Millennial money: How to get creative with finances in a recession
![Woman wearing yellow shirt with glasses on, standing in front of whiteboard with lots of creative finance ideas.](https://cdn.mozo.com.au/images/atwood/10687/millennial_money_recession_content.jpg)
Forty-four per cent of young people have either lost work hours, received a pay cut, been stood down or made redundant as a result of Covid-19, according to a recent report from ANZ.
Young people have been hit hard by the current recession, but that doesn’t mean they’re down. We spoke with Melbourne-based millennials Maggie and Chloe about how they’ve managed to make ends meet during the pandemic.
Freelancing with Fiverr
![Hands working on laptop and writing in notepad for freelance work.](https://cdn.mozo.com.au/images/atwood/10687/freelancing_content.jpg)
Digital marketer Maggie says she started to think about freelancing when she was stood down from her job at the end of March. She didn’t have an income at the time and JobKeeper hadn’t been announced yet.
“I applied to a few different freelancing websites, but Fiverr seemed to be the most user friendly.” Maggie says Fiverr is different because instead of constantly having to apply for jobs, you, the freelancer, post your specialties and people seeking those out contact you.
Does freelancing provide a proper income?
Maggie says if you work at freelancing and pursue return clients, you can definitely make it work.
“I use it as a way to supplement my support payments and reduce the stress of day to day costs,” she says.
Maggie says that although freelancing hasn’t really become a full time job for her, she does have friends who use it as their main source of income.
She added that she would definitely recommend Fiverr and freelancing to others who have lost work. “I’ve told a bunch of friends who work in digital marketing to create a profile and see where it takes them. You can really expand your skills and give yourself more confidence.”
Fight or flight
![Person getting ready to box](https://cdn.mozo.com.au/images/atwood/10687/fight_or_flight_content.jpg)
Similar to Maggie, performer and all-around creative Chloe had to rethink things when theatres closed back in March. Prior to the lockdown, Chloe had her own one-woman show in Melbourne called SWEETie.
“I had performed it at the Midsumma Festival and was planning to take it round Australia, after which I was going to take it to the Edinburgh Fringe Festival in August,” Chloe says.
As well as her gigs, both of Chloe’s side jobs fell through in March.
“I went into fight or flight mode. I thought what can I do to support myself? I looked into freelancing voice over work, which I had done before and was really lucky to be able to line up a few gigs and create a bit of cash flow.”
Chloe says after that JobKeeper was announced and she was able to claim it for one of her jobs. She was also able to pick up a bit of admin work from the same company.
Staying creative in lockdown
Since March, Chloe has been working on a few different things to keep flexing her creative muscle. To do this, she and a friend applied for and won an arts support grant from Melbourne City Council.
The council-funded project Chloe has been working on is called The Untouchables and shares the stories and experiences of people living in isolation during Covid-19.
“We started with a survey and then we interviewed people to get stories. We’ve been upskilling actors, so giving them a monologue, getting them to work with a director and film it from home. The whole concept is to upskill someone and pay them a fee for it,” says Chloe.
Chloe has also been working on turning SWEETie into a podcast.
Rethinking spending habits
Similar to a lot of other young people, both Chloe and Maggie say being in lockdown has actually led them to rethink what they spend their money on each day.
Maggie says, “I haven’t been able to go to the gym, so I cancelled my membership. I’m not paying for public transport, my daily coffee or the occasional lunch or after work drinks.”
She has embraced second-hand shopping more over the past few months, while Chloe has enjoyed taking a free online course.
Chloe says, “TAFE offers free online courses, so my iso goal has been to learn Auslan.”
Start a conversation
Besides cutting back on spending and looking for freelance work, Maggie recommends reaching out to people you know.
Even if you haven’t personally lost work, there’s a big chance that you know someone who has. With so many people being affected financially, now more than ever is the time to let others know what your situation is.
Maggie says, “The community at large has been more receptive to creative and collaborative working styles. For example, working from home is now normal, which in some industries it wasn’t before. The situation has, in a sense, created more opportunities.”
Savings - where to next?
One last note from Mozo is that for every foolproof savings plan, you need an even more foolproof savings account.
If you’re not working full-time at the moment, then a high interest savings account with lots of conditions to meet, probably isn’t for you. But, that doesn’t mean you can’t still nab yourself a top notch interest rate.
Check out the savings rates on offer below or head to Mozo’s compare savings accounts page for more options.
Compare savings accounts
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
-
Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
CompareCompareBonus Saver Account
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
-
Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
^See information about the Mozo Experts Choice Savings Account Awards
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