Lawyer, 27, on a $150,000 salary that brings in $8,000 per month admits her PARENTS are paying her bills – and while she ‘feels guilty’ she doesn’t say no
- A 27-year-old lawyer earning $150,000 still allows her parents to pay her bills
- She has no university debt because her parents also funded her degree
- The Sydney legal professional admits she ‘feels guilty’, but it allows her to save
- She deposits up to $3,500 into a savings account and invests $500 every month
A young lawyer who earns $150,000 a year still allows her parents to cover her domestic expenses, despite earning an additional $30,000 in bonuses over the past 12 months.
Writing anonymously in a financial diary for Whimn, the 27-year-old Sydney legal professional said she ‘feels guilty’ about the unusual arrangement but accepts her parents’ assistance because it allows her to save a considerable amount.
She saves half her salary every month, depositing up to $3,500 into a savings account and investing $500 into a Vanguard ETF account, a low-cost managed fund which invests in a portfolio of 200 shares on the investor’s behalf.
Her 50/50 approach to finance – along with help from the ‘bank of mum and dad’ – has allowed her to amass savings of $120,000 well before she celebrates her 30th birthday, although just under half this figure was inherited from her grandmother.
A 27-year-old Sydney lawyer who earns $150,000 plus bonuses every year still allows her parents to cover her utility bills (stock image)
Two memberships for a swanky fitness studio and a basic gym in her apartment building set her back $240 a month, but she doesn’t spend a cent on utilities by letting her parents cover WiFi, water, electricity and insurance.
Credit card repayments vary from one month to the next, but tend to cost roughly $1,600 if she uses it for the bulk of her discretionary spending.
Her phone bill is non-existent because it’s fully subsidised by her job, while her boyfriend foots the bill for streaming services like Netflix and Stan.
She loads her Opal card with $120 a month to cover her ferry rides to work, and transfers roughly $400 into a joint account for regular expenses, splitting the cost of sports games, cinema tickets and Uber rides with her partner.
She spends $870 on her share of rent for the city apartment she shares with him, but owes no university debt because her parents fully funded her law degree.
Monthly spending and saving
MONTHLY INCOME: $8,000 (after tax)
Rent: $870 for her half
Insurance: $0 – covered by parents
Water: $0 – covered by parents
Electricity: $0 – covered by parents
WiFi: $0 – covered by parents
Phone: $0 – paid for by work
Netflix and Stan: $0 – uses her boyfriends subscription
Public transport: $120 on Opal card
Gym membership: $240
Joint account for shared expenses: $400 (for eating out, Ubers, tickets etc.)
Credit card repayments: $1,600 (varies month to month)
Regular monthly spending (excluding socialising and one-off purchases): $3,230
Monthly saving: Between $2,000 and $3,500
Monthly investment: $500 via Vanguard ETF managed investment account
Her mother even occasionally pays for her weekly groceries, picking up $170 tabs at Woolworths to help her out, which she acknowledges as ‘very generous’.
The help she receives from her parents makes her conscious about how she spends her money, leaving her guilty if she splurges on superficial buys too regularly.
‘Deep down I’m also a bit worried that I’m not going to be on a high income forever and that I’ll burn out,’ she revealed.
The help she receives from her parents makes her conscious about how she spends her money, leaving her guilty if she splurges on superficial buys too regularly (stock image)
Despite banking a bonus of $30,000 last year – 20 percent of her annual salary – she usually eats breakfast at home and takes lunch to work whenever she can.
Homemade meals are a frugal affair, including oats with berries, peanut butter and protein powder, yoghurt and muesli and salads of chicken, roast vegetables and feta cheese.
She splashes out on beauty treatments and luxury skincare products to ‘stave off stress-related wrinkles’, but cuts costs by cooking dinner and entertaining friends at home instead of eating out.