Why I can’t commit to Frugal spending…yet

My current position

Age: 28
Salary per year: $57000 NZD
Debt: Nil
Pension savings $800 NZD
Savings Account (2.65% interest p/a):  $10273 NZD
Easy access savings (0.1% interest p/a): $6187 NZD
Managed Funds:  $1700 NZD

NET WORTH: $23,960 NZD

As you can see from the information above, I am fortunate not to have any debt but I have also been slack with regards to my pension fund.
The reason for the lack of pension savings is down to 2 things:

  1. I was trying to save as much money for my move to New Zealand.
  2. I was oblivious to the importance of it! I thought I wouldn’t need to worry about pensions until I was older. This is the type of information we should be taught at school….. Maybe we were and I just wasn’t paying attention.

Anyways, my financial awakening took place about 2 months ago. I was very interested in the FIRE method of saving, generating passive income and aiming to retire early.

I haven’t fully embraced this method as I think it will be too restrictive on my current aspirations. I will likely be moving back to the UK in the next 2 years. Therefore, I want to enjoy my time in New Zealand by travelling the country, enjoying the landscapes and maybe a cheeky holiday in Fiji or Tonga.

I also have to save for a deposit, a wedding and the arrival of children all within the next 5-7 years.

Therefore, the complete conversion to a frugal spender is unlikely to happen…yet

2 Replies to “Why I can’t commit to Frugal spending…yet”

  1. How much do you really ‘need’ to spend on a wedding.
    Our Wedding cost $200 (admittedly 27 years ago). $50 for the JP, $100 for the beer and wine, $50 for nibbles.
    We got married in clothes we had.
    Our pals all bought some food and drink (we didn’t want presents, except pictures).
    We had a great time.
    Getting ahead on the FI journey give you freedom. In my case it meant that when a child came along I was in a position to chose to work part time and effectively be a stay at home Dad instead of having to go to work.

    1. Hi,
      Thanks for the comment. I see where you are coming from. It makes total sense but my partner is quite traditional and as I am Irish, this will probably be a family occasion. I am putting aside money now in a high interest savings account to help with the funding. I would anticipate when we sit down to actually plan the wedding and realise how much things like flowers, photographer and venues actually cost we will be stricter. However, I applaud you for being so good at sticking to this lifestyle. As I learn more about it and see stories like yours I am definitely leaning towards that frugal living 🙂

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