An Australian mother has sparked a debate on social media after revealing the drastic changes she made to her household budget to survive on an annual income of $140,000. TikToker Lou, known as @thatmoneymum, who describes herself as “Just a mum trying to save,” shared her budgeting tips, which she admits might be seen as a “controversial opinion.”
In her TikTok video, Lou candidly said, “It feels embarrassing to admit that six months ago on $140,000 a year, my husband and I were losing money. The cost of living creep got us real good, and we desperately needed to make a change for the sake of our family.” She then proceeded to list the changes they implemented to start saving again.
Lou emphasized the importance of distinguishing between wants and needs. “Our generation has honestly been conditioned to buy as soon as that want arises,” she explained. For example, although she had wanted double-walled coffee cups for a long time, she waited until she found them at an op shop because they were not a necessity.
A critical factor in their financial turnaround was tracking their spending. Lou said, “This changed the game because it helped us see where we were overspending.” She created an auto-calculating spreadsheet to identify problem areas, discovering that food was a significant expense. To combat this, Lou now plans meals meticulously and audits their fridge to avoid waste.
To save money, they shop at local markets and budget-friendly stores like Aldi, only resorting to more expensive supermarkets like Coles and Woolworths when absolutely necessary. “The prices at Coles and Woollies are literally out of control,” she noted. She found that items like washing powder are the same price at The Reject Shop as when they are on special at Woolies.
Lou also saves by buying toys and clothes from op shops and has become “obsessed” with Facebook Marketplace. She proudly shared that she bought a $1,700 Bugaboo pram for just $200 on the platform.
She concluded her TikTok by emphasizing the importance of appreciating what they already have in life. “I have a beautiful son and a gorgeous husband, a healthy family, and that’s more important than anything else.”
Reactions to Lou’s TikTok were mixed. Some viewers were skeptical. One TikToker commented, “I just don’t understand how this is possible. I earn like $80k and my partner is a med student. I have to pay for her med school tuition out of pocket every semester $7k, and I’m doing fine.” Another wrote, “I’m on $60k, single parent with a mortgage, no child support, and are doing fine… something terribly wrong if you can’t afford life on $140k.”
However, many responses were supportive and appreciative of Lou’s efforts. One user said, “Great post. Gen X here, I think we spoiled your generation with instant reward to make up for what we didn’t have. Great job changing your mindset.” Another added, “Love the effort you guys are going through. Long term this is going to make a huge difference.”
Lou’s story highlights the diverse perspectives on financial management and the varying challenges people face, even at higher income levels. Her advice underscores the value of thoughtful spending and the importance of financial literacy in navigating the cost of living.