At her lowest point, Emily Power had debt collectors ringing her about outstanding utilities bills as she was buying expensive handbags on her credit card at 20 per cent interest.

She was in debt for $14,000.

"That rock bottom moment sparked the conversation with parents that led us to develop the pocket money savings plan," she told Hack.

"That was the moment I changed my fortunes for the better."

You might remember Emily from an article two years ago: "I am 33 and my parents give me pocket money. This is how it works." She revealed that she'd handed over control of her finances to her parents, who gave her $200 a week in spending money. That's everything not including bills and major expenses, like rent and health insurance.

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Whatsapp Emily's parents Glynis and Danny Power (with their granddaughter Harper).

Fast-forward two years, and Emily says she's still on the pocket money scheme. The $200 figure hasn't even gone up for inflation or with a promotion.

"My relationship with my parents has gone from hiding my financial problems as i was doing to having healthy conversations about money," she said.

"The pocket money savings scheme is not to avoid the issue of money but really to make sure at each turn we have a chat about cash."

"Like, can I buy a new pair of jeans for winter, how much can I afford, and then having that conversation about do you need it, are you thinking about it?"

She says in two years she's almost saved $40,000 for a deposit on her first house.

'Pay with cash, ditch tap-and-go'

She's also written a book. How to buy a home: From debt to deposit tells her story and includes tips on saving, including recipes and ideas for 'dating on a budget'.

Tips include the pocket money idea, as well as paying off high interest debts first, and also paying with cash instead of tap-and-go.

"There is a school of thought that when you use EFTPOS facilities you don't feel like you're giving up something to acquire that good," she said.

"Whereas if you're handing over cash there a pain receptors that will make you feel like you're giving up that product, and that can feel quite painful to do."

Emily, who is editor of Domain magazines, acknowledges she doesn't have all the solutions. She says she told one economist she wanted to write a "book of hope" about savings and asked him if he had any data that showed hope.

"His answer to me was what our generation will give up to get into the property market will be life experiences.

Having weddings and children and travel - all those enriching things our parents did in some semblance of an order. They will be put off in order for us to get into property.

That's pretty grim, but Emily says her story shows there is a way to save enough to afford a deposit and an average mortgage.

"My suggestion is don't get mad get motivated if you can," she said.

"The housing market is cooling in the eastern states, there may be a chance to get in over the next 12 months."

If it's not your parents, it could be your mate

She agrees handing over your finances to your parents isn't for everyone, but it's important to be able to talk about money issues with someone.

But it's important to be able to talk about money to someone. That could be a financial adviser, or it could be a best friend, a sibling or a partner.

"I hope others can get to that point and not feel ashamed about money," she said.

"It is a reality that some of us are just poor at doing that. It's one of those things where you need to ask for help."

"The mire you can get into can affect your mental health."

If you're struggling with debt, the Government has a financial counselling service that you can try. The number for the National Debt Helpline is 1800 007 007.