The Best Money Lessons We Learnt From Money Diaries In 2022

There's a turning point in all of our lives as we get older. When we first start earning our own money, we're hyped for a Saturday night out with the girls, enjoying a couple of cocktails at a swanky speakeasy basement bar. Then suddenly, we become acutely aware that a single cocktail costs $25 — that's a week's worth of coffees, a tenth of our weekly rent, or an entire bottle of Aperol at Dan Murphy's. Yikes.

Awareness about money is a hallmark of the ageing process. And in 2022, this rite of passage has only been accelerated amidst a cost-of-living crisis that's seen us come to grips with rental increases, unemployment and $6 heads of lettuce. It's no surprise that now, more than ever, we're curious as to how other people are getting by.

After celebrating the first Australian birthday of Money Diaries last month, we've learnt that reading intimate diaries about how people earn, spend and save their money is a great way to learn about our own money habits. Ahead, we've compiled the very best advice that our 2022 Money Diarists have to offer, so you can enter the new year more prepared to take on the world in this new financial reality.

Best Money Advice: If there's anything we don't want too much of in our budget, it's restriction. And while that might sound counterintuitive at first, we know that a restriction mindset can often lead to overspending, a poor relationship with money and unwarranted stress. Life is fun. Spending money is fun. Being able to spend your money on fun things is fun.

This Money Diarist has an allocated amount of 'fun' money that she'd be able to spend on anything she wanted, no questions asked. If you're someone who often feels guilty for going a bit too hard on the treat yo'self mentality, consider dedicating some money from your paycheque to spend guilt-free on fun things. Cocktails, movie tickets, sex toys — you're the boss. Saying goodbye to excessive restriction can help you stick to your savings goals without depriving yourself of the things that make you happy.

Best Money Advice: With the joys of inflation also comes the joy of rent increases. But don't be afraid to get your hands dirty and negotiate. This Money Diarist managed to negotiate her rent increase from $2,347 to $2,147. How, you ask? Try these three methods:

A) Make sure you do your research and know what the market looks like. Is the increase in line with rental prices in your suburb?
B) Give your landlord a friendly reminder of what a great tenant you are (with optional photos of the wholesome veggie patch you've cultivated in the backyard).
C) If you really can't afford the increase, offer to sign a 12-month lease contract instead — this can help assure them that they'll have money coming in for the next year.

Best Money Advice: In preparation for her first apartment purchase, this Money Diarist whipped up an Excel spreadsheet that tracked "literally everything you can imagine". Tracking your money is a surefire way to understand where your cash is really going. It's a fantastic way to assisting with reaching your short or long-term saving aspirations and encourage mindfulness in your spending.

But make sure you're being healthy about it. This Diarist admits that her tracking became "quite obsessive" and that she was stressing over small amounts of money when she really didn't need to. If you're tired, it's better to order Uber Eats than to not eat at all. And yes, you can buy that coffee.

Best Money Advice: This one is for our shacked-up friends. This diarist transfers $1,200 each month into her joint account that she shares with her husband — and pops the rest of her pay into her own personal savings account.

My Nanna and Mum always taught me to have my own savings account that a partner can't access — and for good reason. Sometimes, it's to protect us against something more insidious (after all, financial abuse is an unfortunate reality that many women face). And sometimes, it's just to give us the freedom to spend money on what we want without criticism or judgement.

Best Money Advice: Yes, I can feel your eyes glazing over already. But hear me out. A high-interest savings account is one of the easiest ways you can make a few extra dollars while you sleep. If you're not ready to enter the world of investing (guilty), then these bad boys can deliver easy returns on your money without lifting a finger. With the right account, you should be earning some nice juicy interest on your savings. The more money you put in, the more interest you'll receive.

Best Money Advice: If you stare longingly at your savings account and fantasise about throwing away all your hard work and buying a new Prada handbag, then it's time to close the online shopping window and tell your bank to shut the damn thing down. I'll be honest — I'm incredibly guilty of diving into my savings account because I can easily convince myself that it's really, truly an emergency, even when it's not.

This Money Diarist jumped on a money-saving challenge where every additional dollar is popped into a locked account. A locked, or untouchable savings account, is an account that has a metaphorical lock and key on it — you can't access the money in it, even if you want to. Most banks will offer the option to lock off your account and they're a fantastic option for those of us who keep finding ourselves constantly dipping in.

Best Money Advice: Despite dealing with a $430 car service, a $280 roadside assistance payment, and a $1,293 car insurance renewal notice (all in the same month!), this Money Diarist swears by paying for her car insurance as a yearly lump sum instead of smaller month-to-month payments. This is because it can deliver serious savings. In some cases, you can expect to pay 8% more if you pay monthly (in this case, that's over $100). So if you've got the funds to spare, consider doing yourself a favour (and spend the extra cash on something nice for yourself).

Best Money Advice: I get it. Future You doesn't feel like a real person. But consider this — would future you be upset with you for not taking your superannuation seriously? Probably. Superannuation is one of those forgotten money things that live in this weird space between real and not-real. Because we can't access the money now, we're less inclined to prioritise it over money that our present selves can access.

But this Money Diarist is the blueprint of what we should be doing with our superannuation accounts. With an impressive $101,000 in her super at age 36, she made extra contributions in her early twenties, then switched to an aggressive account. If that sounds a bit too daunting, just consider salary sacrificing a small amount of money each paycheque and you'll reap the benefits when you retire. After all, compound interest is our bff, especially when we're young.

With over a hundred Money Diaries shared this year alone, it’s easy to find inspiration on how to refresh your money come 2023. Get nostalgic and read through some of your favourites here.