SG Reader Profile – Blake Rasmussen
This is a Savings Guide reader profile. We love to hear from our readers and gain insights into how others save money. Submit your own story using our reader profile tool.
Tell us about yourself
I am currently a first-year university student working towards completing a Bachelor of Commerce. I am looking to probably go into finance after university and I am particularly fascinated with the tax and superannuation systems of this country and how they operate.
What was your first job? What did you learn financially?
My first job was a stint in a retail electronics store one afternoon each week after school. I learned a little about what it takes to make a dollar and what hard work it must be to run a business. Even though the business was quite small, there was still A LOT of paperwork around and things that needed to be done all of the time.
Where do you currently work?
At present I am a full-time student and don’t work, even though I wish that I did have a job of some sort to bring in extra dollars and provide more options than what is available without any significant income other than the youth allowance
What is your golden tip to save more money?
Oh I would say that my best tip for saving money would be to whack it straight into a savings account, separate from your everyday money, all relatively small sums of money you receive one-off (not regularly); like tax refunds, bonuses, fares allowance, the abandoned loose change you find, and certainly anything spare that you don’t need to spend on anything.
Are you a spender, saver or something else?
I guess it depends on how and why the money came; and on what it is spent. It is healthy to use most of your regular income on what you need to enjoy a descent quality of life; like rent/mortgage repayments, food, electricity and clothes. One-off non-regular amounts received, however, I would prefer to save. Also, I usually see it as a completely foolish waste to spend hundreds and thousands on expensive designer clothes when there are far cheaper (and better-looking) substitutes elsewhere.
You just get given $50,000 – what would you do with it?
Well, I would I guess open a new bank account to stick it into, and then wait a week or so to consider my options. I guess that I would then divide it between investing in shares; buying my first car (although still a second-hand one); putting something aside in a term deposit to go towards my first home; and maybe upgrading a few of the gadgets in my room.
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