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Young Aussie breaks taboo to reveal savings account balance: ‘Not always easy’

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Young Aussie breaks taboo to reveal savings account balance: ‘Not always easy’

23-year-old Natalie Hale openly shares her finances online, including her savings account balance. (Source: Instagram)

A young Aussie saving up for her first home has shared exactly how much money she has in her bank account. Talking about money and how much you earn or have in savings has long been considered taboo, but more and more Aussies are now breaking the stigma.

Natalie Hale has been openly sharing her finances online and bringing people along on her journey to save up for her first home. The 23-year-old told Yahoo Finance she wanted to learn about budgeting and managing money but struggled to find relatable content online.

“I decided to start openly sharing my finances online because there wasn’t a lot of representation for young people learning how to budget and how to manage money when I was starting my journey,” she said.

“I wanted to learn more but I couldn’t really find anything relatable so I created it.”

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In a recent TikTok video, Hale shared she had around $40,000 in her savings account spread across multiple savings accounts. That included $31,064 saved up for a home deposit, $1,071 for emergency expenses, $1,150 for car expenses and $1,250 for business expenses.

Hale, who works as an independent disability support worker in Queensland’s Fraser Coast, said she was currently trying to put half of her income towards saving up for her first home and the rest towards other expenses that were important to her.

Her income fluctuates but she revealed she earned six figures last financial year. For example, in the last few months, she made $2,330 in one week and $5,521 in another.

Natalie bank accountsNatalie bank accounts

The 23-year-old shared a snapshot of her multiple bank accounts, which totalled just over $39,000. (Source: TikTok)

“I’m currently prioritising putting as much as I can into my house, I keep my expenses small, I don’t have many subscriptions which is the number one killer of young people’s bank accounts and I don’t go out on weekends,” Hale said.

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“Making small changes where I can because every bit of money adds up. It’s not always easy but it’s important to take the steps now while I’m young so future me doesn’t have to worry.”

After meeting with a mortgage broker, Hale aimed to save a $38,000 deposit for a home.

She noted there were a range of government grants available to first-home buyers that could also help towards her goal.

Hale has more than 20 savings accounts with her bank, ANZ Plus, which she uses to allocate her cash towards different specific expenses and goals.

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“I currently budget my money by dividing the bill by my pay cycle and allocating it to that savings jar in my ANZ plus account,” she told Yahoo Finance.

Hale recommended other Aussies “start simple” and break their budget down in a way that works for their lifestyle.

Natalie HaleNatalie Hale

Hale said she is trying to put half of her income towards saving for a home. (Source: Instagram)

“Ultimately saving for something big comes with some sacrifices so it’s just deciding what you can sacrifice and where you can earn some extra money, I do affiliate marketing and online surveys to make some extra money,” she said.

“I have a ‘round up’ feature on my bank account so every time I spend it rounds it up to my savings account and keep my money in a high-interest account so my money works for me.”

While Hale said she received a few negative comments online, she said the positive comments made “it all worth it”.

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The average Australian has $37,915 in savings, according to Finder data.

Men have more savings than women, with an average of $47,398 in savings compared to $27,492 for women.

Savings also vary greatly depending on age, with Gen X having the most in savings at $57,794, while Gen Z had the least at $28,372.

It’s important to note these are just averages. Finder also found a staggering 47 per cent of Aussies could only survive off their savings for one month or less, with just 22 per cent confident they could last six months or more.

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Retire Early in 2026: Is This the Year You Take the Leap?

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Retire Early in 2026: Is This the Year You Take the Leap?

Editor’s note: Retire Early in 2026 is part of an ongoing series on how to retire early and the FIRE (Financial Independence, Retire Early) movement. Part one is How to Retire Early in Six Steps. To see all early retirement articles, jump to the end.

It’s said that waiting for the right moment is just procrastination in disguise. What if, then, 2026 is the year you stop striving for early retirement and start living it?

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What’s changing for personal finance in 2025, from capital gains to tax brackets

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What’s changing for personal finance in 2025, from capital gains to tax brackets

We have reached the end of a year of change, in which our leaders turned their attention from tamping down inflation to spurring a lagging economy. It also saw the federal government releasing a host of new policies, as it prepared for an election in 2025.

We outline some of the biggest changes in personal finance coming in the new year.

Capital-gains inclusion rate

The federal government’s move to raise the capital-gains inclusion rate was the headline policy in its 2024 budget. Canadians will feel its impact for the first time when filing their taxes in 2025.

As of June 25, the capital-gains inclusion rate of 50 per cent for individuals only applies to profits under $250,000. All profits above $250,000 will face a 66.7-per-cent inclusion rate.

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Since most Canadians invest in tax-sheltered accounts such as tax-free savings accounts, the majority of people will be shielded from any tax changes. But anyone selling a secondary home or significant non-sheltered investments could pay thousands more in taxes in a given year.

Public dental care opens to all eligible people

The Canadian Dental Care Plan, which helps cover costs at the dentist’s office for Canadians without insurance, started rolling out in 2024 for seniors and people under 18.

In 2025, Ottawa will open the program to the remaining eligible Canadians. Eligibility requirements include a net family income under $90,000, being a Canadian resident for tax purposes, and having filed a tax return in the previous year.

Between 40 per cent and 100 per cent of eligible costs will be covered, depending on income.

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Tax bracket adjustments

As inflation slows down, so does the increase in federal tax brackets. All five brackets will rise by 2.7 per cent for 2025, compared with an increase of 4.7 per cent for 2024.

GST holiday and rebate cheques

Two spending incentives unveiled by Ottawa in November will have a large part of their impact in 2025.

First, a federal sales-tax holiday on specific goods that started mid-December will last until Feb. 15. In some provinces, consumers will also be exempt from paying the provincial portion of sales tax. Exempted purchases include restaurant meals, books, beer and wine.

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The government also said it would send $250 rebate cheques to Canadians in April. However, that program wasn’t included in the GST holiday legislation or the fall economic statement in December, as the Liberals did not anticipate enough support for the measure in Parliament. The cheques were to be sent to Canadians who worked in 2023 and made under $150,000 in net individual income.

B.C. introduces anti-home-flipping tax

A tax meant to prevent the short-term holding of homes for profit will go into effect on Jan. 1 in British Columbia.

Anyone selling a home that they have owned for less than 730 days will be subject to a 20-per-cent tax on any profit.

The tax is distinct from the federal government’s rules to discourage property flipping, which treat profits as fully taxable on an individual’s income-tax return.

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New rules for down payments and mortgages

New mortgage rules will allow Canadians to make smaller down payments on properties valued at more than $1-million. Previously, buyers had to have a down payment of at least 5 per cent for homes valued under $500,000, 10 per cent for every dollar between $500,000 and $1-million, and 20 per cent of every dollar over $1-million.

As of mid-December, buyers now have to have a 5-per-cent down payment up to $500,000, and 10 per cent between $500,000 and $1.5-million. The 20-per-cent minimum now starts at $1.5-million.

Insured mortgages will also be allowed on homes of up to $1.5-million, up from a $1-million cap previously. Insured mortgages come with lower interest rates when purchasing a home with a down payment below 20 per cent, but they require the purchase of an insurance premium that is rolled into the mortgage.

First-time buyers and buyers of new builds will also have access to 30-year mortgages, up from the previous cap of 25 years.

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Easing loan access for building secondary suites

The federal government is adding two new ways to make it easier to finance a secondary suite, such as a basement rental unit, for an existing home.

The first is the Canada Secondary Suite Loan Program, which will give homeowners access to a low-cost loan of up to $80,000 to build a suite. It is expected to launch in early January, with 15-year terms and an interest rate of 2 per cent.

Homeowners will now also be able to refinance their insured mortgages if they use the equity to build secondary suites, up to a limit of $2-million. This will allow them to retain the lower rates that come with an insured mortgage when refinancing.

Government sets lower limit on interest rates for lenders

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New loans starting from Jan. 1 will be subject to new rules that set the criminal interest rate at 35 per cent, down from the previous threshold of roughly 48 per cent. The government said the change is meant to crack down on high-interest lending from alternative lenders.

Are you a young Canadian with money on your mind? To set yourself up for success and steer clear of costly mistakes, listen to our award-winning Stress Test podcast.

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Treasury hack, the S&P 500’s most volatile stocks: Morning Brief

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Treasury hack, the S&P 500’s most volatile stocks: Morning Brief

It’s the final trading day of 2024, so join Seana Smith and Madison Mills for a look back at several of this year’s trends while speaking with Wall Street experts and looking ahead to what 2025 may bring.

BofA Securities head of US rates strategy Mark Caban, and Allspring Global Investments head of plus fixed income Janet Rilling discuss their bond market (^TYX, ^TNX, ^FVX) forecasts while the Federal Reserve is only expected to cut interest rates by as much as two times next year..

Raymond James Managing Director Savi Syth comes on the program to talk about the firm’s latest upgrade it gave to American Airlines (AAL) while expecting strong travel demand to carry into 2025.

To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.

Other top trending stocks on the Yahoo Finance platform include Palantir Technologies (PLTR), Tesla (TSLA), Super Micro Computer (SMCI), Fannie Mae (FNMA), Freddie Mac (FMCC), and Sangamo Therapeutics (SGMO).

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This post was written by Luke Carberry Mogan.

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