Home Compare Savings Accounts How does a professional twenty-something spend their money in Melbourne?

How does a professional twenty-something spend their money in Melbourne?

Welcome to Money Diaries, a series about breaking down money taboos by asking everyday Aussies how they spend their hard-earned cash over the course of a week.

By Jacob Cocciolone

First published on 24 May 2022

Fact Checked

How does a professional twenty-something spend their money in Melbourne?

It's been a while between drinks for Money Diaries, but we are back and today a 24-year old Melburnian working in marketing and advertising takes us for a dive into his wallet.

Industry: Marketing/Advertising

Salary: $70,000

Age: 24

Location: Melbourne CBD

Housing: Renting a two-bedroom apartment with my partner

Debt: $50,000 student HECS-HELP debt

Assets: Stocks and cryptoassets via eToro, super, online ecommerce business, work salary

Regular monthly expenses:

Rent: $2,600 (includes access to gym and other essentials)
Phone bill: $100
Food: $250+ (depends on whether I'm weight cutting for martial arts training)
Internet: $70
Public transport: $20-30

We're on the search for new Money Diaries to be featured each month! Submit your Money Diary here.

Save

How much of your income do you save and what are you saving for?

I try to save at least $1,000 a month from my salary and anything I can earn from other sources of income. I’m currently saving to buy more financial assets.

How do you budget?

I use a spreadsheet and calculate everything from my total incomes to my expenses.

What money habits are you especially proud of?

I’m proud that I’ve trained myself to spend money on financial assets rather than luxuries. I care little for things such as fancy new cars or clothes.

Growing up, did your parents have conversations with you about money? Did your parents/guardian teach you about money?

Yes, my parents taught me the true value of money and how it can bring opportunities and freedom for myself and others. They also taught me how hard it is to obtain and maintain.

I’m thankful that my parents taught me how to make money beyond just the traditional means, which has had a long-lasting impact on my habits and pursuits.

Spend

What do you spend most of your money on?

I currently invest in crypto assets and stocks via online platform eToro and other assets.

Do you make spending decisions carefully or are you a bit loose with the purse strings?

I could be better. I was probably a bit stricter with myself when I was a student, but my past investments have now enabled me to enjoy more little luxuries.

Do you have any money habits you aren’t especially proud of?

I’m not too proud of myself when I buy cheap or fast food. I usually think: “why did I buy this when I could have bought more crypto?”

You can actually save so much more by eating healthy homemade food, dieting and rationing. I’m working on improving this habit everyday.

What’s your favourite thing to spend money on?

Experiences and travel. Nothing beats quality experiences with my friends and family.

Invest

How do you invest?

I invest quite a lot into myself. Primarily through education (online courses, certifications), fitness (gym, martial arts) and work experience (full time job, side-hustle).

I invest my money primarily into cryptoassets via eToro, as it has been the most life-changing asset class for me.

What has been your best/worst investment?

Best investment: Cryptoassets in 2020 and 2021.

Worst investment: Investing in speculative penny stocks.

Editor's Note: These responses were collated the week beginning 15 May 2022.

A week in the life of my bank account

Day One - Monday

Wake up early and go to the gym for an hour before work. I will buy a $5 coffee from my local café.

Depending on what I decide to go for, work lunch could be anywhere from $10-$20. If I’m feeling tired, another $5 coffee.

Daily spend: $30

Day Two - Tuesday

My routine for the rest of the week is the same, but I will spend less on eating out and will probably have a coffee at home rather than at a cafe.

Daily spend: $20

Day Three - Wednesday

Same as Tuesday, with a coffee at home rather than at a cafe.

Daily spend: $20

Day Four - Thursday

Today is a repeat of both Tuesday and Wednesday, with a coffee at home to save some cash.

Daily spend: $20

Day Five - Friday

After work and training, I may go out for dinner with my partner and a couple of drinks.

Daily spend: $100

Day Six - Saturday

I usually sleep in, as this is the one day of the week where I rest as much as I can. This probably means I’ll skip breakfast. I might go on a day trip somewhere with my partner, which usually means we’ll likely get lunch and/or dinner out.

Daily spend: $100

Day Seven - Sunday

Sunday is all about preparing for the week ahead. I will often have Sunday brunch out and about ($20), followed by grocery shopping ($40).

Daily spend: $60

Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a six-month term.

Deposit amount

Compare

Provider	Interest rate	Interest frequency	Term	Automatic Rollover	Maturity Alert	Early Withdrawal Available	Minimum Deposit	Joint Application	Online Application	as ofNovember 16, 2024

	4.85^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 6 months
Term Deposit - 6 months More details
	5.04^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	25000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 6 months
Term Deposit - 6 months More details
	4.95^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
	Fixed Term Deposit - 6 months
Fixed Term Deposit - 6 months More details
	5.05^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposits - 6 months
Term Deposits - 6 months More details
	4.75^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000	$product[$field["value"]]	$product[$field["value"]]	More details
	ME Bank Term Deposit - 6 months
ME Bank Term Deposit - 6 months More details

Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 16, 2024. View disclaimer.

Important Information and Comparison Rate Warning

Image created via Canva

Jacob Cocciolone

Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

Email Articles

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the InfoChoice Group. In the interests of full disclosure, the InfoChoice Group are associated with the Firstmac Group. Read about how InfoChoice Group manages potential conflicts of interest, along how we get paid.

Savings.com.au Pty Ltd ACN 161 358 363 operates as an Australian Financial Services Licensee and an Australian Credit Licensee Number 515843. Savings.com.au is a general information provider and in giving you general product information, Savings.com.au is not making any suggestion or recommendation about any particular product and all market products may not be considered. If you decide to apply for a credit product listed on Savings.com.au, you will deal directly with a credit provider, and not with Savings.com.au. Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au's Financial Services and Credit Guide (FSCG). The information provided constitutes information which is general in nature and has not taken into account any of your personal objectives, financial situation, or needs. Savings.com.au may receive a fee for products displayed.

Explore the InfoChoice Group network: InfoChoice · Your Mortgage · Your Investment Property · Performance Drive

Our company, Savings.com.au, has obtained accreditation as a data recipient for the Consumer Data Right (CDR). You can view our CDR policy by clicking on this link.

Important information

Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity.

For more detailed information, please refer to our How We Get Paid, Managing Conflicts of Interest, and Editorial Guidelines pages.

Editorial Integrity

At Savings.com.au, we are passionate about helping Australians make informed financial decisions. Our dedicated editorial team works tirelessly to provide you with accurate, relevant, and unbiased information. We pride ourselves on maintaining a strict separation between our editorial and commercial teams, ensuring that the content you read is based purely on merit and not influenced by commercial interests.

Learn more about our commitment to editorial integrity in our Editorial Guidelines.

Advertiser Disclosure

Our service is free for you, thanks to support from our partners through sponsored placements, ads, and referrals. We earn compensation by promoting products, referring you, or when you click on a product link. You might also see ads in emails, sponsored content, or directly on our site.

For more details, see How We Get Paid.

Product Coverage and Sort Order

We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.

Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes.

Additionally, certain products may present forms designed to refer you to associated companies (e.g. our mortgage broker partner) who may be able to assist you with products from the brand you selected. We may receive a fee for this referral.

You can customise your search using our sorting and filtering tools to prioritise what matters most to you, although we do not compare all features and some results associated with commercial arrangements may still appear.

For more details, visit How We Get Paid and Managing Conflicts of Interest.

Comparison Rate Warning and Base Criteria

For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.

*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Monthly Repayment Figures

Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.

Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.

Related Brands

Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, YourInvestmentPropertyMag.com.au, and PerformanceDrive.com.au. The InfoChoice Group is associated with the Firstmac Group.

We may include products and services from loans.com.au, CarLoans.com.au, OnlineAuto.com.au, and YourMortgageBroker Pty Ltd, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner.

Learn more about how we manage conflicts of interest.

General Advice Disclosure

The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.

Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).

How does a professional twenty-something spend their money in Melbourne?

Save