and am in that community Facebook group. They’ve inspired me to pay down my debt first little bit by little bit, and then start saving.

*Name has been changed.

Yahoo Finance’s All Markets Summit is on the 26th of September 2019 at the Shangri-La, Sydney. Check out the full line-up of speakers and agenda for this groundbreaking event here.

Yahoo Finance’s All Markets Summit will take place on the 26th September 2019 at the Shangri-La Hotel, Sydney. Source: Supplied