Young Aussies spending $910 more than planned when moving out of home

Moving out of home is an exciting time, but that newfound freedom comes with a pretty big price tag. Whether you’re moving in with others or renting a place by yourself, there’s a good chance you've underestimated all the costs that are waiting for you just around the corner. 

In fact, a recent study by eBay found that young Australians are spending $910 more than planned when moving out of home, and more than half report being surprised by just how high the cost of living is.

“Once you factor in furniture and homewares, as well as the cost of cleaning products, toiletries and keeping your pantry stocked, you can understand why 50% of young people are still living with their parents,” said eBay Australia’s Sophie Onikul.

So how are Aussies who’ve just left the nest getting by? Turns out they’re a pretty crafty bunch. 35% resort to taking household items from work, with toilet paper, tea and coffee, and bin bags among the most popular items to swipe. 

And when it comes to stocking pantries, young Australians are still pretty pretty dependent on their parents’ goodwill. A whopping 75% of respondents aged 18-24 admitted to taking items from family members.

While those kinds of resourcefulness skew a bit on the desperate side, they underscore just how strapped for cash many young Australians are. Below, we’ve compiled a few tips to make sure that your first year out of home doesn’t wind up being a financial nightmare.

Keep track of expenses

Monitoring your spending is pretty important, especially now that so much of your income and savings will be eaten up by rent. By tracking where your money goes each month, you’ll be able to identify and eliminate any unnecessary expenses — and put money back in your pocket.

Embrace frugal living

While it looks like plenty of Aussies are already going to creative lengths to rein in their spending, there are ways to be frugal beyond petty theft and parental charity. Think about switching to a cheaper phone or internet plan, getting rid of any idle subscriptions, and taking public transport instead of catching Ubers.

Use credit cards and buy now, pay later services wisely

Both credit cards and buy now, pay later services can be useful tools if used responsibly. But they become problematic if you treat them as a license to splurge. To avoid finding yourself in over your head in debt, make sure you pay off your balance in full each month and avoid buying things you know you can’t afford.

Automate your savings

If you’re finding it hard to forge good savings habits, try automating the process entirely. That involves setting up an automatic transferral of funds to take place every time you get paid. Better yet, open an account with another bank and have that amount deposited there. 

Setting up your finances across two banks is a good way to deter you from dipping into your savings whenever you get tempted. And if you’re not sure where to start when it comes to savings accounts, browse our savings account comparison page for an idea.

Savings account comparisons on Mozo - last updated 28 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    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.

    Compare
    Details
  • 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 four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

    Compare
    Details
  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend, Bills or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

    Compare
    Details
  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

    Compare
    Details
  • 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.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.