Kate Browne, Personal Finance Expert and Head of Research at Compare Club

“If I had to sum up my relationship with money, I’d say it’s been a game of snakes and ladders. At times I’ve been climbing rung by rung, other times I’ve slid down a snake, landing with a thud. For most of my life I was lucky, there were more ladders than snakes. Then, about six years ago, it felt like the snakes had completely taken over the board.

At the time, I was married, financially secure, and living behind an actual white picket fence. We both had good jobs, interest rates were low, and while I wasn’t reckless, money wasn’t something I worried about. I foolishly assumed it would always be like that. But life had other ideas.

In quick succession, I was diagnosed with breast cancer, faced an expensive and complicated recovery, watched my marriage unravel, and found myself dealing with divorce, ugly financial settlements, and more surgery. Within two years I had gone from stable and comfortable to sliding headfirst down the biggest snake on the board to the very bottom.

I’d love to say I handled it gracefully, but the truth is, I didn’t. Not at first. I panicked, I stumbled, and I spent a lot of time wondering how on earth I would rebuild. What got me through was the emotional support of my family, friends and the practical support of good employers who gave me some flexibility and some focus just when I needed it the most. And best of all realising I was far tougher than I ever gave myself credit for. My dad’s money lessons also kicked in: be careful but not mean. Respect money, but don’t let it define you.

Today, things look very different. I own a little home where my daughters and I live, I do have a mortgage that’s bigger than I would have hoped for at this stage, and my superannuation balance isn’t perfect. But I’m on my feet and more importantly I am completely independent. 

I’ve learned that wealth isn’t about hitting some magic number, it’s a mix of stability, freedom, and a little bit of joy. For me, it means covering my health needs, having time with my teenage girls, being able to dive into the ocean or hang out with friends without guilt. Nothing flashy, but these days that feels like enough.

In my work, I see firsthand how hard Australians are finding it right now. Even the best money habits cannot shield people entirely from skyrocketing costs and people are stretched financially and emotionally. But good habits still matter, because they can create resilience. And resilience, financial and personal, is what has carried me through.

I don’t think you ever arrive at perfect financial security. It is a work in progress, and the key is to not focus too much on “one day” but to be able to pause and enjoy where you are in the present too. That to me, that is real wealth.”