Photo credit: Joe Brennan
At just 19 years old, Budjerah has swiftly cemented his spot as one of Australia’s favourite up-and-coming singer-songwriters. He started playing gigs in his hometown of Fingal Head, New South Wales when he was 14. In 2019, after years of back-to-back Friday night performances, he released an original song on triple j Unearthed – where he was soon discovered and signed to Warner Music Australia. With over 349k monthly Spotify listeners and a newly released self-titled EP produced by Matt Corby, this soulful Coodjinburra musician from the Bundjalung nation is making waves in the music industry.
To celebrate Ausmusic Month , we spent time with the budding artist and received some helpful advice about saving money and getting on top of your finances. Whether you’re starting out on your finance journey or saving for a house deposit, here’s Budjerah’s top five tips to save big.
1. Get the right help
When it comes to finding your go-to person for financial tips and tricks, Budjerah has it covered. ‘I’ve got a good accountant. He's where I get a lot of my advice from,’ he says. He also consults with a financial advisor. ‘They’re who I talk to if I get an advance or if I want to make a purchase. I’ll just ask “What’s good? How should we go about this?”’
While seeking out professionals to give you a good steer on your money is a great idea, Budjerah also suggests looking for money mentors closer to home. ‘My neighbour, she has a few homes and gives us advice from her experience – how to save and invest,’ he reflects. ‘I talk to my parents [too]. Just because I still live with them and I pay rent for the room.’
2. Define your goals
Whether you’re 15 or 65, work in hospo or a nine-to-five office job, it’s handy to have a clear goal (or two) in mind when you are saving your hard-earned cash. In fact, it will help you set realistic budgets and timelines.
Budjerah has one clear-cut target, ‘I'm saving for a house. Hopefully [I’ll buy] in the next five years, by the time I'm 25.’ Fingal Head has been his home forever, and will continue to be once he buys a house after a decade of saving. ‘It just feels good to be here. I’m Aboriginal and we’re still on our country. We weren’t moved away, which is very lucky,’ he says.
3. Stick to your weekly budget
Once your goals are locked in, it’s time to review your spending habits and plan ahead – factoring in weekly, monthly and yearly costs – before setting aside a budget (that’s realistic and not too strict).
‘I still live with my parents,’ Budjerah explains. ‘I budget myself 50 bucks a week. I get it out in a note.’ He finds this the easiest way to budget. ‘I'm not a big spender. The only thing I impulse buy is sausage rolls on a Wednesday,’ he notes with a grin. And what happens to any leftover cash for the week? ‘You know how you can buy buckets of Skittles? I have one and it's just filled with coins.’
‘I try to be [smart] when I'm touring,’ he continues. ‘I walk a lot when I'm not at home and search for good but cheaper [food] options.’ His suggestion: small bakeries.
4. Save, save, save!
On top of your weekly budget, it’s worth setting up a larger savings plan to begin bucket budgeting – this might include an emergency savings fund or a freedom fund . With this system in place, you can start chipping away at your savings goals without thinking too much about it.
‘I sort of always had money put to the side and saved,’ Budjerah recalls. ‘I worked at McDonald's for two years part-time, I got $8 an hour – it was like $85 a week – but I'd put away $2 [for each hour]. I [also] used to play in restaurants and they'd give me 100 bucks each time. I'd put 10 per cent away from gigs.’
Budjerah credits his 10 per cent rule with helping him save for a home deposit faster. ‘Even if you get 20 bucks from a job or something, you just put $2 away.’
5. Be picky with what you buy
It pays to be choosy, even when it comes to your must-have, once-off splurges. Take the time to save up the cash, shop around for the cheapest price and avoid impulse buying.
‘When I save up enough, I spend my money on something that is really important,’ Budjerah says. ‘The first big purchase [I made] was Beats headphones. I found some that were on sale for 150 bucks. I’d saved up over a couple weeks and I was like “Yeah, I finally got enough money. I can get myself Beats.”’
Quotes taken from this interview with Budjerah in November 2021 reflect the personal views and experiences of the artist and individual.
This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.
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