I Don’t Want to Adult Anymore

Hi Scott,
 
My husband and I are in our twenties. We have just gotten our first mortgage and have had a real shock at how much it costs to be adults, and frankly we don’t like it. After living with my parents for three years, and two kids later, we are finding it tough. Our mortgage is just under 60% of our income, so I don’t know how I can get our expenses to under 60%. We both work full time and our kids are in daycare. My husband is an apprentice plumber and I’m in the public service. He tries to get cash work but it’s hard competition out there. I’m just not sure how we can survive considering we got our mortgage only three months ago so refinancing is not really an option. Any tips?
 
Bindi

Hey Bindi,
 
Yes, being an adult totally sucks.
 
And, just when you think it couldn’t get any suckier, you’ll get hit with your council rates, then house and contents insurance, and the hot water service will go to god … all on the same day.
 
Now I’m assuming you went through the ‘Bank of Mum and Dad’ to help secure the loan, because you wouldn’t have gotten it on your own.
 
In that case, you serve as the ‘after’ mugshot of what happens when you give kid-ults a hand-out disguised as a help-out.
 
You’re reaching for the ripcord three months after you got the loan?!
 
Surely you looked at what your repayments would be before you signed on the dotted line?!
 
Bindi, I’m reaching for a paper bag because I’m hyperventilating at the moment.
 
BREATHE, BAREFOOT!
 
Okay, so my breathing is back under control. Let me put away my paper bag and my passively aggressive double dose of exclamation and question marks and give you some advice.
 
You’re parents now, so it’s time to behave like responsible adults.
 
So I want you to call your bank and tell them you’re in hardship. Show them your budget. They’ll likely allow you to switch to interest only on your home loan – which will reduce your repayments – perhaps until your husband finishes his apprenticeship, and he starts earning some decent coin.
 
Until then, enjoy the baked beans, do your Santa shopping on Gumtree, and sell whatever you can to get at least $2,000 Mojo in the kitty.
 
You will get through this, and it will make you stronger and wiser.
 
Promise.

-Scott.

The Future Olympian

Hi Scott,
 
I’m a 19-year-old athlete training for a qualification spot in the LA 2028 Olympics. Since finishing school, I’ve been working a full-time job to pay for all the training, competitions, overseas travel and extra expenses that come with being an athlete. Recently, I’ve been getting frustrated with the numbers. I can always just pay for all the expenses, but I never seem to get anywhere financially. The tough call is that any extra time I choose to work means less time for training, and vice versa. I’d love to eventually start saving for a house or maybe uni. Any advice? 
 
Kayla
 
Hi Kayla
 
Do you know how rare it is to have a single, driving goal that gets you out of bed each morning?
 
That’s gold (or silver, bronze or, heck, just the absolute honour of competing for your country)!
 
What I like about where you’re currently at is that it’s finite: you either get there in 2028 or you don’t, and you move on with your life.
 
Look, life isn’t about accumulating as much money as possible, it’s about creating memories. And you’re currently working on something that, when you’re sitting in an aged care facility in sixty years’ time, will be one of your most cherished memories.
 
The main thing to focus on is not going backward financially. As long as you can keep your head above water, you should go all in for the next four years. Then, if you apply the same steely dedication to your post-athletic career, education and financial situation, you’ll have nothing to worry about.
 
Follow your dream.

Scott.