options for managing your money

Start with the bigger, regular expenses in your budget.  

You might be able to save money by:

• walking, riding or taking public transport instead of driving or using rideshare, where these options are available and safe
• using petrol comparison tools, such as apps like MotorMouth to find cheaper fuel, or signing up to free rewards programs with companies like 7-Eleven
• asking about student, youth or concession discounts on transport, entertainment or memberships (Note: In Victoria, public transport is free for people under 18)
• reviewing your phone and internet plan to make sure you're not paying for more than you need, including options like using prepaid mobile data or using free public Wi-Fi
• comparing energy, phone, internet and insurance providers occasionally to find the best deals, and paying bills on time to access any discounts offered
• cancelling any subscriptions you don’t use, such as streaming or gaming services, rotating subscriptions month-to-month, or using free options (e.g. ABC iView) where you can
• shopping for clothing, furniture or textbooks at second-hand stores, garage sales or through online marketplaces (e.g. Facebook or Gumtree)
• checking bank fees - ask your bank about low or fee-free options and consider changing banks if needed
• switching to a cheaper gym, pausing your membership or cancelling and setting up a home workout.

Food costs make up a large share of weekly expenses but can sometimes be one of the easier areas to adjust. A few small changes can lower costs without completely changing your routine. You could try:

• cooking more meals at home 
• using discount and coupon apps when you eat out 
• cooking bigger meals and freezing the leftovers 
• planning meals in advance to avoid last-minute spending 
• choosing home-brand or reduced products when you can  
• buying fruit and vegetables that are in season or on special 
• including a few lower-cost, non-meat dinner options each week 
• buying household items like cleaning products from discount stores.

Housing is one of the biggest expenses many young people manage, and costs can vary widely depending on location or living situation. While these options won't suit everyone, some people reduce costs by:

• sharing instead of renting alone, by living with people you know or finding housemates through sites like Flatmates or local Facebook community pages
• short-term house-sitting  
• living with family or other supports for a period of time, if that’s an option.

Looking after your health and wellbeing can slip down the priority list when money is tight, but it doesn’t have to. There are free or low-cost services that many young people use to access care without paying full fees.

What’s available can depend on where you live, so it can help to check what’s offered locally and ask around your community for options. Some services may have waiting times, so check in early when you can.

You may be able to access:  

• free counselling services at headspace centres or through eheadspace 
• free mental health information and services through a Medicare Mental Health Centre
• bulk-billed GP visits (at no cost to you) 
• low-cost or community dental services 
• free sexual health clinics  
• telehealth appointments you can access from home 
• free outdoor park gym equipment.

If you have a job, there are a few checks you can make to ensure you’re getting the most from that income, such as:

• checking your payslips and contract (or award) to make sure you are getting paid the correct rate, including penalties or allowances. If something doesn’t seem right, speak to your manager or contact the Fair Work Ombudsman for free and confidential support
• making sure your tax and super are set up properly  
• speaking to your manager about: 
  
  • picking up extra shifts or hours if that’s an option for you
  • reviewing your pay if your role or responsibilities have changed
  • opportunities for future promotions
• if you have the capacity, you might consider taking on an additional job or side gig.

Having more than one income stream can also give you some flexibility, especially if one source of income changes. 

• check your eligibility for support through an Employment Services Provider  
• consider other free employment and study services, like headspace Work and Study 
• explore our online resource library for job-seeking information and tools.

Increasing your income doesn’t always mean getting a job. Many young people are prioritising study, health or contributing to family or community in unpaid ways.

For some, income comes from government payments, family or community support, or a combination of these. In these situations, increasing income is more about making sure you are receiving the correct support.

Check your eligibility for extra government support supplements while you’re studying, caring for others or unable to work right now.

Tip: Government payments and eligibility can be confusing. You can ask to speak with a Centrelink social worker, or contact the Indigenous Call Centre, who can help with your application or check your payments match your situation. You can also ask for an interpreter or bring someone you trust if that’s helpful. 

Personal loans usually involve borrowing a lump sum and paying it back over an agreed period. With a credit card, you can spend up to a limit and how much you pay depends on how much you've borrowed.  

Personal loans often have lower interest rates than credit cards, but they can be harder to get approved, especially if you’re new to borrowing.

Both can have their place in long term money management, but they can also become stressful if your circumstances change. Missed or late payments can lead to extra fees, high interest charges and longer-term impacts.

If you're thinking about getting a credit card or loan: 

• compare interest rates, fees and repayment terms before signing up 
• set a manageable credit limit for yourself (even if it is less than you are being offered) 
• make sure you can commit to the minimum repayments, and try pay more when you can  
• set up direct debits so you don’t miss a payment
• be aware that missed payments can affect your credit rating which can impact future borrowing.

Services like Afterpay, Zip or Pay in 4 let you buy something now and spread the cost over time. They can be convenient, especially when money is tight, but they are still a form of debt and come with risks.  

Before using BNPL, it’s worth keeping a few things in mind:

• late payments can add extra fees 
• having multiple BNPL accounts can make it harder to get approved for a loan 
• missed repayments may affect your credit report
• it's very easy to overcommit and end up short for essentials.

• Australian Securities and Investments Commission. (n.d.). Manage the cost of living. MoneySmart. https://moneysmart.gov.au/budgeting/manage-the-cost-of-living  
• Australian Government. (2025, December). Managing the cost of living. myGov. https://my.gov.au/en/services/work/managing-the-cost-of-living 
• Zhong, A. (2021, March 25). Hidden risks of Buy-Now-Pay-Later services. RMIT University. https://www.rmit.edu.au/news/acumen/hidden-risks-of-buy-now-pay-later-services