How much $$ should I have at my age?

AND: How are you saving $100 this month?

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Sascha Kelly & Equity Mates
October 30, 2023

How much $$ should I have at my age?

Ok! A big, giant, warning before we get into this subject, remember comparing ourselves to others is not something we encourage. What’s the famous saying? Comparison is the thief of joy.

But we acknowledge, we’re all guilty of falling into this trap.

There’s always a plethora of articles doing the rounds, like How much the average Aussie has in savings, or How much money should I have? 
We decided it was worth sitting down and actually digging into the numbers.

Let’s look at savings…

We gathered this from Westpac

According to their information, Westpac say the average Westpac group customer holds $22,020 across all their transaction and savings accounts. But crucially, and wisely as they ask their audience - is that the better metric? If you’re going to use one at all, Westpac points out (and we agree) the median is the better number to look at. Why? Because individuals with larger amounts in their accounts will influence the average significantly, and you can see this in the numbers in the climbing graph above. Instead, we look at the median band. Westpac says their median across all ages and members is a much more palletable $3,559. This means 50% of their customers have more than $3,559 and 50% have less than that amount.

Really, as Ren points out in the episode, the most important savings barometer is your individual expenses. Here at Equity Mates, we try to have 3 months worth of expenses saved up in case of emergencies, safely tucked away in a high-interest savings account.

Bryce and Ren go into more detail in the episode today - and also go through the super numbers. If you have a question, don’t shy! And remember, if you’ve got a question, don’t be shy! Email at [email protected] and it could be you next week.

In other news…

Next week we’re back on the mic to report in with the next instalment of the $100 challenge. Has Bryce sold enough sunnies to top up his investing? Has Alec packed enough lunches to get himself through the month? We’ll find out.

In the meantime though, our friends at Canstar put together this article with 70 frugal living ideas to help people save money as the cost of living rises.

Some of our favourites include:

  1. Keeping it simple. Actually start by tracking your spending and if you haven’t, create a budget to understand your financial habits.

  2. Make saving enjoyable by gamifying it, such as using savings challenges or apps.

  3. Be mindful of emotional spending, which is spending money to change your mood, or grocery shopping when you’re hungry. Changing the times of these things might change your spending habits!

  4. Phone your bank and ask for a discount on your home loan interest rate. Interest rates are on the rise in Australia, and if you have a home loan with a variable interest rate, perhaps it’s time to compare your rate against those available from other lenders.

We want to know how you’re saving $100 this month. Email [email protected] and give us your tips.

You’re In Good Company on Dyl and Friends

ICYMI, You’re In Good Company hosts Maddy and Sophie appeared on the popular podcast Dyl and Friends to talk about finance, and more specifically, how to build a personal budget.

Dyl talks to the YIGC team about what they studied at University, how they got their starts in their respective careers and their thoughts on money more broadly, and how they went about budgeting. You can grab their Budget template by joining their Facebook group here.

Buy, Hold, Sell!

Adam Keily, one half of Comedian V Economist, is hosting a special 6 part series called ‘Buy Hold Sell’. It’s pretty much what the name suggests, but every week he’ll be joined by a different expert guest to go through 10 of their stock picks. The first episode featuring Adam Dawes lands in feeds today, as they go through his thoughts on BHP, Woolworths, CSL and more!