Social life and saving money; can you do it?
- Brianna Seedsman
- Oct 18, 2020
- 5 min read
The short answer is: yes.
For years I had this silly idea in my head that I couldn't both save for my future AND enjoy a fulfilling and fun social life. There was no way I could possibly do both and feel financially and socially satisfied.
I eventually started to feel the financial pinch; yes I was going out and having fun, spending $100+ on drinks at the club or on shopping sprees, but my bank account was dwindling and I felt like I'd never be able to go on a self-funded holiday unless I started making some changes.
I did a little research, downloaded some apps and start second guessing every purchase I make. I've managed to save more than I thought I would be able to, and am more encouraged to continue in hopes of eventually moving out of home, owning property and being able to support myself.
So why should you save money?
Economic downturn - Officially, Australia hasn't been in a recession since 1991, but the word has been thrown around a lot recently since the start of the pandemic. It's never been more important to have some emergency savings, especially if you are a casual worker, or are currently on JobSeeker (reminder: it ends 31 December 2020!).
Cash is general a safe and less risk option compared to stocks and assets (like property). It is generally a good idea to have three to six months worth of savings, in case you are laid off from work or face unexpected financial challenges.

Debit -v- credit card - As of June 2017, Australians had around $45 billion on their credit cards, with one in five holders struggling to make repayments. Once upon a time, credit cards were necessary for things like hotel bookings, but most debit cards are accepted these days.
For a lot of people, credit cards breed temptation. It can damage your credit score for the future. Most people don't even have use for one, as long as you live within your means. Saving up for an item, like a new piece of technology or a new pair of shoes, is so much more gratifying than swiping your credit card and not thinking about it until the repayments are due.
Reveals spending habits - Research shows most Aussie consumers prioritise short-term gains over long term savings goals. 45% of Australians confirmed that money spent is on items or experiences that make them happy in the moment. This bad habit of spending money as soon as it comes in is linked to a number of identifiable habits; impulse buying, emotional purchases, convenience (takeout) and not budgeting or tracking your income and purchases.
Impulse buying is one of the most common among young adults and retailers understand and prey upon these triggers. This eventually goes hand-in-hand with accruing a high amount of debt or financial instability.
These habits are typically formed by the people and things around us (i.e parents, culture, the media), and are hard to break the older we get.
Tips on how to save!
Realistic budgeting - A spending plan that takes all of your income and expenses into account; to make sure you don't spend more than you earn. It cna also help you track towards a savings goal; whether it's something small like a new tech device, or something big like a world-trip or a house deposit.
The most popular method for budgeting is 50/30/20; 50% of your pay towards NEEDS like rent and bills, 30% to wants like music subscriptions and takeaway, and 20% towards a dedicated savings account.
Money/finance apps - Spending tracker apps give you a categorical breakdown of monthly spending to see where you can make cutbacks (i.e MoneyBrilliant).
Apps like 'Pocketbook' allow you to set yourself monthly allowances for each type of spend (food, bills, groceries), and can send you notifications for upcoming bills or when you're getting close to a monthly allowance limit.
For anyone with shared expenses (housemates or if you have a lot of social events), 'Splitwise' automatically splits payments within a group, tallies a total of who-owes-who what, and gives insight into how much you're lending or currently owing.
Locked savings account or high interest account - A locked term deposit account keeps your money locked away for a certain length of time and requires 31 days notice AND a penalty fee. Money is kept safe in a fixed interest rate account until the term ends.
Alternatively, general savings accounts offer high interest AND extra interest each month that you save money and don't make any withdrawals. Some banks even offer a lock on making your own transfers from savings, requiring the customer to visit a branch to make the withdrawal. This is intended to stop impulse buying.
Meal prep - Doing one big shop during the week for everything you might need decrease any chance of impulse buying. Shop with a pre-prepared list of meals that feature a staple protein for a few of the meals will reduce costs. Meats like gravy beef are cheap and great to throw in a slow cooker. Spend a few hours on a day-off prepping meals for lunch and dinner, freezing small batches for further down the week. Chopping up fresh fruit for a large fruit salad one day can give you a healthy and cheap snack for a few days during the week.
So what fun things can you get up to on a budget?
Free entertainment - Despite corona curbing a lot of public events, there are still some places open that have free or inexpensive admission. Think museums, art galleries, food markets and more.
Volunteering - Group volunteer opportunities can score you free entry into major events and festivals. Non-profit or community events are even more likely to be looking for volunteers. It can also look pretty great on your resume!
Games night - Staying with friends is often cheaper and way more fun than going out. Most family households will have a few board games or card games lying around. Tell your friends to bring a dish to share and the night will be full of good food, fun games, and even better company!

Discount codes - Every student should be signed up to sites like 'MyUniDays'; giving discount codes for practically everything! From clothes (ASOS, The Iconic, CottonOn) to beauty to tech (Apple, Dell). It's the new way to shop. If you're an in-person shopper, always ask if somewhere gives student discounts (just don't forget to take your ID!). The Honey extension on your search engine gives you the most up-to-date coupon codes every time you go to checkout.
Embrace nature - There are so many great bush walks and hikes in every part of our state. Consider a picnic in a park or a game of soccer or cricket outside with a group of friends. Lots of parks have free-to-use gym equipment if you fancy an outdoor gym session.
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