Purse Strings is Ensemble's regular money column, where we rummage through the wardrobe and wallets of a range of New Zealanders. We want to encourage candid discussion about our financial realities, documenting how people spend their money for a week and what they wear while doing it – because fashion and money are as close as hip and pocket.

This month we meet Lena Speed, a 23-year-old who works as restaurant manager at Loretta and is regarded as one of the rising stars of Wellington’s tight knit hospo community.

Speed’s industry provides both tangible and impalpable benefits to Aotearoa's financial and cultural landscapes. Hospitality is a significant employment sector in Aotearoa, with large numbers of students, creatives, temporary migrants, international students, transient working holiday makers and people on Essential Skills visas making up the workforce. 

Hospitality also contributes to the collective identity of our communities. When a beloved café or restaurant closes its doors it cuts deep. But made up predominantly by small, independently owned businesses who often operate on narrow margins, it's a sector easily influenced by shifts in discretionary spending and operating costs. Figures from the Restaurant Association’s March 2024 quarterly report stated that the cost of dining out rose by 7.2% year over last year. How does that affect the outlook of those working in the industry?

Want to share how you control your purse strings and splash the cash? Get in touch.

Occupation: Restaurant manager

Age: 23

Location: Wellington, New Zealand

Salary: $60,000-$65,000

Monthly rent payment: $992

How would you describe your approach to money management?
I started working when I was 15, and I was hopeless with money management for the following few years, other than KiwiSaver payments which came out automatically (fortunately at the top rate). It wasn’t until my second year of university that I took control of my budgeting, and I’ve been focused on it ever since. Now, I am far more self-aware and realistic about my financial situation, and I know how crucial it is that I prioritise my savings above my spending.

What is your job? Do you have a side hustle or any other income streams?

I work full time as a restaurant manager. I would love to say I had a side hustle, but my downtime is more about recovering than hustle at the moment.

Talk us through your financial landscape right now. 

At this point in my life, I feel satisfied with my finances – strictly because I am focused on saving and budgeting. I have developed a routine of depositing approximately 30% of my paycheck into my “Squirrel Fund” (my long-term savings account) every week for the past two years, as well as dividing the rest of my paycheck into several different budgeting accounts (as nerdy as that sounds).

This feeling of stability only speaks for the position I am currently in. Aside from my rent, my lifestyle allows me to be careful with my spending. But I’m all too aware that future responsibilities like paying a mortgage, raising children and travelling will push me well out of my financial comfort zone.

How have your finances tracked as your career progressed?

I am still in the early days of my career, so I have had no expectations of enormous financial advances. I’ve had a couple of pay rises in the past few years (I received a pay rise alongside my promotion three months ago). A huge priority for me is to ensure that as my spending increases, so do my savings.

What sort of financial education did you receive?

No formal education, although I talk a lot about finance with business-minded people. I’m keen to learn more about investment so that I can get an investment portfolio started as soon as possible and get it growing.

What debt do you have? Do you have credit card debt or outstanding pay later balances?

I am glad to say none! I was fortunate enough to receive student allowance throughout university, and I largely have my mum to thank for my lack of loans. She had the foresight  to start saving for my university fees from when I was five. She put away $100 a month – alongside my grandparents’ contribution of $20 a month – for 18 years, which was enough to pay for my first year of hall residency, and the next two years of course costs.

What savings do you have?

I have $35,000 in savings, including KiwiSaver.

Do you have insurance / medical insurance?

I haven’t entered the adult world of medical insurance yet (it’s on the list). I do pay for car insurance, though – the last thing I need is to write off someone’s expensive car with my 2001 Corolla and flush all my savings down the drain.

What are your largest outgoings moneywise?

Definitely rent. Although I do live incredibly centrally, which saves travel expenses.

What’s been your biggest money splurge or purchase to date?

Northern Bass, a New Years festival, slightly broke the bank one particular year. Driving up from Christchurch to Auckland was really expensive, not to mention all the other costs. Considering I wasn’t earning that much at the time, it was a bit irresponsible (so worth it, though). As well as this, the total cost of all of my tattoos is something I avoid calculating (again, so worth it).

What financial pinch points exist in your life, what are the biggest stressors you encounter in terms of finances?

I don’t experience day-to-day financial pinch points, but I feel a lot of financial stress looking ahead to the future. I intend on travelling for the majority of my 20s, and while that’s really important to me, I feel a lot of discomfort knowing that I am going to lose a fair amount of my savings while doing so.

I try to be optimistic and have faith that hard mahi will pay off in the long run, and that travel will also contribute to my skill set and my ‘bankability,’ but it’s going to be hard watching those dollars go out.

What are you most proud of financially?

Bit of an anticlimactic answer, but I’m most proud of the difference between where I used to be – financially – to where I am now. There was a time where I was on the benefit, and received financial assistance from others. I didn’t have a dollar in my savings account, and I was in no way supporting myself. Now, every dollar I save and spend is my own, and that feels more rewarding than 18-year-old me could imagine.

Have you inherited any money?

No, not to date.

Does anyone else cover any other aspects of your finances, or rely on you financially?

Not anymore!

Do you have financial goals?

Short-term, my goal is to set aside enough money aside to keep me afloat throughout my travels, while always having funds in my emergency account. Long-term, I just want to be comfortable. Not living paycheck to paycheck, living in a home that I love, feeling free to go on holiday every now and again, offering my kids a great education and being able to retire when the time is right.

How do cultural, societal and religious aspects influence what you do with your money?

I’m friends with chefs, who love when other people cook for them for a change. And I’m friends with front of house, who, like me, love it when other people serve them for a change. As a result, we often spend our weekends eating out, which is a cost I debatably have the least amount of control over. I don’t want to generalise this to all hospitality workers, but it is quite common in my smaller circles.

Are there other ways you cut down on costs financially? Do you go without anything?

I spend very little money on material things, to the point where I feel uncomfortable doing so. I will often walk into a shop, only to convince myself that I don’t need anything. This has resulted in me losing a lot of my fashion identity. I don’t always feel connected with my appearance the way that I used to. While this sounds incredibly vain and hardly problematic, it can make me feel a bit robotic.

How are finances reflected in what you wear?

Fashion used to be something I enjoyed exploring and experimenting with. Now, it is nothing close to a priority for me. I feel more confident wearing clothes that I feel like myself in, but I rarely allow myself to go out and buy them.

How do you approach clothes shopping? Do you budget for clothes, do you have rules about what you can and can’t buy?

So many rules. They must be practical – no winter clothes purchased in summer and vice versa. Nothing that is for one occasion only. They have to pair with several different options. Nothing over $100, anything over $60 must be incredibly useful and good quality (e.g. my winter coat). I have to imagine myself wearing them for years to come. The list goes on and on… I have a leisure account that I dip into if any items of clothing tick all the boxes.  

Where do you shop?

A lot of my wardrobe is hand-me-downs from friends, as well as long-loved items from second-hand stores back home. 

Most of my work clothes, which are black and simple, are purchased from Glassons. I get easily overwhelmed by clothes shopping, whereas I can walk into Glassons and know that I’m going to find the basics and essentials. I wish I had a better eye for “hidden gems” in second-hand stores in Wellington, but for the most part I panic and bolt before I’ve given the hunt a good shot (a habit I aim to break this year).

What’s the most expensive thing in your wardrobe? Is there anything in your wardrobe that you're embarrassed of cost-wise?

My Dr Martens were $350. I refused to buy them for years, considering it was a classic item on the “intro to Wellington” starter pack. Yet after I wore out so many pairs of shoes at work, I caved and purchased an all-black pair. They have certainly taken a beating and survived some ruthless work weeks.

As for what I’m slightly embarrassed by: my Peter Alexander dressing gown. I was living in the university dorms, and one day I was feeling exceptionally sorry for myself and decided to go buy it for $100 as a comfort blanket. I do not have a keen eye for how much my second-hand clothes would have cost at retail price, but I highly doubt they’d be more than $100. As a stingy spender, $100 for a dressing gown still makes me cringe to this day.

How do you pay for your clothes?

Another rule! I refuse to use any pay back methods. If I’m going to buy anything, it must be paid for up front. Basically if I don’t have the money, I don’t have the item.

Has your approach to clothes shopping changed as your financial situation has progressed?

If anything, my approach has become stricter and more rule-bound. I’m all too aware of the phrase “the more money you make, the more money you spend”, which I do my best to avoid. I do feel less guilty when the cost of my purchase is a smaller percentage of my paycheck than it used to be.

How much do you think your wardrobe is worth?

I wouldn’t have a clue! My wardrobe is reasonably small, with very few expensive pieces. If I had to guess, I would say between $1500 and $2000.

My week and wardrobe in money

Day One - Monday

What I wore:

Jumper - $10, Salvation Army

Jeans - $50, Glassons

Shoes - $120, Platypus

My comfort outfit! Mondays are technically my Sundays, one of the only days you’ll see me in a bit of colour. I fell in love with this “grandpa” jumper the moment I tried it on. When I was younger, I thought it made me look like a marshmallow (teenage insecurities, huh). But now I wear it as often as I can. 

What I spent:

I went out for brunch at August Eatery and spent $35 - taken from my “Everyday” account. I bought a new mascara from Mecca, which cost $20 - taken from my “Leisure” account. I went for a drive out to Makara, therefore I made a pit stop at the gas station, which cost me $40 - taken from my “Everyday” account.

My friends and I went to the supermarket to grab some ingredients for dinner, we split the costs which came to $15 each - taken from my “Everyday” account.

Total daily spend: $110

Day Two - Tuesday

What I wore:

Top - $20, Glassons

Skirt - $50, Glassons (I ran out of time to iron it!)

Shoes - $350, Dr Martens

On Tuesdays I don’t have to wear a maître d' outfit, which means I can wear a basic and simple top. I always wear all-black to work, which keeps my work clothes quite refined and straightforward.

What I spent:

I spent $15 on a discounted meal at Floriditas for brunch (our sister restaurant), which is always my go-to brunch spot - taken from my “Everyday” account”

Aside from this, I didn’t spend another dollar today. We get a free meal for dinner at work, which saves me so much money.

Total daily spend: $15

Day Three - Wednesday

What I wore:

Top - gifted

Pants  - $40, Glassons

Shoes - $120, Platypus

This is another incredibly comfortable outfit. I love wearing loose clothing, especially to work. The restaurant is casual but efficient, which I try to reflect with my clothes.

What I spent:

I ate lunch at Olive, which cost me $33 - taken from my “Everyday” account. I purchased a new moisturiser from the supermarket, which cost me $15 - taken from my “Everyday” account.

Today was payday, therefore $268 (rent and utilities) was automatically taken from my account.

Total daily spend: $316

Day Four - Thursday

What I wore:

Top - gifted

Pants - $40, Glassons

Shoes - $350 Dr Martens

Still in the process of finding the right necklace to tie this outfit together. I love both the top and pants, they’ve been perfect for warmer days.

What I spent:

I went straight to work, and straight home to bed today, therefore I didn’t spend a dollar! Free coffee and dinner at work is a lifesaver.

Total daily spend: $0

Day Five - Friday

What I wore:

Top - $20, Glassons

Pants - $50, Glassons

Shoes - $120, Platypus

This is my “All my work clothes are in the wash” look - it did the job.

What I spent:

Another brunch at Floriditas, which cost me $20 - taken from my “Everyday” account. I paid my monthly phone bill, which cost me $80 - taken from my “Bills” account.

Total daily spend: $100

Day Six - Saturday

What I wore:

Top - gifted

Pants - $50, Glassons

Shoes - $120, Platypus

This is one of my winter work outfits. The knitted top is loose but warm, which is perfect for this time of year. It’s slightly more casual than I would like it to be, and it looks a bit “I’m going golfing”, yet it’s one of my favourites.

What I spent:

On Saturdays I’m at work from 10am till midnight, therefore I didn’t have any time to spend money! Although I did notice my car insurance automatic payment went through, which cost me $20 - taken from my “Bills” account.

Total daily spend: $20

Day Seven - Sunday

What I wore:

Jacket - gifted

Pants - $50, Glassons

Shoes - $120, Platypus

Just another comfy baggy outfit! Someone very special to me gifted me the jacket, along with all the stories that come with it. He wore it way back in the 80s, it’s one of my most treasured items.

What I spent:

I went out for brunch (shocker!) at Maranui Cafe and spent $37 - taken from my “Everyday” account. For dinner, my friends and I went to Everybody Eats and spent $15 - taken from my “Everyday” account.

Total daily spend: $52

‍