Money Talks: The broadcast journalist who grew up with a “poor man’s mentality”

Ever wondered what your salary and spending habits are like in comparison to your peers? Money Talks is a column by Her World that takes an honest look at how women spend their money. If you would like to submit a money diary anonymously, please email us at magherworld@sph.com.sg with the subject “Money Talks” in your email header, and one of our editors will get back to you.

In today's column, we speak to a 33-year-old woman who works in broadcast journalism, and grew up with a very frugal mindset, thanks to the lessons her mother instilled in her as a child.

About The Diarist

Occupation: Broadcast Journalist
Industry: Media & Broadcasting
Age: 33
Education Level: Diploma
Salary: $6,000 and above

Average Monthly Expenses

Mortgage: $1,300 which is deducted via CPF
Utilities & Internet: $300 - $400
Insurance: $800 which covers my daughter and I
Phone Bill: $60
Subscriptions: Around $200 and under
Transport: $500 ($100 for public transport, $400 for cabs)
Food: $250
Groceries: $150
Helper: $400 for my helper without whom my world would not turn. I split this halfway with my husband.
Shopping: $150
Anything Else: $450 for my daughter’s kindergarten, but this is paid through a Child Development Account (CDA) account
Savings: About $1,000

On having a “poor man’s mentality” towards money:

My mother was scaringly honest with our finances growing up. I remember she made mee goreng for dinner once on a Monday night and I barely ate it. On Tuesday, I had to go out for tuition so we ate at a coffee shop and I ended up ordering mee goreng again. She was livid! She broke down all the ingredients for me — how much noodles, bean sprouts, tofu, eggs, and chicken all cost individually — as a way to show that my plate of mee goreng (which at the time cost $2.50) might have been slightly less than her cost of making the same dish, but hers could feed an entire family of five. She wanted to know how wasteful I was for having ordered it.

She was all about making your dollar stretch, which you could say is a very old-school mentality to have about money, instead of making your money grow. I suppose it’s also a poor man’s mentality — what little money you have, you try to focus on making it last as long as possible. You can’t fathom making your money work for you.

Because of how I grew up, I definitely say I have a very frugal attitude towards money. I don’t have any real draw to luxury or branded items — I don’t lead a life interesting enough to warrant those. My most significant purchases are always concert tickets because those roll over into holidays. I frequently travel to Australia with my family for music festivals and while we’re there, we visit friends and family at the same time. That and taxis — I most likely spend way more than $250 on taxis in a month, I just don't want to admit it.

On only spending money when it’s a bargain:

I hate comparing prices. It’s just too tedious a process. But at the same time, I live for bargains, which makes me the worst kind of shopper. I get sucked in with bulk buys — that’s my weakness. If something says, “24 packets of softener for $60”, I automatically think it’s a good deal when you could already get a pack of softener for a dollar or so. 

When I’m strapped for cash — for example when I was expecting my daughter — and money just kept getting spent on cribs, strollers, bottles and other baby stuff, I did make more of an effort to really do the math. How much did this diaper cost, and how many diapers are in it? How much does that average out for each diaper? It was like reliving primary school math trauma. 

When it comes to big purchases like electronics or safety equipment, I’m still cheap. I usually just go for the second cheapest. That way I didn’t get the cheapest version. Luckily for me, I rarely make impulse buys. 

My wardrobe is made up of basic pieces like black and white plain tees or tank tops, so I usually just pick what’s the cheapest. "$10 for a pack of three" type of deals. If it’s for an occasion, then I’m willing to spend up to $200 for a dress. I’m more inclined to spend more on shoes and bags. My make-up is as basic as it gets — I’m still using the same Silky Girl compact and eyeliner from my secondary school days.

On her current financial situation:

I suppose, seeing as how I don’t have any debt that’s payable by cash, I would say I am living within my means. My family and I still manage to afford luxuries like taxis, brunch, or going out for cocktails. Though right before my daughter started kindergarten, I did have a massive panic attack over how we’d be able to afford her school fees. I was the same when we got a helper. Any time I suppose there is a new large expense I do freak out at the start, but I think it’s normal. 

It isn’t an amount to boast about, but I have a couple of savings accounts with a humble amount inside. I’ve also set up an account for my daughter, which I say is for her, but let’s be real, in a true emergency I’d likely drain that account first to make payment. I have a joint account with my husband, but we don’t ever touch that unless we absolutely need to. Maybe once or twice a year we would dip into that for fancy meals to treat ourselves. 

When I was 10 years old, I remember watching an episode of Oprah, and she mentioned you should be saving 20% of your salary and have at least three months worth of salary saved in case you lose your job. I know inflation has gone up, but I have a minimum of 4-6 months' worth of salary saved up in my personal savings. I have my regular account where my salary gets credited, and I make sure it doesn’t go below a thousand dollars in that account.

I’m not satisfied with what I am earning as a basic. However, with everything added together (I have additional streams of income), I am comfortable with that sum. The dream, of course, would be to make that into one pay cheque, and do everything else extra just for the “creative freedom”.

Here are her expenses for the week:

Day 1

Credit: Unsplash

1/7

8:00am: Bought breakfast for my husband and dad after my dad drove my daughter to school. Got three plates of wanton mee, two teh-o kosong ice and one kopi. - $13

12:30pm: Had lunch with my producer at Sanook Kitchen at JEM. - $23.

2:30pm: Bought art supplies for my daughter to keep her occupied during all this rain. - $42

3:30pm: Took a cab back home from JEM. - $10.10

7:30pm: Had leftovers for dinner.

Daily total: $88.10

Day 2

Credit: 123rf

2/7

8:00am: Bought breakfast for my husband and dad from the Adam Road coffeeshop. Two packets of mee soto costs $7.80 now and it didn’t even come with a hard boiled egg! Ordered an additional mee rubus ( $2.80) and teh kosong, kopi ice and a hot teh ($4.90). - $15.50

1:00pm: Was in the office today, so I had fishball noodles and a green tea in the office canteen. - $3.90

6:00pm: Took a cab back home. - $12

Daily total: $31.40

Day 3

Credit: 123rf

3/7

8:00am: Took a break from sending my daughter to school and slept in.

12:00pm: Today was a WFH day so lunch was at home! You really save so much working from home.

3.45pm: Made a surprise trip to the hospital, because I started bleeding, which is never a good sign when you’re pregnant. Bye bye $653 dollars. - $653

Daily total: $653

Day 4

Credit: Instagram: @thegongbydrinksandco

4/7

9:00am: WFH for most of the day.

4:00pm: Took a train down to Andaz for a meeting with the boss and drinks were on him, yay! - $1.90

7:30pm: It was a good meeting so I took the husband out for a “Treat yo’self” dinner. We had dinner at The Gong and had really good scallop aglio olio, prawn tapas, a steak fillet sandwich and dessert.- $123

Daily total: $124.90

Day 5

Credit: Instagram: @greasemonkeybarbergarage

5/7

8:30am: Took an $18 cab to work for a meeting, only to find out that it was moved online. - $18

12:00pm: I took a train to Bugis ($1.90) to get my hair done ($100) at my husband’s barbershop. - $101.90

7:30pm: My husband bought dinner and covered the cab ride home.

Daily total: $119.90

Day 6

Credit: Unsplash

6/7

9:00am: Mum’s day off! My husband took the kid off my hands for the day and it was great!

Daily total: $0

Day 7

Credit: Lee Kong Chian Natural History Museum

7/7

10:00am: Paid a visit to Lee Kiong Chian Museum. Tickets were $21 on the site but $16 on Klook! It also was a $12 cab ride there, but overall it was a great museum! Not overcrowded with a lot of things to look at. It’s also nicely spaced out so kids (though they really shouldn’t do so in a museum) can run about without being troublesome. Highly recommended for a good two-hour day out! - $28

12:00pm: Took a cab ($12) to Holland Village for lunch and had the best ramen ($42) at Sanpoutei! - $54

Daily total: $82