Jane’s story...
I was widowed nearly six years ago, so there’s me and three teens at home. I had a close family member’s funeral a week or so immediately before lockdown, and paid for a sibling’s airfare to get here from overseas. So, somewhat unusually, I am carrying a credit card balance at the moment. I keep a second card as an emergency card (for said teens actually; no annual fee) and it usually sits at zero. I’ve just done a credit transfer which gives me 0% for 6 months. I’ve done my math and I can afford that. Phew.
Thankfully I am also currently working from home. Work has given us four weeks full pay (I believe they’ve applied for the wage subsidy) and I have some annual leave accrued... So there’s that if needed. It will be interesting to see where this goes - as mostly an introvert I am actually loving being at home all day every day. I’m managing a small lifestyle block by myself so there is plenty to do... I have been very busy!
Other debts are an existing mortgage and personal loan (doh!). At the moment they’re both covered (as well as expenses and the credit card payment) but I do only have a small emergency fund of $1,000. I’m probably screwed if my job were to disappear... I am still contributing to KiwiSaver (a high growth fund, which - like everyone’s - has taken a hit of late) and an investment account so I could put both on hold if need be.
I was hoping to complete a 13 week course mid/late this year, and planned to take out a student loan to do so. I will need to see what pans out before I commit to that. It’s important to me and should increase my earning capacity... but still. If my job becomes uncertain then I may put that off; there is always next year.
So, mmmmm. I think I’m ok. Could I be better prepared and have more set aside in savings? Yes. Yes I could. But this is me currently. It is what it is.
Enjoy reading and learning from you each week Ruth, and appreciate the time and effort you put into what you share. I know better because of you, and hope to do better. Thank you.
Onwards!
Jane