My Money Sorted: Jack Tame

What’s the best money advice you’ve ever been given?  

When I got a paper round as an 11- or 12-year-old, Mum made me split my earnings into ‘spending’ and ‘saving’ accounts. I saved 65% and could spend 35% of my net income. Once a fortnight, I’d balance my accounts in a notebook at home. It helped me develop a saving habit, but perhaps even more importantly, encouraged discipline in being mindful and deliberate with my finances. 

Are you a spender or a saver?  

I’m not sure I’m either, exclusively. I’m pretty good at saving and I’m fortunate to have been reasonably well-paid in my working life, but I’m not adverse to the occasional splurge. I just try to be thoughtful and deliberate when I do choose to spend money. I’d much prefer to spend money on an experience than a ‘thing’; I’d rather an amazing family holiday than a nicer car. 

What’s been your proudest money moment?  

Paying off my student loan. I made the final payment as a bulk payment to StudyLink back when bulk payments received a 10% bonus. I didn’t expect streamers and balloons to fall from the ceiling, but making the payment was a bit of an anticlimax. The real reward came on my next payday, when I saw how much more money I’d be receiving.  

What makes you feel sorted when it comes to your money?  

I like to feel as if I’m making progress. Progress doesn’t have to be huge, but I always feel better if I’m bringing in more than I’m spending. I like to have contingency plans, and I never want to borrow for an unexpected bill. I have a strict ritual for paying off my credit card in full every month! 

What money beliefs have you inherited from your whānau and/or picked up from friends?  

My parents had an amazing knack for making me and my siblings appreciate the value of money without ever passing on their money stresses.  I hope I can do the same. We never had flashy things, but they taught us that money gives you options and memories last longer than material possessions.  

If your bank account could talk, what would it say to you right now?   

You’re making progress but if you really want to, you could definitely make more progress. Stop buying your lunch! 

When you think about your retirement, what do you see?  

If I can help it, I don’t want to be reliant on NZ Superannuation. I don’t need gazillions of dollars, but I’d like options. I’d like to choose whether or not to work once I reach retirement age, and I’d like to enjoy the flexibility to travel. I don’t want money ever to be the cause of anxiety or stress in retirement.