WELCOME TO HOW I Spend My Money, a series on The Journal that looks at how people in Ireland really handle their finances. 

Are you a spender, a saver or a splurger? We’re asking readers to keep a record of how much they earn, what they save, if anything, and what they’re spending their money on over the course of one week. If you’re interested, send an email to money@thejournal.ie. We would love to hear from you.

Each money diary is submitted by readers just like you. When reading and commenting, bear in mind that their situation will not be relatable for everyone; it is simply an account of a week in their shoes, so let’s be kind.

Last time around, we heard from a software engineer in the east of the country, earning €140K. This week, an Irish/Munster man living in Melbourne with his family on $185,000 (€112,000).

I am a 38-year-old married accountant and father of two young kids living in Melbourne, working for a large financial institution. 

We try to save as much as possible. On reflection, I think I put a lot of pressure on myself and sometimes my wife. We are lucky to have a family member of ours around to help out with our kids some days. However, they are returning home shortly, so the childcare bill will increase quite a bit.

We are not sure what we are saving for; the plan is to return to the real capital someday. I priced relocating back to Ireland with two kids and a dog, and some shipping to be around $25K and then to set up back home to be around €20-25K for two cars, rent and deposit, first month’s bills, as my wife won’t be able to work instantly.

I look at some houses here sometimes, and while I think that would be great to strive for, we’d be without family then. The next few months will be clearer for forming a decision, but there are a lot of considerations, and it would seem there is no perfect number needed for that move.

Occupation: Accountant

Salary: I’m on $185,000 (€112,000) – including superannuation guarantee at 12% and a 15% bonus paid annually. My wife is on $162,000 (€98,000), which includes superannuation guarantee at 12% and 10% bonus paid annually

Monthly pay (net): $17,298.45 per month (€10,478.50). I’m paid fortnightly

Other household bills: $700, which includes gas, electricity, water

Phone bill: $30 (paid twice a year $180)

Health insurance: $415

Kids activities: $400

Vanguard: $100 for kid’s account, $600 for my wife’s and $250 for mine (just prefer to take less out to keep the balance up)

Ireland/Emergency savings: $1,500

Medical expenses: $50 roughly – prescriptions and Panadol for the kids, etc. Most doctors’ visits are bulk billed, i.e. on our Medicare

Holidays: $8k-$10k annually (paid via savings or with a credit card in one month), so not a monthly cost but something to factor. Flights you have to pay upfront, but accommodation can be deferred if not travelling back to Ireland.

The bonus will cover some of the holidays or be used for savings as well. The remainder is either spent out at restaurants, coffee, etc. I automatically transfer back to Ireland, where we hold funds as well. However, if I review the budget and there is excess, I may save that as well in Vanguard or somewhere.

Both our salaries go to the joint account, and all expenses come out of there or via a credit card for some. So essentially, we........

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