Money Talks: The vintage fashion business owner whose parents still pay for her expenses

Ever wondered what your salary and spending habits are like in comparison to your peers? Money Talks is a column by Her World that takes an honest look at how women spend their money. If you would like to submit a money diary anonymously, please email us at magherworld@sph.com.sg with the subject “Money Talks” in your email header, and one of our editors will get back to you.

In today’s column, we speak to a 29 year-old creative who quit her job to run her online vintage fashion boutique full-time, and lives at home with her parents to save money. She also supplements her income with freelance writing jobs and commissions from influencer work.

About The Diarist

Occupation: Entrepreneur/ Creative Director of an online vintage fashion store
Industry: Fashion/ E-commerce
Age: 29
Education level: Bachelor’s Degree
Salary: $3,500 to $4,000

Average Monthly Expenses

Rent/Mortgage: N.A as I’m currently living with my parents
Utilities: N.A
Internet: N.A
Insurance: N.A as it is under a family plan
Investments: N.A
Phone Bill: N.A as it is under a family plan
Subscriptions: $21.98 for Spotify and Netflix
Transport: $91.75
Food: $236
Groceries: $100
Shopping: $650
Entertainment: $9 - $500 though this month the most I spent was around $480 in total for my parents and me for a Jimmy O. Yang show. We only spent it to get the best seats as we’re big fans!
Savings: 30% of my salary

Total expenditure for the month: $7,075 for this month only, but $3,059.45 of that is in medical expenses that I will be able to claim via my insurance so technically it’s $4,015.55

On the privileges of living at home with her family:

My parents bought our apartment when I was young and now that I own it, I don’t have to worry about paying for the mortgage or rent! I am thankful for this asset since the location is a stone’s throw from all the attractions in central Singapore. I can always take the MRT to all the main destinations and it’s so convenient! But since I grew up in my apartment, I will never move away from it unless I get married. 

As I am still living with my parents, I am very fortunate that they are taking care of most of the household expenses. While I do take care of my personal expenses, I do not have to pay for utilities, and my insurance and phone bill are covered under the family plan. In terms of food, I mainly eat at home, where our helper cooks our food. Sometimes my dad would buy food and we’d eat takeout together. My parents also take care of the groceries, but if I have to help them, I would use my mother’s membership to gain extra points and use a discount.

When it comes to money, my parents told me that it doesn’t grow on trees. But when it comes to learning how to manage, I didn’t have that conversation until one of my friends told me to make a spreadsheet. Her spreadsheet on how much she spent per month made me feel inspired to try this out and to learn how to be more financially responsible. My parents only told me to give a portion of my money to CPF to save and to use a credit card when spending. Also, they advised me to get passive income by renting out, but it depends on what type of real estate property you can buy to rent out. They also helped to set up my savings account where we deposited a lot. Thankfully, I have more than enough to keep me financially afloat. 

On how she spends her money:

It varies, I’m not gonna lie. I spend my money quite often. When you have a small business, you have to pay your employees, and of course, cough up on the items you need. I would research the product, then look into the delivery price and go along with what is more practical for me as gas costs money for me to pick up an item from the wholesaler as most of them are located in the heartlands (I live in the central area). I also shop for shoots as I need to make vintage items modern with my styling choices. But if something doesn’t work out, I will resell an item.

I spend a chunk of my money on skincare since I travel and need to have it on me for long trips. I also spend money on clothes due to travelling/shoots and swimwear as I’m an active swimmer. I don’t splurge much on beauty unless it’s at a deal and I need to restock for the rest of the year. 

Sales are my kryptonite, but I still need to make sure it is worth what I will pay. The only time I will retail is if the product never goes on sale. I also won’t pay exorbitant shipping costs of more than $50.

On her relationship with money:

My relationship with money is a happy balance, yet it’s complicated. I love the good life and I LIVE to enjoy life; however, with my salary, I know that I need to put a cap on certain aspects. I’m doing what I can to maintain a healthy financial balance and not use my credit card, but at the same time, I don’t want to stinge too much as I think that you should make yourself happy whether it’s through entertainment, vacation or clothes! Though I love to socialise, I am curbing my spending on alcohol as that burns a hole in the wallet. I’d rather be rich and sober than be broke and drunk!

My attitude towards money is more positive compared to 10 years ago though, when I didn’t give a f*ck about it. After years of doing low-paying jobs, it’s taught me to appreciate the value of the dollar and to know that others may have had it harder when it comes to securing money. Since I have savings, it pushes me to feel secure in knowing that I will have some when I retire. But for now, I want to earn as much as possible to live more comfortably, raise more funds for my business and hopefully, not have to worry about being broke in my ‘30s. I want to build my net worth without having to rely on my parents for money.

On exploring non-traditional ways of making money:

I wish that I could learn how to invest money, buy stock and get passive income so that I can learn to build my financial portfolio. But when it came to investing and buying stock, my dad is quite overprotective about me dabbling in investments/stock because he has been traumatised by people misappropriating his funds in the past. While I am prohibited from investing in money, I considered trading in crypto as it was something a former co-worker and their clients did. But with the recent crash, I realise there are more risks than benefits. 

Though controversial, OnlyFans is now a thing for Millenials/Gen Z to make quick cash (though not in Singapore) and its success is making me wonder if traditional ways of earning money are no longer cutting it. Say what you want about it, but it’s honestly more financially stable (and more empowering for creators who wish for financial and creative freedom) compared to crypto. It is not something I am personally comfortable with, but I admire the people who have the confidence to use it to create a financial advantage for themselves. 

Here are her expenses for the week:

Day 1

Credit: 123rf

1/7

9:30am: I went to see my doctor, who is also a dermatologist and surgeon, to inspect my body. I developed a cyst near my crotch area and it’s NOT fun. Since I am modelling my own clothes for my store, I cannot afford to let things like this get in the way as I have to wear many different types of bottoms. I also got a BBL laser treatment on my face and IPL hair removal since I need to look good for the cameras. As my cyst is near the pubic area, it’s putting my health at risk. Thankfully, I am insured for this treatment. I know it sounds crazy to spend a lot on my skin and body, but in the end, the benefits will greatly pay off as I don’t plan to spend more money on waxing and shaving. (IPL, compared to shaving or waxing, is cheaper in the long run as you get what you spend for despite numerous sessions as it’s helped me use my razor less) - $790.25

12:30pm: My family and I wanted to try the Burnt Ends Bakery as their pastries and sandwiches always sell out. We got three sandwiches, three doughnuts, three coffees and two cookies. I paid for everyone and thought the food was costly, but I wanted to give my family the best because they deserve a nice and lovely meal. - $105

2:45pm: At my studio there is a coffee shop upstairs and I need to get drinks for me and my assistant. I got us two fruit-based kombuchas and I know that $7 for one is ex, but if that’s the best option out there, why not? - $14

Daily total: $909.25

Day 2

Credit: Moon Juice

2/7

1:35am: I can’t sleep, but I know that on Revolve, there was a 20 per cent off sale. I bought Moon Juice’s Hyaluronic Acid serum and a Summer Fridays Jet Lag mask since I’m about to travel to Austria with my family in the middle of August. For two products, they normally cost over $100 USD, but with the sale, I get to save more! - $119.79

12:30pm: I am on the last legs of my period, but I need more pads/tampons. Since there’s a promo for pads, I thought that it’d be a great time to stock up since I plan to go on vacation next month and I need more sanitary products in case I am unable to get them at the nearest pharmacy in Austria. I bought two organic cotton pads and one tampon with a cardboard applicator. - $27.30

Daily total: $147.09

Day 3

Credit: 123rf

3/7

10:00am: I am too tired to go out anywhere save for a swim in my condo. Since I live with my parents, I am thankful that I don’t have to worry about paying for rent since we own the apartment. Usually, I’d do takeout today, but since we bought a ton of food from lunch the day before, I don’t feel the incentive to spend any more today.

Daily total: $0

Day 4

Credit: Hojicha Co.

4/7

2:30pm: Only bought a dirty hojicha at the coffee shop upstairs as I needed tons of energy to model clothes and create content for my upcoming warehouse sale. - $8.00

Daily total: $8

Day 5

Credit: 123rf

5/7

11:00am: I went to my podiatrist as I sprained my ankle. A few days ago, I was so fatigued from cleaning the warehouse that I lost my balance over the weekend. To save money, I participated in a survey as consultation fees and treatments are expensive. Luckily my insurance will cover this treatment. - $223.60

11:30am: I had to buy equipment for my upcoming sale, so I had to get a tagging gun, label pins and pay for delivery. I had to pay a balance for the label pins as I got the wrong type and had to cough up for same-day delivery. - $34.75

1:49pm: I went to a cafe upstairs from my warehouse. My assistant and I got lunch (me an avo toast) and drinks (her a matcha and me a hojicha) together. For what I paid, the portions for the meal were small but filling. - $37.08

3:30pm: I went to see my dermatologist again. I normally don’t do derm visits too often, but for the sake of my health, I had to get that cyst taken care of. It was a pain in the ass to deal with it, but I’d rather get that drained ASAP sooner than later. I had to walk out with painkillers, two bandages and another set of antibiotics. It turned out that an oil gland became severely inflamed from the friction by my jeans and it was being overly active during my menstruation. The cyst went deep near my muscle and that was an emergency as I learned from my derm that it had the potential to get infectious. That treatment broke my wallet, but it’s much needed. Most importantly, insurance covers it and I can get my money back. - $1,106.05

5:41pm: I went to Daiso to buy 57 paper shopping bags for my upcoming warehouse sale. For what I pay compared to if I customise the bags myself, it’s so much cheaper to buy them! - $54

Daily total: $1,455.48

Day 6

Credit: Instagram

6/7

10:00am: Still had to see my derm to check up on the wound. The consultation fee is quite high to see her, but it’s covered by insurance. I also had to get antibiotics as the cyst was a serious matter. - $270.15

1:30pm: I needed a full meal and a strong drink. A smoked salmon toast with dirty matcha is ideal to carry on the day to compensate for the loss of omegas due to surgery. - $28.25

5:00pm: I needed to get my nails done for my warehouse sale promo content next week. Since I wanted a Y2K aesthetic to match the clothes I was selling, I decided to take the plunge. My dad bought a package for me, my mum and my sister as a gift. Though I still have some sessions left, this express mani-pedi service didn’t cost too much for me as I wanted to put some dollars aside for my medical treatments. - $48

Total: $346.40

Day 7

Credit: 123rf

7/7

10:00am: I went to see my doctor again. I had to get my wound assessed and dressed up alongside having to pay for some medicines. Since it’s all insured, I will be able to get back the money once it’s all taken care of. - $353.60

Daily total: $353.60