When It Comes To The Budget, Which Is The Stronger Sex
Sun Herald
Sunday May 20, 2001
The young family
After working as a nanny and studying part-time, Simone Bye, 26, and her husband James, an engineering project manager, decided to have a baby.
But three months after the birth of Joshua, she decided to return to work for a couple of days a week to ease increasing financial pressures. Her husband started a second job to bring in some extra cash.
Although never short of cash, Simone Bye started to feel the pressure.
``We needed the money," she said. ``It was a bit tough [not having my own income]. But it wasn't as if I didn't have any money."
Recently, she had her second child, Zachary, who is now seven weeks old. However, with new financial pressures looming, such as navigating a pricey property market, she is keen to go back to part-time work.
``I'm missing work at the moment," she said. ``I'm anxious to get back because we now want to buy a house and are trying to save for that. It would help if I was in the workforce but it's a bit hard with Zachary [who was born prematurely] in hospital. And when he comes home we will need to spend more time with him."
Her husband is now the sole income earner but financial decisions are worked out together.
``Whenever we are sinking under, we sit down together [and work it out]," she said. ``We don't tend to argue a lot but it does get stressful. We try not to let it go too far."
The older couple
A transformation has taken place at the Mulley household.
Helen Mulley, who works as a casual teacher, and husband Graeme, a school principal, have seen their four children gradually leave school and move out of home.
The house is now a lot quieter and they both have more cash in their pockets.
However, there was no major immediate financial windfall when the kids, who now range in age from 22 to 29, first moved out of home.
``They had left home but still needed support because they were living away and studying at university," Helen, 57, said.
``The study years were the hardest. It was a very expensive time. We were still paying off the mortgage and the car and we really only had one salary and mine isn't a full-time second salary."
But after their children graduated from university and got jobs of their own, the financial pressure quickly lifted for mum and dad.
They discovered more financial freedom and more time for lifestyle activities.
``I did another degree," Mulley said. ``And since I finished the study we got a subscription to the Sydney Theatre Company. That's quite expensive. And we also have a subscription with the Sydney Swans.
``The house and the car are now paid off. The quality of holidays has changed. We went to Europe last year for six weeks. When we went on holiday with the children we would have gone camping and cooked our own food. Now we will stay in a hotel and eat in a restaurant."
Although the financial strain has lessened, work commitments can still cause stress for the couple.
``Work still has its stresses," she said. ``With Graeme teaching and being principal there are a lot of stresses because he is doing two jobs in one. We still haven't got a bank balance of any money particularly and we are still trying to save."
Helen tends to take the lead when sorting out finances.
``He has the chequebook, though, so I say `sign this' and I fill [the details] in," she said. ``I haven't had full-time work so I have perhaps had more time. He married me to get a secretary!"
The DINKS (double income, no kids)
With no major financial pressures, such as kids or a mortgage, Jane McFadden and her boyfriend, Joe Lunn, both 24, enjoy the benefits of a high disposable income.
They earn good salaries McFadden as a publicist at public relations company The ARC Factory, and Lunn as online strategist at advertising company Saatchi & Saatchi.
``We have more money to spend on things for ourselves whether it be clothes, going out to concerts and restaurants," McFadden said. ``But we are trying to make more of a conscious effort to save now. I think you have to think long-term in terms of saving for a house. You need to build up a little nest egg for you and your partner."
They recently moved into a flat at Artarmon on Sydney's north shore.
``When we first moved in with one another I didn't want to lose my independence," McFadden said.
``That's why I try to pay 50-50 most of the time. If you do earn a substantial amount of money it does give you a position of power but it depends on the personality of that person."
The couple halve most expenses but Lunn will sometimes pay for any little extras.
``If one person's having problems the other compensates for that," McFadden said. ``It's about compromise and at the end of the day it works out."
However, there is some healthy competition.
``Joe earns about $15,000 more than I do. When he got his first big pay rise I thought, `If he's going to get one, I've got to get one!' But it's friendly competition."
McFadden admits that money issues can affect personal relationships. ``If you are having financial problems it can put a lot of stress on you," she said. ``No-one likes being in debt or owing money."
© 2001 Sun Herald