An Australian mother has divided social media by claiming she had to make desperate changes to the family budget to survive on an income of $140,000 a year.
In what she described as a “controversial opinion,” TikToker Lou @thatmoneymum, who describes herself as “Just a mom trying to save,” posted her tips on the changes she’s made to make her budget go further.
She opened her TikTok saying: “It’s embarrassing to admit that six months ago, on $140,000 a year, my husband and I were losing money.
“The rising cost of living hit us hard and we desperately needed to make a change for the sake of our family.”
He then listed the “changes we’ve made to start saving again.”
Lou began by suggesting that it is important to differentiate between wants and needs.
“Honestly, our generation has been conditioned to buy as soon as the need arises,” he said.
TikToker @thatmoneymum said: “It’s embarrassing to admit that six months ago, on $140,000 a year, my husband and I were losing money.”
He gave the example that although he wanted to buy double-walled coffee mugs “a long time ago,” he waited until he saw them in a convenience store because they weren’t a necessity.
Lou said the most important factor is keeping track of your spending.
“This changed things because it helped us see where we were overspending,” he said.
He created a self-calculating spreadsheet to help the couple determine where they were overspending.
“We realized that food was a huge problem area for us, so we made some changes.”
Lou now plans his meals and checks his refrigerator to avoid waste.
‘We shop at our local market and at Aldi, Coles and Woolworths only if we are desperate. “Prices at Coles and Woollies are literally out of control,” he claimed.
Lou said the regular price for washing powder at The Reject Shop is the same as when it’s on a half price special at Woolies.
Another way to save money is by buying toys and clothes at big box stores.
Lou said she is now “obsessed” with Facebook Marketplace and has purchased a $1,700 Bugaboo stroller for just $200.
Lou said she is now “obsessed” with Facebook Marketplace and bought a $1,700 Bugaboo for just $200.
He ended the TikTok by saying that the couple “started practicing the things we have in life.”
“I have a beautiful son and a wonderful husband, a healthy family and that is more important than anything else.”
Reactions to Lou’s TikTok were mixed.
‘I just don’t understand how this is possible. I earn about $80,000 and my partner is a medical student. I have to pay my medical school tuition out of pocket every semester, $7,000 and I’m doing fine,” wrote one TikToker.
“Wow, double the income under $85,000 makes it work,” wrote another.
“I make $60,000, I’m a single mom, I have a mortgage, I don’t have child support, and I’m doing well… terribly bad if you can afford to live on $140,000.”
Most of the responses to Lou’s TikTok were positive.
‘Good post. Generation X here, I think we spoiled your generation with an instant reward to make up for what we didn’t have. Great job changing your way of thinking.’
‘I love the effort they are making. “In the long term this will make a big difference.”