What We Should Have Been Taught in School: 5 Real-Life Money Lessons Everyone Needs

Ever left the servo, checked your bank balance, and thought, “How did living get so expensive?” Or maybe you confidently tapped ‘pay’ at a café, only to watch your card get declined in front of the entire queue. If that’s hit a nerve, you’re not alone. For young Aussies, money stress is almost a rite of passage, yet it shouldn’t be.

The reality is, many of us were never taught the essential money lessons we needed to help us navigate adulthood in the real-world.

Algebra came in handy for passing Year 9 maths, but it’s budgeting, debt, superannuation, and tax that shape your everyday life. Why didn’t anyone teach us how this stuff actually works?

If you’ve felt left in the dark, you’re part of a much bigger conversation. This isn’t about blame. It’s about building resilience, confidence, and real financial skills, so you can actually enjoy your independence instead of panicking about it.

Here’s what we should have been taught in school, and how to take back control, one step at a time.

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1. Budgeting and Saving

If you only remember one lesson, make it this one. Learning how to budget gives you control over your pay, spending, and savings. I still remember scoring my first real pay slip, feeling rich for two seconds, and then wondering where it all disappeared by the next Monday.

The 50/30/20 Rule (Your Money Map)

This easy formula splits your income like so:

• 50% on must-haves (rent, groceries, utilities, transport)

• 30% on wants (dining out, concerts, Netflix, holidays)

• 20% on savings and debt repayment

It’s not perfect for everyone, but gives you a simple starting point. Get a notebook, whiteboard or colour-coded spreadsheet if you’re old-school (no shame here).

Starting Saving (Even When You’re Broke)

Here’s the thing about saving early and regularly: it can be small, but it adds up fast. Got $5 left at the end of the week? Move it into a “not-touching-this” account. Set up an auto-transfer the day after payday. You’ll start to see your money working for you, not the other way.

Actionable Tips:

• Track every dollar for a month (you’ll be shocked where it goes).

• Set up a separate savings account with limited withdrawal access.

• Choose one expense to cut back on (even just for a month) and transfer that amount to savings.

• Set realistic goals, like “save $500 for an emergency fund” or “pay off $200 of my credit card”.

2. Understanding Debt and Credit

Debt can be both a tool and a trap. Here’s what we should have been taught in school:

Types of Debt

• Good Debt: Student loans (HELP debt), HECS, or even a home loan that builds value over time.

• Bad Debt: Credit cards, Afterpay/Zip, payday loans, high-interest personal loans stacking up for short-term rewards and DON’T get me started on car finance.

Don’t be tempted by a “just pay it later” offer. It stings when the interest racks up or, even worse, when you get stung by overdue fees.

What’s the Big Deal with Credit Scores?

A good credit score makes life easier (think: lower interest rates, easier rental approvals, better loan offers). Bad credit? It’ll follow you for years.

How to Build (or Repair) Your Credit:

• Pay bills on time (even your Wi-Fi).

• Limit how often you apply for new credit.

• Keep credit card balances well below the limit (aim for under 30%). Personally, I avoid credit cards like the plague, never had one, never will.

• Request a copy of your credit report once a year (it’s free through agencies like Equifax or Illion).

Managing Debt

• List every debt. Facing the facts is step one.

• Pay off high-interest debt first, or try the “snowball” method and start with your smallest debt for a quick win.

• If you’re behind, reach out to your lender. Most are more understanding than you think.

3. Superannuation Basics

Superannuation (super) is probably the most boringly-named thing with the most power over your future. Starting early can mean hundreds of thousands more in retirement (not exaggerating).

The Super Starter Kit

• What is Super? It’s your retirement fund. Your boss pays at least 11% of your wage into it each payday.

• Your Choice: You can pick your own super fund or stick with your employer’s default (but compare fees and performance using tools like Canstar or Finder).

• Compound Growth: Super earns returns over the decades, so the earlier you start, the more your money grows (it’s kind of like magic, but with maths).

Managing Your Super

• Consolidate super accounts to avoid paying multiple fees.

• Ensure your fund has your current details and a nominated beneficiary.

• Read the annual statement (yes, that envelope you usually ignore).

• Choose an investment option that suits your risk level (most funds offer “conservative”, “balanced”, “growth”).

4. Financial Planning for the Future

It’s about what you want, whether it’s travel, buying a house, starting a business, or having the freedom to change careers.

Set Realistic Financial Goals

• Short-term: Save for a car, a trip, or a MacBook that’ll last you through uni.

• Medium-term: Build an emergency fund for surprise bills or short periods out of work.

• Long-term: Homeownership, investments, retirement.

Creating (and Adjusting) Your Plan

• Write down your goals. Visualise them.

• Break them into steps (“save $50 a week”, “research 1 home loan provider per month”).

• Review and adjust as your situation changes. Life is unpredictable, and your plan should flex with you.

Where to Get Support

• Use government resources like MoneySmart for calculators and unbiased info.

• Consider chatting with a financial counsellor for free support, especially if you’re stuck or overwhelmed.

• Remember, investing in you is just as valid as any other investment – keep learning.

5. Taxes and Financial Responsibility

The word “taxes” gives most of us whiplash, but ignoring tax can land you in hot water.

Basics of Tax

• TFN (Tax File Number): Get one as soon as you’re earning money.

• Lodging Returns: Even as a student or part-timer, you may need to lodge a tax return each year with the ATO.

• Understanding Your Payslip: Learn the difference between gross pay, net pay and what “PAYG” means.

Deductions and Credits

• Claim deductions for work-related expenses (even your work-from-home setup sometimes counts).

• Keep receipts organised with an app or an envelope.

• If you donate to charity, keep those receipts too.

Staying on Top of It All

• Set a calendar reminder before tax time (July–October).

• Don’t ignore ATO letters or emails.

• If you owe money and can’t pay, talk to the ATO early for a payment plan option or consider engaging with an accountant.

Taking Action – Empower Yourself with Money Wisdom

Not knowing these money basics isn’t your fault, but building confidence with your cash is in your control. You don’t need to be a finance guru to take the first step.

Now that you know what we should have been taught in school:

• Start tracking your money, today. You’ll feel the difference in a month.

• Ask for help, always. There are more resources and supportive communities out there than you think.

• Keep learning. Financial literacy is a lifelong muscle, and every win (big or small) counts.

At Fearless Pursuit, our mission is about more than just tips and guides. We stand for empowerment, honesty, resilience, and community. Share your struggles, your wins, and your questions. This isn’t just about surviving the next bill cycle; it’s about thriving, together.

If you’re looking for resources; we’ve got the connections and soon, we’ll be providing direct professional insight through our website.

You’re not behind. You’re right on time to start shaping your financial future.

Disclaimer

I am not a financial professional, this is not professional advice and is only general in nature. This is purely based on my beliefs and what works for me. To understand more view our disclaimer.

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