r/AusMoneyMates

I signed up for a high-limit credit card the second I turned eighteen and it took me years to climb out of that hole

What strategy worked best for you when setting up your emergency fund?

What’s your strategy for asking for more money, and has it worked for you?

What’s one financial habit or tip that you’ve found to be really practical?

Hey guys, currently sat in my Tafe class bored out of my mind thinking about what my future is gonna look like and how i can best use my money to help me in the future. like i said im 18, 1st year apprentice at a large electrical distributor in sydney. Based on what i’ve been told once im fully qualified (I’ll be 22) that i can make a decent amount of coin around 120-150K+ very dependent on night work and overtime. but anyway i currently have managed to save about 35K through working throughout high school and am making about 800-1000 a week as of current which includes working also part time at a bowling ally on weekends. I’ve got an older mazda which will probably last me another 2 years tops. Just very curious as to what i should do with my money, is buying a house early the go? should i build more in savings before taking on a mortgage? should i start investing in stuff? any advice at all i would really appreciate as to be honest i dont know much about finance but i’ve just been told by my parents to save as much as i can. Thanks in advance for anyone who can help!

So going thru and amending things like my super beneficiaries, my will and looking at insurance thru my super. I’ve recently returned to work as a contractor for an NFP working an agreed amount of hours at an agreed rate weekly, and I invoice them monthly. They the pay my super.

I’m having trouble wrapping my head around how to accurately and honestly determine income for the specific purpose of income protection insurance.

Previously when employed was $95k PA so IPI was $70k but I’m unsure as when declaring income to Centrelink for my SPP, I’ve had to do a profit/loss, depreciation report etc which obviously factors business expenses, so overall “income” is a lot less than amount invoiced and remitted against once these expenses have been factored. So going off that, my total annual taxable income would only be about $13k (only 12 hours a week, still have little kids not at school) but for the purposes of IPI, is that accurate?

So is IPI even worth it in this situation and build up emergency fund solely for this purpose and buffer instead?

Not sure who to ask or talk to or what I’m even asking exactly without sounding like a moron, but that ship has prob already sailed.

What’s your biggest takeaway from your stock market experience?

Life happens, unexpected expenses, job losses, or sudden health issues can throw your finances off track.

What’s your game plan for handling these situations without derailing your entire budget?

What move saved you the most money each month?

Most Australians take pride in being really good at what they do, but the money they make doing it usually isn’t managed well due to financial literacy.

I have this theory - which makes me sound like a conspiracy theorist - that the public school system doesn’t teach financial literacy on purpose because society needs workers. The easiest most reliable way to ensure people go to work everyday is to make it so they have just enough money to pay their bills, and then they need to go work again.

It truly wouldn’t take much to teach basics like budgeting properly, compound interest, retirement, passive income, mortgages vs renting, interest rates, optimising super, how to avoid predatory financial products etc. High schoolers could get a solid financial education in an hour or two of finance lessons per week for a few years.

There are so many variables: market changes, unexpected expenses, and life events.

What part of planning for the future feels the most difficult for you?

Retirement is something we all think about, but it can feel like a distant, vague goal. For some, it’s the fear of not having enough money saved, while others worry about lifestyle changes.

What’s your biggest concern for retirement?

I’m currently paying ~$95/month for Aussie Broadband 50 in Melbourne. I keep seeing promos from other providers that are ~$20 cheaper for the first few months. Curious if people actually switch regularly or if it’s not worth the hassle. Any suggestion to make the transition more smoothly?

Consistency is harder than it sounds.

What habit did you manage to keep going long term?

I need to change banks and open a new account because I'm sick of my current bank ME BANK under the ownership of BOQ. (shit customer service / call centre wait times. Shit online access)

Any current recommendations for a good transaction account or interest account that is outside of the Big 4 banks.

I know all banks are bastards but I'm opposed in principle to the Big4 and willing to support anyone that's not them.

All anecdotal comments point to Macquarie or ING from what I've read.

AMP Bank I cannot stomach because of their bad behaviour in the past.

Usual account needs and wants:

Excellent Android app or Web access

No account keeping fees

No ATM fees

Ability to earn interest

Occasional foreign ATM use during overseas travel

Thanks

Even after reading up and talking to others, there are aspects of the housing market that still confuse me. From interest rates to supply and demand, it feels like there’s always a new angle to consider.

What confuses you the most about the property market right now?

Good credit is key to many financial goals, but getting there feels like a maze.

What part of the credit-building process has been the hardest for you?

Real life finance often looks very different from expectations.

What surprised you the most?