7 Australian creatives on how they budgeted for their biggest purchases

“A new dress or a new pair of shoes will have short term pleasure, whereas investing in a property, a sturdy new car, or a new work computer will pay off in the long run.”

I don’t know what your relationship with money is like, but my bank account seems like an impractical sieve: the holes are large enough for buckets of coins and wads of cash to simply disappear through.

All this talk of the rising cost of living and interest rates has me once again (hoping) to commit to a real strategy, particularly when accounting for life’s big purchases – both the fun and the necessary ones. For more content like this, tap through to our Life section.

The world is a blur of financial options, from sticking to a fierce savings strategy, investing, starting a side hustle or taking out a personal loan.

Much like my obsession with peeking into the fridges and bathroom cabinets of those I admire, I wanted to find out how they budget for these big buys. Get the Excel spreadsheet ready for this one.

Isabelle Valdez*, business owner

The big purchases: A car

My biggest recent purchase was a new car.

Approach to buying: Viewing everything as an investment

I’m fairly impulsive because most of my purchases relate to work, and I generally see them as investments that I will be able to pay off. For me, I needed a car for work. So it was an investment and a business purchase. I went for [a new car] as I thought it would be the least risk-averse.

In an unlucky situation, I actually ended up buying a lemon (very long story). Make sure you read all contracts and the fine print before you buy anything!! And educate yourself on consumer law.

Budgeting strategies: Reach out to a broker

I have a full-time accountant who I pay weekly and is across all of my business finances. She was able to refer me to a broker who I went through for my car loan. Having an accountant/people you trust who can refer you to other services is really handy!

It also makes the process a bit more seamless as an accountant is able to provide income reports and documentation required when it comes time to compare available personal loans .

Alex Breitfuss, letterpress printer and founder of Terrace Press

The big purchases: Designer bags

Handbags are always my biggest investment and money that I spend. I find the per wear cost ratio good, so I can justify spending the money. I’m always saving for them. [Right now] I have my eye on a vintage Chanel double flap.

Approach to buying: Scouting pre-loved pieces

I’ve bought some used pieces at markets like Hills High End and am a part of the resale page on Facebook for a brand that I love. I find I can wear items a few times and sell them for a similar retail price or pick up older prints or styles that I missed out on when they were released. Budgeting strategies: Depositing into an investor account I follow some vintage pages to get more information about what pieces to invest in. I try to put any leftover money from my account each week into an investor account (I use Pearler ), and from there, I build it up till I can afford a piece. If I am really in need of something, I’ll also try to do a little extra transfer each week where possible. Lily Bennett, artist The big purchases: Art supplies and a vehicle My biggest purchase was my beautiful ’80s series Landcruiser, which I absolutely love and needed for transporting art pieces, art supplies etc. My other biggest purchases would be canvases and art supplies. I also allow myself, after selling larger pieces, a treasure of sorts – be it a new pair of well-made winter boots or a new artwork (I like to support the art world as much as it supports me). Approach to buying: Writing lists and asking questions I can be quite impulsive, so writing lists of what I need/want is important and [it’s] also good practice to question whether I really need the item, how long it will last, what impact it will have on the earth in the future etc. Budgeting strategies: Avoiding impulsive spending and prioritising saving I think that it’s important to remember, ‘save it, you have it, spend it, it’s gone’. If you […]

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