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

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.

“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.

‘Start simple’: Budgeting tips

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.

“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.

“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”.

How much does an average Australian have in savings?

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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