"Where did my money go?": how Lily tracked down the leaks in a budget she'd kept since 16

Lily used to log into her bank apps before she let herself spend anything. "I'm one that would log into my bank apps and just make sure I've got the money to splurge if I wanted to," she says. Some weeks the answer disappointed her. "Sometimes you log into subscriptions and you don't realise that that's recurring money down the drain. And then it's like, oh, I don't have any money to splurge like I want to."

She's 27, recently moved from Adelaide to Canberra, and lives with her partner. She's spent the past six or seven years in government jobs. On paper, she should be comfortable. She doesn't quite feel it. "You think you're doing well working in government and, you know, pay relatively well. But, yeah, definitely struggle some weeks."

Budgeting since 16 and still losing track

Lily is not someone who came to budgeting late. Her mum was the bookkeeper for the family business. "From the get go of my first job when I was 16, my mum made me make a budget." Despite this she would often find that money would seem to disappear. "I'd have my budget but… some weeks I'd be like, where did my money go?"

Debt, in her words, is "a struggle". "For me, seeing kind of an end feels like a long tunnel that's kind of just going, keeps going. You think you see the light and then it gets further away."

Money is something she thinks about often. "I'd say money is something that takes up a lot of brain capacity at the moment," she says. "It always just feels like, can I really afford to have that break? Can I afford to go overseas?" And after the holiday: "What groceries can I afford? Can I afford to eat healthier? Is it going to be two minute noodles?"

At the time of downloading WeMoney she had her first car loan, about ten grand, roughly $70 a week. She was living rent-free with her sister, working in education, and a cheap house on the market had set her thinking about whether the Aussie dream was in reach.

A $22,000 car loan approved the same day

She paid that first car loan off and was debt free for a while. Then her old car started dying, and so she took out a new loan through WeMoney: $22,000 over five years, $115 a week.

The choice of lender was practical. "They were the ones who were most likely to give me my approval. But I also liked that they were the lowest interest. I could make as many repayments as I like without a fee. And they also had an establishment fee but no monthly fees after that. So then I was kind of like, all right, cool. Done."

She wasn’t expecting such a fast turn around. "I know with my first car loan, I think I left the car dealer and I was waiting for a few days before I heard back from anybody." This time it settled the same day. "It came through so quick. And I was like, oh, I felt like I didn't really have to do a whole lot."

The decision to take out another loan wasn’t easy. "Going from being debt free to having debt again is definitely something that I did have to really consider." Her biggest worry was "having a car loan and having debt and what that means for when I do want to buy a home". In the end she realised “needing a car was just something that I needed to do." Getting "a much cheaper rate than when I was originally looking through on the Internet", she says, "did settle some of my anxieties."

Talking about debt without shame

Lately her friends have started asking questions. "I have some friends that are a bit older than myself and they're like, how do you know what your credit score is?" She tells them about WeMoney, and that checking her score in the app "doesn't affect my credit score". "We're all at different stages in our life." A car loan or a credit card, she says, shouldn't leave anyone feeling "like you're less than".

See where your own money goes

If you suspect your money is leaking somewhere you cannot see, the fastest fix is getting every account and subscription in one view. Create a free WeMoney account to see all your money in one place.

Disclaimer: Lily’s experience is her own and is not a guarantee of a similar result. The information in this article is general in nature and was prepared for information purposes only. It should not be considered financial advice and does not take into account your objectives, financial situation or needs. Consider whether it is appropriate for your circumstances and seek independent advice before making a financial decision.