Featured Image Credit: TikTok/thatmoneymum
Topics: News, World News, Money, Life, Australia
Kit Roberts
Topics: News, World News, Money, Life, Australia
A mom has revealed how she and her family have had to make big adjustments to get by on their household income.
At the time, the family had been on an annual household income of AU $140,000 a year, or around US $92,000.
This was to cover the expenses of a family of three people, which the mom said 'desperately' had to cut corners to survive on that income.
The family had been living on their income of $92,000, but found that their costs were still too high.
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Now, the mom has opened up about her experiences, including how they have managed to make changes so they can get by.
Taking to TikTok, the mom - who goes by the username @thatmoneymum - revealed that after making the changes, they are now luckily able to make ends meet.
In a post on the social media platform, she said: “It feels embarrassing to admit that six months ago on $140,000 a year, my husband and I were losing money.”
The controversial post saw her claiming that the high cost of living in Australia at present means that AU $140k is 'not a high income in the current Australian economy'.
Speaking about her experience, she said: “We desperately needed to make a change for the sake of our family.”
The mom went on to share some advice for anyone who is struggling with their finances, including how to save on their spending.
“The first thing is differentiating between wants and needs,” the TikToker said. “Our generation has honestly been conditioned to buy as soon as that want arises.”
She explained with the example of a double-walled coffee cup which she had wanted to buy.
But she forced herself to wait and sinstead, bought the cups from an op shop.
She also shared that many factors impacted them, including saying that their mortgage went up by $800 a month, as well as the expenses that come with having children.
Spending was a big feature, with tracking spending being the 'biggest' piece of advice.
The mom said: “This changed the game... this helped us realise where we were overspending and we realised food was a massive problem area for us.”
As a result, the family changed their grocery shopping habits to more budget-friendly options.
“We shop at our local market and Aldi and Coles and Woolworths only if we’re desperate," she said.
“The prices at Coles and Woolies are literally out of control. Washing powder at the Reject Shop is the same price that Woolworths has it at half off in terms of retail.”