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## Financial Situation of a 23-Year-Old Male

I am a 23-year-old male who is currently unemployed and expects to be in this situation for the next 2-3 years. At the moment, I am earning around $850 per week. My weekly expenses include:

– $450 for Rent
– $200 for Power, Internet, and other subscriptions
– $42 for a personal loan with $4500 left at 10% per annum

After taking care of all these expenses, I am left with approximately $155 per week, without even taking into account my grocery expenses.

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View Reference


  • De_stroyed123

    Do you have the ability to get cheaper rent? Say finding a room in a flat?

    Also your priority before investing should be paying off that personal loan.

  • Dumbledores_Bum_Plug

    >and all other subscriptions

    Streaming services?

    A pirate’s eye patch is cheaper. Highly suggest

  • Downtown_Boot_3486

    As far as investing goes just don’t right now. Better to pay off the loan first as most investments wouldn’t have a higher return than the loans interest.

  • Icant_math

    Cancel subscriptions

  • jexxy2

    Get rid of the debt asap before investing. The 10% interest on the debt is guaranteed. Gains on investing are only hypothetical. Trim all excess spending and throw it at the loan every chance you get!

  • Fit-Plastic1593

    Save what you can and focus on building good habits.

    Invest in your personal skills and keep developing your career.

    Being in your 20s is a great time for learning as well, so take the time to develop as a person, learn from mistakes and keep positive

  • Yessiryousir

    How are you out of work but earning $850pw?

  • unmaimed

    Anything you can do to earn $160 before tax each week?

    If you can tee up some very part time work, you can top up

    Where in the country are you? Someone might have a few hours of admin work you could do remotely.

  • Cyril_Rioli

    Use your time off work to study or upskill

  • Easy-Guava6658

    Id get rid of the streaming services. Use all of your spare cash to get rid of that loan before you start trying to save. Thay is a horrendous interest rate.

    Once you are debt free look into sharsies. A small amount each week into etfs that track the s&p 500 grows quickly.

    My wife started putting $100 per week into sharsies in 2021, there is over $20,000.00 in there now and it returns about 1k per year in dividend payments already.

  • propertynewb

    As long as you understand that wealth isn’t just created, it is built over a long period (20+ years), you can build it if you are consistent. Your very first action should be deciding what you can save (say, $30 pw) and invest that into a low fee index fund every single week for the rest of your life. You are in a tough spot right now but your earning potential will improve over time and you will eventually be able to save more.

  • Woodwalker34

    As a single parent (condolences for your loss) – is there any family you can lean on to help out?
    Either to help with looking after the little one for a few hours here and there so you can do some part time work? Usually there is a small amount you can work before it interferes with your benefit- this will give you some spare $$ to pay off debt, build an emergency fund and eventually start investing.
    Or, to move in with them for a while until you can get back on your feet and recover from your loss. You might have some fees to break Contracts but if they are gone and your expenses drop right out then long term it’s better – this may affect your benefit entitlements but could still be better off.
    No matter what you decide to do, I applaud you for putting bubs first. I wish you all the best and hope things get better.

  • Dumbledores_Bum_Plug

    Pay off the loan and never take one out at that rate again

  • justinfromnz

    how can you save if you have 0 left after groceries, try do uber or something

  • Fylutt

    $200 for power per week?
    Seems a bit excessive? We are ~120 per month for a house with an EV, and hot water tank

  • Upstairs_Pick1394

    You already have some good advice on subscriptions and hitting the debt first. Someone mentioned an emergency fund. Skip that, hit your debt hard. If you get in trouble winz will help you out. That’s your emergency fund.

    You say you can’t get cheaper rent. Can you fit a flatmate? St $450 a week I am guessing not.

    It already sounds like you have made a simple budget. If not do one.

    In the budget set a fixed amount for everything and try to not go over it. Fixed amount for fun and entertainment. Fixed grocery shop.

    And have a fixed amount of per week spending money for you for things like food from bakeries, or coffee or drinks.

    You don’t have to spend it, you can save it, but there will be times you spend money on yourself, set a fixed amount and stick to it. Save it up and pay off loan or treat yourself.

    You can go really hard core with meal planning and you could probably half your super market spend.

    Once your debt is paid you could relax on the super market spend etc.

  • throwawaycolesbag

    Have you tried buying property 25 years ago?

    (But seriously – even just putting a little bit of money aside each week into a nice savings acct will be good for you right now.)

  • Superb_You_4686

    $200 power per week?! are you running a grow house?

  • Gold-Professional140

    200 a week for power, seems a bit steep

  • AdHead3168

    To answer your question, see how much you have left out of that 155pw after you have fed yourself and your kid, the put the remainder into an EFT fund. But to be honest, for you situation, right now, just try to survive and not let you and your kid go hungry, to be frank, 155pw is not much left, one emergency and you will find yourself out of money. My advice to you cut to the subcriptions (Netflix, gym, spotify has to go sorry), find cheaper rent and put whatever you have left into a emergency fund for the rainy day, don’t think about wealth building for now, i don’t think you can afford it yet. And man you’re 23, plenty of time left to build wealth later, don’t need to rush into it now

  • L3P3ch3

    Find a partner whose parents are wealthy. Thats what my wife did to me … she should have doubled checked before committing. 😀


    1. Don’t spend.

    2. Don’t speculate.

    3. Start investing ASAP … start small. Don’t go for individual shares…start with the SnP500 ETF or similar.

  • EdgeRevolutionary732

    You should be on low user not standard user for power. Ditch the phone contract for prepay phone. Avoid bundles of services with contracts.

  • YeomanSam

    Aspire2 was free diplomas and certificates by correspondence. Diplomas take 1.5 years, and naptime/bedtime is plenty to do the study in.
    Education is also a way to build wealth, personal wealth as it typically increases your earning potential and will be another thing on the cv.

  • Dry_Tailor_7820

    I’ve only seen this in one comment, but before you start investing, maybe even before you pay off your loan fully – please start an emergency fund. They’re super important, but with a kid… they’re critical. Start small, aim for a month of living costs to start, slowly extend when you can, 6 weeks, 2 months, 3 months. I’ve sat mine at 4 months, and pop in a small top up to keep up with inflation over the year.

    I’m really sorry for your loss, it’s fantastic that you are able to be at home and spend this time with them x

  • FusterClutch

    I was paying $150 for rent in auckland in my first flat and then 160 at my flat which I left in September last year. Albeit I was splitting with a partner 300/320 but even so we had a room for rent which was 180 for a single person in a 3 bed 2 bathroom place. For starters you’re paying too much for rent. Secondly, if you’re not flatting you should be. Splitting internet between 3-4 ppl is way easier than paying $80/month on internet. I understand you have a son and this may make it difficult to flat but in the long run a bit of sacrifice now will 1. Help pay that 10% interest loan off which should be your no. 1 concern rn. 2 help with budgeting immensely. Saving $60/ month on internet and 250/ week on rent would give you an additional $1060 a month to go towards your loan so realistically you could get that paid off in just a few months. 3. Living with other people should hopefully motivate you more to get out of the situation your in unless you end up enjoying flatting. If you’re living in the city and don’t have a car then I understand why rent is so high but alot of outer suburbs have very affordable rent at the cost of longer travel time to and from work. Also get weekend work if you can. Lower your standards, work in countdown if you have to. Idk what skills you have but it’s really not hard to find extra work if you really want it.
    And you’ll have the loan paid off in no time You’ll be able to start saving $12000+ a year once the loan is paid off and you’re on your way to better living 🙂

  • kauriz1

    See a free budget service and see whether the debt can be moved to interest free options. Can you sell anything to get an emergency fund together and then put $10-$25 per week away into this to get into habit of saving and to cover when shit hits the fan like car breaking down,or emergency travel. Are you in kiwisaver so you get the annual govt contribution? Can you cut down expenses anywhere? Comparison websites like glimp can give you an idea on what cheaper options are out there. Even cancelling one of the subscriptions can help cut down costs. Good luck 🤞

  • Seacounter37

    I’d recommend buying vanguard index shares. If you buy those every week you’ll be a millionaire in the future. Follow Warren buffets advise.

  • ghijkgla

    How can you be out of work but earning?

  • youareajoker

    Firstly, you don’t earn anything, it’s a benefit.

    You need to work, there will be an equilibrium of work and benefits that allow for child care

    At the moment the only childcare here is you getting 850 p.w. from the government