Pay Day with designer Jasmine Dowling: 'My main anxiety comes from not knowing when invoices will be paid'

It's Pay Day! The ABC's column where we ask Australians the money questions we don't like to talk about. We aim to demystify personal finance and normalise conversations about what we earn and how we save it — or spend it.

You may have seen Jasmine Dowling's ethereal designs and photography before, whether it's been in the pages of a magazine, a big brand's social media pages, or even her own prints and art. But what you may not have seen is the not-so-glamorous years of work Jasmine put in behind the scenes, and the years she thought she'd need to struggle.

For Pay Day, Jasmine reflects on the perils of chasing invoices as a freelancer, the stuffed toy frog she dreamed of as a child, and why she would tell her 18-year-old self to get financial advice ASAP.

How would you describe your financial situation right now?

I would say that I am the most financially comfortable I have ever been while at the same time having the most financial responsibilities I have ever had. Before purchasing a home I had never had to take on debt, so getting a mortgage meant losing a lot of my safety net and taking on more expenses.

How was money spoken about in your house growing up?

I don't necessarily remember being directly spoken to about money however my mum's actions around money definitely shaped my relationship with it. She was a single parent most of my childhood and would constantly be writing in her budget book (still does this today). She was really aware of her money and where each dollar was going. Even though I am sure that the budget was pretty tight, she always found ways to do things that brought her or us joy. There was this sense that she was really aware of what she valued and she would sacrifice to make it work.

What did you spend your first pay cheque on?

This might not count, but when I was well below the legal working age I really wanted this plush frog toy that was at a market stall. Since I didn't have any money I asked the person running it if I could work there for the day for the plush, so that was my first contra deal. I am sure my first legal pay cheque was probably spent at Sportsgirl.

About how much of your income goes towards your rent or mortgage each week?

I am self-employed so my income can vary however most weeks it would average around 30-40 per cent of my post-tax income.

What's your guilty splurge?

Fashion magazines: the limit does not exist when it comes to them. If there is only one of an independent magazine on a shelf I need it. I have stacks upon stacks of them in my home dating back to early 2010s and they just bring me so much joy.

Have you ever kept a secret about money?

We would get tuckshop once a week in primary school and I went through a stage where I would keep the $2 and stash the empty paper bags in my closet until one day my mum found them.

How much was the last loaf of bread you bought?

My last purchase was a $10 sourdough loaf from our local bakery. Bread is one of those grocery items for me that I am more than happy to spend a little more on.

Cash or card?

Card, I hate having a big wallet and cash is too much admin to account for.

How many bank accounts do you have?

I currently have five, all of which are offset accounts for the mortgage. One for everyday personal expenses that I pay myself a weekly minimum wage into. I have a personal savings account that any additional after tax income goes into. I find that paying myself a minimum weekly wage gives me a sense of stability and also keeps the lifestyle creep at bay on the extra lucrative months. A business account for invoices and business expenses that also holds any tax and GST payable. I put money aside weekly into another account for my bills. Then I have one joint account with my partner for all house expenses.

What's your biggest source of money anxiety?

My main anxiety comes from not knowing when invoices will be paid. You take on enough work to make sure your expenses are covered, however invoices are rarely paid on time and you can be waiting 90 days to be paid for work completed.

What's your biggest financial achievement?

Thriving while being self-employed in a creative industry for over a decade. Growing up I thought working for yourself as a creative meant you would have to financially struggle or that it wasn't a long-term career. So to be here over 11 years on and being able to do work I love to do while it paying all my bills and allowing me to purchase a home is the best I could hope for.

If you could tell 18-year-old you one thing about money, what would it be?

I would tell her to seek professional financial advice as soon as she gets into a rhythm with her income. Since I had always been a really good saver and spent responsibly, I naively thought I was always doing the right thing. However, looking back my avoidance of debt and being naturally risk-averse meant I held off buying property until a lot later than I could have — and in that time, house prices doubled.

Jasmine Dowling is a designer and content creator based in Brisbane.