Financial Strategies of a Solo Mother in New Zealand

The interviewee is a 42-year-old Chinese-New Zealand teacher living in a suburban area. She is divorced and the sole caregiver for two children, ages 7 and 11. Her ex-husband remains a co-owner of their family home until the property is transferred next year.

The Spinoff

Her annual salary of NZ$103,000 is the maximum for a teacher, prompting her to generate additional income. She has been investing through a financial adviser for 1.5 years, with managed funds returning 28 % since inception, and holds NZ$75,000 in KiwiSaver after splitting the account with her ex-husband. The house is jointly owned until the upcoming transfer.

The Spinoff

Mortgage payments total NZ$749 per fortnight. Weekly food costs are NZ$100-110 for groceries, supplemented by NZ$30-60 for occasional dining out and NZ$30 for occasional takeaways. She spends NZ$13 per fortnight on alcohol, NZ$60 per week on transport, and approximately NZ$250 annually on clothing, largely second-hand. Personal grooming costs about NZ$40 per year for haircuts and NZ$12 per month for eyebrow threading. She contributes regularly to multiple accounts: NZ$100 for her daughter’s future braces, NZ$200 each to travel, education, and a reserve fund (currently NZ$20,000), NZ$200 to income-protection insurance, and NZ$150 to managed-fund investments. A recent family trip to Bali cost NZ$3,800, paid six months in advance.

The Spinoff

She works with a financial planner to maintain diversified investments and to pursue long-term objectives, including owning a separate house, acquiring rental properties, and expanding her investment portfolio. She teaches her children to allocate pocket money into savings, spending, and giving jars. During a recent health-related setback, she accessed WINZ support but continued to meet mortgage, insurance, and essential living costs without depleting her reserve fund.

The Spinoff

The interviewee describes a lifelong habit of frugality, noting that “I worry about money: Always.” She attributes her financial discipline to her parents, who ran a Chinese takeaway, owned rental properties, and held shares. Despite occasional reliance on social-welfare assistance, she reports never regressing financially.

The Spinoff

• “I check my banking app every day, often multiple times a day, to ensure money is where it needs to be.” — Interviewee, solo mother

The Spinoff

• “I’m actually proud I got through it.” — Interviewee, solo mother

The Spinoff

• “My biggest edible indulgence would be: Quality dinner out with wine and dessert.” — Interviewee, solo mother

The Spinoff

• “Five words to describe my financial personality would be: Empowered, goal-driven, savvy, organised, flexible.” — Interviewee, solo mother

The Spinoff

• “My parents owned a Chinese takeaway, owned rental properties and shares.” — Interviewee, solo mother

The Spinoff

In the next five years she plans to sell the current home, purchase an independent residence, and begin acquiring rental properties. Continued contributions to her children’s education accounts and expansion of her diversified investment portfolio are also outlined as priorities.

The Spinoff