This mum makes drastic measures for her family despite earning $140,000: ‘We desperately needed to make a change’

In a world where the cost of living seems to be skyrocketing, even those with incomes that would have once been considered quite comfortable are finding themselves tightening their belts.

This is the story of a mum who has taken to social media to share her family's financial struggles and the drastic measures they've had to take to stay afloat on a $140,000 annual income.



Lou has sparked a heated debate among social media users after revealing that her family of three had to 'desperately' cut corners to survive.

In a video captioned 'controversial opinion’, she said $140,000 is 'not a high income in the current Australian economy' and then shared her budgeting tips with her followers.


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Lou shared that $140,000 is not a high income in the current economy. Credit: @thatmoneymum / TikTok


Lou admitted, 'It feels embarrassing to admit that six months ago, on $140,000 a year, my husband and I were losing money.'

She attributed their financial woes to the creeping cost of living that has caught many Australians off guard.

'We desperately needed to make a change for the sake of our family,' she said.

Lou's first tip for saving money is distinguishing between wants and needs.

'Our generation has honestly been conditioned to buy as soon as that want arises.'

She illustrated this with a personal anecdote about wanting double-walled coffee cups but choosing to wait until she could find them at an op shop, as they were not a household necessity.



Her 'biggest' piece of advice, however, is to track spending.

‘This changed the game...this helped us realise where we were overspending, and we realised food was a massive problem area for us,’ she said.

By using an auto-calculating spreadsheet, Lou and her husband were able to pinpoint areas where they were overspending, with food being a significant culprit. This realisation led them to meal plan and audit their fridge to ensure no food went to waste.

To further reduce expenses, Lou made major changes to her grocery shopping habits.

'We shop at our local market and ALDI and only go to Coles and Woolworths if we’re desperate,' she explained.

‘The prices at Coles and Woolies are literally out of control. Washing powder at the Reject Shop is the same price that Woolworths has it at half off in terms of retail.’



The response to Lou's financial revelations has been mixed.

Some users are shocked that a family earning $140,000 could struggle, with comments like '$140k not enough?'

Others are more sympathetic, acknowledging the challenges of saving even on a six-figure income.

'Good on ya for changing the way you spend,' one user commented, while another probed, 'Yeah, but how much debt are you in? Because $140k is a lot, though. And if you’re struggling on that, clearly your lifestyle is too expensive.'



Yet, there are those who praise Lou for her transparency and share their own financial concerns.

'Great post. Gen X here, I think we spoiled your generation with instant rewards to make up for what we didn’t have. Great job changing your mindset,' one user reflected.

‘We are about the same as you income-wise, with 3 kids and private school, and we have $0 left for savings any more,’ another added.

‘$220k, barely keeping the roof over our heads. Bills stacking up,’ a third revealed.

You can watch Lou’s video below:


Credit: @thatmoneymum / TikTok

If you want to change the way to shop for food like baked goods, this innovation may be the next best thing you could have!

In a previous story, Foody Bag launched its new app, claiming to reduce food waste by allowing bakeries to sell surplus food at a 50 per cent discount. You can read more about the story here.
Key Takeaways
  • A mother revealed that her family had to cut back on expenses to survive on a yearly income of $140,000.
  • Lou shared that they were overspending due to the increasing cost of living and provided budgeting tips on distinguishing between wants and needs.
  • Her tips included tracking spending through an auto-calculating spreadsheet, meal planning, and shopping at local markets and stores like ALDI over Coles and Woolworths due to high prices.
  • The mother's disclosure of her financial struggle with a seemingly high income sparked mixed reactions and a robust conversation about the cost of living among her followers on social media.
Have you found yourself having to cut corners despite a seemingly comfortable income? Share your experiences and tips for managing household budgets in the comments below.
 
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I know as a single person is different to shopping for a family, I shop at Aldi's, I have a large exercise book and if I buy anything for the first time I enter it and the price, after every shopping I check my receipt to see if there is any price change, over quiet a few months there as only been a price change on two articles, I stick to my shopping list and avoid tempting specials, all my other bills are paid by direct Debit, I do not have a car now so this is a large expense eliminated, I have A mobility scooter for local trips, so I manage to keep everything under control, another thing that helps is that I own my house.
 
I think these days that we all need a budget of some sort. $140,000 is not a small amount to be earning & I am not targeting you, but so many starting out have at least 2 cars, a trailer, some have caravans, boats, motorbikes, a TV in every room, at least a 4 b/room house with at least 2 bathrooms (which I get), rumpus, playroom for the kids, office, media room, formal lounge, family room etc etc etc. Also every push button gadget in the house you could think of & people wonder why they have no money. What ever happened to don't have the money, don't buy the goods until you do?
 
Regardless of income, it is possible to live beyond your means, and the fluctuations in the cost of living has little to do with that, but I thought that would be commonsense, apparently not.
Whether UR on $50 or $150k having a budget is smart, clearly some are not.
 
Poor little Lou. My heart bleeds for you!

Looks like you will have to forgo your gym membership, Netflix/Stan/ Paramount +, 7 day a week Uber Foods deliveries, monthly tattoos, manicures and pedicures, botox treatments, 12 bottle a week Dom Perigon habit and your cocaine habit. Get rid of Lou Junior's twice weekly violin tuition, ballet classes, SCEGGS College school fees and their "must have" latest model iPhone, Apple Watch and iPad.

Don't forget to back trade in your current model BMW i7 M70 on a 2010 Kia Carnival. Sell your Rose Bay mansion and buy a house in Plumpton.

Just a self entitled bitch. :devilish:
 
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My heart bleeds for the three of you. How I wish I had that problem. I am working fulltime, and my income is below $60,000 a year. If you are struggling on $140,000 a year, then on my income, I would have no chance. I understand that mortgages are through the roof with many homes in the capital cities well into the million-dollar range, with this being significant drain on most family incomes. You must budget no matter what your income. It sounds like your family got carried away spending and now you are having to pull the reigns in and cut the spending. Welcome to reality and the real world.
 
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Yep reality bites hard when you find the dollars just do not stretch far enough for the regular indulgences so many people think they need, latest mod cons, latest tech, weekly manicures, pedicures, massages, Botox so your lips stick out further than your nose, hairdresser visits, for the men regular man beauty sessions, etc etc. poor diddams, my heart bleeds for you, NOT.
 
I think there may be quite a few people like this lady. She would have had a lifestyle commensurate with her income. She probably didn’t think twice about buying little luxuries or dining out, or whatever people with that kind of income do with it….there will probably be a nice home and two cars, both of which will probably be on monthly repayments …..just like a lot of others with a similar income…..she probably didn’t even think of budgeting….. But now that there is a cost of living crisis that’s hitting everyone hard, she’s found that she cannot afford to live the life she’s accustomed to or worse, living beyond her means. I think she’s a product of our times, wanting everything all at once and not willing to give up the lifestyle, or even why she should. Hopefully she might learn something along the way now…..
 
I think there may be quite a few people like this lady. She would have had a lifestyle commensurate with her income. She probably didn’t think twice about buying little luxuries or dining out, or whatever people with that kind of income do with it….there will probably be a nice home and two cars, both of which will probably be on monthly repayments …..just like a lot of others with a similar income…..she probably didn’t even think of budgeting….. But now that there is a cost of living crisis that’s hitting everyone hard, she’s found that she cannot afford to live the life she’s accustomed to or worse, living beyond her means. I think she’s a product of our times, wanting everything all at once and not willing to give up the lifestyle, or even why she should. Hopefully she might learn something along the way now…..
You make an excellent point @Miss Chris. I think the following quote is appropriate.

“Education is not preparation for life; education is life itself." - John Dewey
 
Yep reality bites hard when you find the dollars just do not stretch far enough for the regular indulgences so many people think they need, latest mod cons, latest tech, weekly manicures, pedicures, massages, Botox so your lips stick out further than your nose, hairdresser visits, for the men regular man beauty sessions, etc etc. poor diddams, my heart bleeds for you, NOT.
You are making so many assumptions.
 
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Yep reality bites hard when you find the dollars just do not stretch far enough for the regular indulgences so many people think they need, latest mod cons, latest tech, weekly manicures, pedicures, massages, Botox so your lips stick out further than your nose, hairdresser visits, for the men regular man beauty sessions, etc etc. poor diddams, my heart bleeds for you, NOT.
I think sometimes people see an income of $140,000 range and they think "WOW" and it goes to their head. The unwary believe that they can just spend, spend and spend with no consequences. At least they woke up, before they got into real financial trouble. There is a silver lining in every story.
 
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