My Money Sorted: Tylan

My Money Sorted is our series exploring people's experiences and views about money on their journey to living sorted. Tylan Robinson is 23 years old and lives with her partner in Kirikiriroa, where she works as an administrator.

Ko Maungatapu Te maunga

Ko Maitahi Te awa

Ko Aorere te tai

Ko Tainui Te waka

Ko Ngāti Koata Te iwi

Ko Whakatu Te marae

Ko Kakati Te whare Tupuna

Ko Tylan toku ingoa

What is the best money advice you’ve been given?

Give each dollar a job! Take into account all money coming in and out of your account. Once you’ve gone through your budget and if you see there is a bit extra, put those funds into a savings account or an emergency funds account.

Are you a spender or a saver?

I am a spender. With everything so accessible nowadays, it is so easy to go online and find something I don’t need. Sometimes I am really good with my money and putting savings away and sometimes I find myself scrolling through the PlayStation store, Uber Eats or other online shops. I would describe myself as an occasional impulsive spender and I do love a good ‘treat myself’ day.

What’s a memorable money moment?

A few years ago, I was tasked with tracking my money for 2-4 weeks. It was so eye opening what I was really spending all my money on. I found I had spent more money than I thought I had because I hadn’t been tracking money coming in and out of my account. I learnt very quickly that I needed to change my spending habits and put money away into a savings account before I spend it all.

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

Budgeting! When I account for all money coming in and out of my account. To know my bills are paid and have a bit of savings left over, is such a good feeling. Knowing that I have money for unexpected and emergency situations that might come up.

What money beliefs have you inherited from your whānau?

Always save, put away for emergencies and splurge on yourself once in a while. I watched my parents work hard to support our whānau and build their savings over time. Growing up, our parents were always open about finances which has helped with being able to have difficult conversations about money with my whānau.

How do you include your whānau in your money decisions?

We sit down every three months and talk about our finances. We create budgets and take into consideration anything that will come up in those three months (car payments, new household items etc.). We also give ourselves something to save up for to look forward to.

What would your bank account say to you right now?

My bank account is probably asking me what my priorities are and why there is more spending than saving. Implementing a budget has been beneficial but trying to keep to it has been challenging. My bank account works best when I am in control of what's coming in and out.

What’s your proudest money moment?

Being able to save and pay for an overseas holiday. Paying off flights and accommodation made our holiday become more of a reality. It is a pretty proud feeling knowing that our hard work paid off and all the difficult decisions we made around our finances were worth it.

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

For my retirement, I would like to have a decent amount of money saved up to be able to support myself and my whānau. I want to have built my KiwiSaver up enough to support my retirement as well. I want to travel and spend time with my whānau.

With the rising cost of living, have you changed your spending habits, or tightened your spending belt?

With the cost of living, I have changed my spending habits a lot. An emergency funds account is so important to contribute to at the moment. Getting serious about spending money on unnecessary things and putting that money aside instead has made a huge difference for me.