3 Australians share how they manage their household budgets

There’s something so endlessly fascinating about peeking into the financial lives of strangers. The second half of 2024 did see a moderate easing in the cost of living but most of us are yet to feel the relief it signals. We’re all trying to find ways to be smarter with money and have the lifestyles we want for less. As a result, looking behind the curtain to figure out just how other people are managing their budgets is not simply a voyeuristic act—it’s an educational one as well.

Lisa Harper

Landscape Designer, Hobart, Tasmania

Lisa: I had big changes in 2024; my marriage ended after many years and I moved from Victoria to Tasmania to be closer to family. My two children are adults now so it’s been both empowering and a little daunting to be financially independent for the first time. Rent and car payments are my biggest monthly expenses but I have a goal to pay off a house and then perhaps buy an investment property down the line.

I have a business designing landscapes and gardens for clients and watching that grow has always been a huge focus for me. Now, as a single woman, it’s vitally important for me to feel in control of my finances and really have my finger on the pulse of what is going where. While I have been very mindful of living within my means, it has been a really valuable experience for me to be managing my budget independently.

In terms of the practical, everyday stuff, I focus on making most of my meals from scratch. I don’t buy a lot of processed food and I have a very small entertainment budget each week but it’s still enough to see a band, go out for dinner or just do something for myself that’s rewarding and pleasurable with friends or family.

“As a single woman, it’s important for me to feel in control of my finances.” – Lisa Harper

Even though I’m in a rental, I have a veggie garden, heaps of herbs and espaliered fruit trees. In summer, I generally grow about 80 per cent of my fruit and vegetables. It takes huge pressure off the grocery bills, because fresh fruit and veg are very expensive, especially in Tassie.

Aside from the savings aspect, the joy of sharing produce from your garden is so important in building that community connection. I can trade vegetables for eggs, which are pricey these days. Sharing seedlings, produce or whatever you can with other people brings back that beautiful connection that I think we’re all missing. In the ’50s, communities were fantastic at it—we need more of that, particularly when times are tough.

Sahel Mohammed

Student, Sydney, NSW

Sahel: I’m originally from India but I lived most of my life in Dubai before moving here to go to uni three years ago. Even in that time, I’ve noticed the cost of groceries has just gone crazy. I’m buying the same list of items I used to buy a year ago but I’m spending almost double.

My parents and sister have since moved out to Australia so I’m living with them, which helps me save, and I work a casual admin job at the university. But I’ve noticed that I’ve been digging into my savings more and more and for the past year or so they’ve remained fairly stagnant, even though I put about 40 per cent away from each pay cheque.

I think in a lot of ways, Dubai is more comfortable than here, particularly if you happen to be struggling a little bit. The government there provides you with hardship meals if you need them and it’s not like here where you have to be under a certain income margin or you have to be a citizen to access the help. You just show up and you can access them. I’ve often thought how much that would help out a lot of my friends who are international students—just being able to access a free meal from time to time. And the difference in petrol costs between here and Dubai is significant; here it costs me about $80 to fill my tank, whereas in Dubai it was about $40.

Going out is something I’ve had to sacrifice as things have become more expensive. I feel like in my first year, I probably did a lot more but now it’s pretty limited. I think the last time I had a proper night out with my friends was maybe August. None of us really think of going for a big night out. We’ve started going on walks a lot more and just going to a nice park and hanging out there for a while. That’s our entertainment.

Simon Davies

Project Director, Sydney, NSW

Simon: I wasted a lot of money in my youth and I’ve historically found it hard to control myself with money. Saving has been a cyclical thing. I’d go through stages where I was an all-or-nothing saver and built my account up to a good amount then I’d convince myself I didn’t really need the savings and spend unwisely. It’s taken getting a mortgage and owning an apartment to really understand planning and how, incrementally, a little goes a long way.

I bought the apartment in 2021 and knew I wanted to do a big renovation. But I’ve realised that not everything has to be done at once and I can stretch projects out a bit longer to fit the budget.

I try to do two big financial things per year; an overseas trip and a renovation project, for example. To afford this, I forgo smaller weekends away and other events for those bigger-ticket items. I forecast for them and split the costs into a monthly savings goal. I then put away an allocation from my salary and when I hit my monthly target, I highlight it in green in my Excel spreadsheet. I get a little kick out of seeing all that green!

"I believe in finding smart ways to have the lifestyle I want." - Simon Davies

I’ve also learnt to be clever with [loyalty] points. I’ve linked my credit card to my frequent-flyer account and deliberately shop for deals that have a high points reward. You’d be amazed at what a difference this makes—when I travel, it pays for a huge amount of accommodation.

I believe in finding smart ways to have the lifestyle I want. When I go on holidays, I rent my Sydney apartment and I have a great accountant who helps me figure out ways to get the most out of my pre-tax income.

My friends and I also have a rotating dinner club—instead of going out, we host on a roster basis and each house has a theme. That way, you see your friends often but don’t have to spend at restaurants every time. By the time it’s your turn to host again, it’s been a while between spending on food.

Tools to help you manage your money

Money Plan in the CommBank app has tools that make it easier to manage your money and nail your budget.

Stay on top of your outgoings and avoid nasty surprises. With Money Plan you can predict upcoming bills and manage regular payments and subscriptions all in one place.

When it comes to your finances, it helps to see the big picture. In Money Plan, you can get a snapshot of where your money is going each month and see how you’re trending month-to-month as well.

It can be hard to spot wiggle room in your weekly budget. Money Plan’s high-tech Smart Savings tool scans your accounts on a regular basis and notifies you of potential spare cash you could be using to grow your savings, pay off debt or invest. 

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