Money advice loves a neat little rule: save 10%, buy a house, never touch a credit card and work hard until everything magically sorts itself out.
Lovely.
Except family money rarely behaves neatly. The grocery shop blows out, the car needs tyres, someone needs a costume by tomorrow, and the electricity bill arrives with what feels like a personal grudge.
This article first appeared around the start of the pandemic, when we were all hearing the word unprecedented far more than anyone deserved.
The basics still matter, but some of the old rules — and a few of the old examples — need an update for real Australian family life now.
1. “Three months of savings is enough”
Three months is a helpful goal, not a magical force field against job changes, vet bills or the washing machine dying on a public holiday.
Start where you can and build from there. Even a small buffer can stop the next surprise becoming expensive debt.
The updated rule: build an emergency fund that fits your real expenses and grows when life allows it.
2. “Never use a credit card”
Credit cards are not evil. They are just very good at becoming expensive when they are used to cover a gap in the budget.
If you pay the full balance each month and understand the fees, a card can be a payment tool. If you are carrying a balance, chasing rewards points is a bit like collecting Woolies stickers during a house fire.
The updated rule: use credit only when you can repay it in full and it genuinely works for you.
Do not assume the card’s travel insurance is enough
Some cards include travel insurance, but cover is not always automatic. You may need to pay part of the trip with the card, and exclusions, excesses and medical-condition rules can apply.
For frequent trips, compare an annual multi-trip policy from Insure&Go with other options. For one holiday, single-trip cover from Insure&Go is an option to compare. Always read the Product Disclosure Statement first.
3. “Pay every debt off before you save or invest”
High-interest debt deserves attention. But waiting until every dollar is repaid before building even a tiny buffer can leave you reaching for credit again at the next emergency.
The updated rule: tackle costly debt, keep a small safety net where possible, and do not invest money you may need next week.
4. “You should earn a certain amount by a certain age”
Those “six figures by 30” posts never seem to include parental leave, caring for family, redundancy or the fact that rent exists.
The updated rule: give yourself a direction, not a deadline that makes you feel like a failure. A $500 buffer is progress. So is finally knowing where your money goes.
5. “You just need to save harder”
Saving matters. So do wages, housing costs, childcare, debt and the fact that skipping a coffee does not create a $60,000 deposit.
The updated rule: cut the leaks that matter, automate what you can and stop blaming yourself for problems willpower cannot solve. SAHM’s 50 simple ways to save money is a good starting point.
6. “You cannot save until debt is gone”
This is the cousin of rule three, and it deserves its own reminder: having no emergency money often sends people straight back into debt.
The updated rule: make room for debt repayments and a small buffer. It may be slow, but slow is still moving.
7. “Work harder and you will automatically earn more”
Many parents are already working paid jobs, running homes and doing the emotional admin for an entire family before breakfast. More effort is not always the missing ingredient.
The updated rule: work hard where it helps, but also ask for the raise, build a skill, protect your super and learn the boring money basics.
8. “Buy a home as soon as you can — or rent forever”
This old rule is loud in Australia. It also assumes everyone has the same deposit, income, family support and appetite for a 30-year commitment.
Renting can be the sensible choice when buying would leave you with no buffer and no flexibility. Buying can be wonderful when the repayments, location and timing work for your household.
Many people are now choosing to rent instead of buy, and some are even choosing to live in alternative arrangements like co-housing or tiny homes.
Property ownership also doesn’t have to mean buying a home to live in. Some investors choose commercial real estate instead, with commercial property loans available to finance eligible commercial property purchases.
Commercial property has different lending criteria, deposits, tenancy risks and tax considerations, so get appropriate professional advice before making a decision that affects your home, business or super.
The updated rule: choose the housing path that makes your actual life work, not the one that wins a comment section. Read SAHM’s realistic options when a house feels out of reach.
9. “Retirement savings are only for people with spare money”
The original article mentioned American 401(k)s and IRAs. Here, super is the more relevant conversation.
You do not need to become a super expert, but it is worth checking your contributions, fees, insurance and investment option once a year.
The updated rule: give future-you a quick annual check-in. Moneysmart’s super check-up guide makes it manageable.
10. “You must always carry cash”
Cash is still handy for some people and some places. But you do not need enough notes in your wallet to survive a minor apocalypse.
The updated rule: use cash, cards or separate accounts — whichever makes your spending easiest to see and control.
11. “Buy now, pay later is not real debt”
It may come in four tidy instalments, but it still comes out of future pay. Several small plans can become one very large “why is my account empty?” moment.
The updated rule: put every future payment into your budget. Your electricity provider certainly will.
12. “Interest-free means free”
Interest-free can be useful for a planned purchase you can repay comfortably before the offer ends. It can also come with fees, a store card and a very unpleasant final bill.
The updated rule: it is only a deal if it was already in your budget and you know exactly how it ends. Read Moneysmart’s interest-free guide.
13. “Investing is too risky for ordinary people”
Investing involves risk. Technology has not made it safe, despite what a very confident stranger online may tell you between sponsored posts.
The updated rule: understand what you are buying, why you are buying it and how much loss you can tolerate. Diversification can reduce risk, not erase it.
14. “The hottest investment is the best investment”
If everyone at a barbecue is discussing the same investment, it may be interesting. It is not automatically a reason to put family money into it.
The updated rule: a boring, well-understood plan usually beats a thrilling tip you heard after two wines.
15. “A high credit score is all you need for a loan”
A credit score matters, but lenders also look at income, expenses, savings, existing debts and the loan itself.
The updated rule: check your free credit report before a major application, correct mistakes and do not make multiple formal applications just to see who says yes.
16. “You must save 10% of every pay”
Ten per cent is a useful rule of thumb. It is not a moral test.
The updated rule: automate an amount that is realistic now, then increase it when you can. Saving $20 consistently is still saving.
17. “Tax deductions are free money”
Buying something you do not need because “it is tax deductible” is not a financial strategy. It is just shopping with extra paperwork.
The updated rule: claim what you are entitled to, keep records and remember that a deduction usually reduces taxable income — it does not refund the full purchase price.
18. “Changing your money plan means you failed”
Jobs change. Rent changes. Babies arrive. Parents need help. And the car develops a brand-new noise three days before registration is due.
The updated rule: your plan should bend with your life. It is a tool, not a report card.
One money rule worth keeping
Be kind to your future self.
Save what you can. Read the fine print. Ask for help early. Say no to purchases that will make next month miserable. None of it is glamorous, but it can give your family a little more breathing room — which is a far better goal than winning at someone else’s money rules.
Aw cheers! We’ll take “top quality content” when the content involves golden syrup dumplings any day Hope you give them…