We Asked a Bunch of “Adults” with “Money” How We Should Be Managing Our Finances

This article is sponsored by NAB, who are helping customers feel in control of money so they can see life beyond it. We asked some of our friends to help us demystify it.

Like a long-winded dream or a housemate's search history, money is not a polite thing to talk about, apparently. As someone who spends most of her income on houseplants and has trouble sticking to a budget for more than a couple of hours, I thought it was time to ask some experts—who aren't actually experts but are just successful and smart people in general—about how they manage their money and how their relationship to it has changed since their 20s.

Screenwriter, journalist, and newspaper columnist

"When I decided I was serious about writing, a career with basically nil security, I decided to take money seriously too," Law tells VICE. Without the comforts that come with a full-time job—a regular paycheck, sick days, super, and leave—Law set up an emergency fund in his early 20s. "I figured if any work fell through or I got into a hairy situation, I could live on that for a couple of weeks to find new gigs. I forbade myself to touch it."

"Wise up," he says. "If you're a freelancer—and most artists, writers, designers and performers will be, in some shape or form—get a specialist arts accountant when you're young. They know stuff no one else does, and you never will."

The main lesson his parents taught him growing up was 'there's no such thing as a free lunch'. He recently got some help from a financial advisor to set up a system to manage his income to cover everyday spending, along with bills, rent and "other guff."

His parting words? "Pay your rent and utilities on time. Always have emergency money. Check your balance every day to know where you're at. Don't go nuts but don't be too mean to yourself either. Treat yourself when you have a win, and tighten the belt when there's a loss."

Writer and podcaster

Shaw describes her finances as a bit of a rollercoaster. When she was in her 20s, her attitude was very much touch-and-go. "Sometimes I will have more money, sometimes less, and I just need to adjust my lifestyle accordingly and it will probably work out."

Shaw began to take her finances more seriously after coming out of a long-term relationship a few years ago. "I had been in a privileged position of having back-up when needed, and when that was gone I had to really think about what my savings account looked like," she says. "I was completely on my own trying to make a living as a writer."

These days, she's striving for more stability. "I want to make sure that I have things in place to help me through the times where I will have less income, and that if there are unexpected things I need to spend money on, I am able to figure it out myself."

With only a HECS debt to her name, Shaw would rather manage with having less money than be in the deficit. "I don't go splashing a lot of cash about or buying extravagant things, but I am not thrifty when it comes to day-to-day spending," she says. "I work hard and I think it's important to make sure you get to enjoy the benefits of that."

Deputy Creative Director, MPavilion

French is savvy about money. Her keen understanding comes from her parents' transparency about finances when she was growing up. "They were cautious and thrifty with money and I believe that my consciousness around spending is a handed-down trait."

The language and terminology around money can be difficult to understand, and French thinks we'd all be better off if basic financial literacy and economic principles were taught in school. She recommends doing your own research if you're curious about investing, like she has with bitcoin and shares.

"I subscribe to the late Betty Amsden's advice which was to 'buy shares not shoes, ladies'."

French doesn't want money to be something that worries her or controls her life too much. Having managed the "little of it" she was making in her early 20s while working multiple jobs and studying, she's happy to now be at the point in her life where she has some freedom.

"I'm more comfortable making choices rather than just concentrating on working with enough to get by." This leaves enough left over for her two greatest indulgences: travel and experiences.

Writer, editor, and photographer

On a scale of one to ten of good-with-money, Olijnyk rates himself as a seven or solid 6.5. He was a bit more reckless in his 20s. Even though he doesn't hold regrets in the long-run, he's now learnt that "it's the little things you do that pile up on top of each other and become habits."

He's not a fan of it, but he's well aware of the need to keep an eye on the comings and goings of his finances. He can't be bothered with spreadsheets, but appreciates the feeling of security of having some money in the bank allows.

In his early 30s, Olijnyk came into some money after an accident. "Once I had that money it opened up this world. I didn't have that tension which underlies everything. I didn't have that money thing; once that pressure was gone I never wanted it to come back."

After that epiphany, he started saving for some unknown situation, just to have a stash. That safety net helped him and his partner when they had a baby a few years ago. "It was good to be able to do that but it was also like, 'Oh man, it's all going, see ya later'."

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