The “stingy” student found a job when she was 14 years and nine months old. Less than a decade later, she can call herself the owner.
A college student who grew up with four older siblings in a cash-strapped family managed to buy her own house at the age of 23 for $450,000.
Sian Davies, from Adelaide, was determined to improve her financial situation and found a job as soon as she was legally allowed to do so, when she was 14 years and nine months old.
“I’m one of five kids, my parents had a lot to feed, I wanted things they couldn’t afford to buy me,” she told news.com.au.
“I wanted to buy my own phone, not a Nokia brick phone, I wanted to be able to go to the movies, it’s just little things, we basically shared a family computer.”
However, she liked the independence money brought in and eventually chose to spread her senior year of high school over two years so she could continue to work long hours while studying.
This reignited Ms Davies’ interest in managing her own money and she began checking her superannuation and saving hard so she could prepare for life.
Last year it nabbed empty land in suburban Adelaide and builders are expected to finish in the coming months, with plans to move in once it is complete.
“I’ve always been known as a cheapskate but it paid off in the end,” she added with a laugh.
Deliver the news you want, when you want with Flash. More than 25 news channels in one place. New to Flash? Try 1 month free. Offer ends October 31, 2022 >
Ms. Davies worked in a bakery for five years while in high school and during her gap semester.
Most of his free time between school and university was spent working. For a period of three months, she worked seven days a week to earn as much money as possible.
‘I was trying to save at least 50% of what I earned,’ she said, adding that this was possible because she lived at home and had ‘no overhead’ other than rent. of his family and his own telephone bill.
She spent the majority of her saved money on a trip to the United States and Central America, but when she returned in mid-2018, she was determined to recoup her depleted savings.
Ms. Davies began working in various administrative positions in general medicine and podiatry clinics as well as law firms, all of which had higher hourly rates than bakery work.
At the same time, she went to university and took several bridge courses until she obtained a law degree in 2019.
“I’m still a college student, studying full time and working full time,” she said.
She transitioned from an administrative role to a paralegal role at her law firm, where she now works full-time.
With more and more expenses, including buying a car and a gym membership, she now saves 30% of what she earns.
As the money began to pile up, the young woman’s dreams became more attainable.
“Those were the two goals I had – to travel and buy a house. Then Covid hit and that solved my problem, which led me to my decision to own a house.
She knelt down and in 2021 made her move.
Ms Davies found a dilapidated house in suburban Adelaide which she asked the owners to tear down for her. She forked out a $40,000 deposit for at this point an empty lot.
She paid an additional $10,000 in property transfer fees and then also had to pay $5,000 as a deposit to the construction company.
In total, the land cost $200,000, and building his dream home with three bedrooms and two bathrooms will cost another $250,000.
“I watch the market quite regularly,” Ms Davies said. “I entered just before the end of the financial year, after which everything jumped by $50,000.
“The block I own is worth at least $50,000 more than when I bought it.”
In another stroke of luck, she signed a fixed-term contract with a construction company the week after buying the house. As before, it signed with them before the construction sector was hit hard by supply chain issues, causing contract prices to rise dramatically.
She largely avoided that.
“There are delays in wood and steel, it probably won’t be done until the end of the year,” she said. “I’m okay with making sacrifices and spending a few more months at home.”
Although she has spent most of her savings, there is enough left over to comfortably pay off her mortgage.
“This [buying a home] didn’t completely clean me up,” she said. His savings are still in a healthy five-digit range.