Video Transcription

Budgeting without FOMO: 9 tips to save money without missing out

If you’ve been worried about money lately, you’re not alone.
With the rising cost of living, many of us have been feeling the pinch.
Whether it’s rent, food, or maintaining a social life,
making ends meet can be hard. but there are ways to take care of our finances while still doing the things that we love.
Budgeting involves making a plan to cover what we need, save for the future,
and still have room for fun.
It helps us understand where our money is going so we can spend smarter and stress
less.
Let’s talk about some creative ways to manage our money while still enjoying
social activities and looking after our mental health.

One. Find comfort in a budget.
Budgeting doesn’t have to be overwhelming.
The first step is to list your income and expenses before setting small, achievable savings goals.
A money diary or spending tracker app can be helpful tools, and there are lots of great spreadsheet templates online too.
You could also get creative and make your own.

Keeping budgeting fun can help you stay on track.

Being intentional with money can help us feel more confident, in control, and able to plan for financial independence.
Plus, hitting your goals, even the small ones along the way can feel really satisfying.

Two. Try the 50/30/20 rule.
A simple way to budget and save is to follow the 50/30/20 rule.
50% of your pay goes to your needs like food, rent, and utilities.
These basic living expenses are the most important.
30% of your pay goes to your wants like going out, games, movies, and takeaway.
20% of your pay goes to financial goals like paying off debt,
saving for something special, or having money set aside for unexpected expenses.
To make this even easier, you can set up automatic payments through your bank.
That way your savings and bills are taken care of without you having to think about it.

Three. Look for free or low cost activities.
One of the best ways to save money while enjoying life is finding free or affordable ways to have fun.
There are always free local events to check out like art exhibitions,
outdoor cinema screenings, and open mic nights.
Try Googling free events in your area and see what you find.
Hosting a game night or picnic in the park where everyone brings a dish can also be a great way to catch up with friends without breaking the bank.

Four. Avoid impulse purchases.
Shopping can be fun, but it’s worth thinking about whether you’re buying things you truly need or just want in that moment.
If you want to make a purchase, do some research to make sure you’re getting value for your money.
Then try waiting two weeks to see if you still want it.

If you can’t afford it, buy now, pay later services like Afterpay might seem like an appealing idea, but these payments can quickly add up and become unmanageable, especially if you end up with late fees.

Five. Cook at home and meal prep.
Cooking meals in bulk or meal prepping for the week can help reduce food bills and the temptation to grab takeout.
If you’re hosting a social event, consider making a meal together instead of going to a restaurant.
It’s affordable, a great bonding activity, and helps lower environmental impact too.

Six. Take advantage of discounts.
There are lots of discounts available to young people, so it pays to keep an eye out.
For example, shops, cinemas and public transport providers offer special deals for students.
You could even check with your workplace, Sports Club or Uni for discounts available through partnerships with local businesses.

Seven. Plan ahead for social events.
If you know something special is coming up, try putting aside some money each week in preparation.
Setting a monthly social budget can also help keep life feeling fun without derailing your financial plans.
It can help to plan the events themselves too, like figuring out a public transport route to save on travel costs.

Eight. Overcoming FOMO
If you’re feeling the pressure of missing out on experiences or social activities because of money, it can be helpful to think about what’s in your control.
Be open with your friends when you can’t afford something and connect with others in ways that don’t rely on spending money.
This can help you enjoy the simple pleasures of life and shift your focus away from what’s lacking.

Nine. Reach out for support.
Financial stress can affect our mental health and well being, but talking to someone can really help.
eheadspace offers free, confidential, online and phone mental health support for young people or you can visit a headspace centre that offers free to low cost support.

Alternatively, a GP can support you to create a mental health care plan with free or low cost options.

There are also many organisations and services that can help with food, housing, bills and emotional support.
Remember, money worries are nothing to be ashamed of and plenty of help is available.
Finances can feel like a sensitive subject, but open and honest conversations about priorities and boundaries can relieve stress.
For more budgeting resources and support, visit headspace.org.au