“Great things are done by a series of small things brought together.”

Vincent Van Gogh

“Millionaire tells millennials: if you want a house, stop buying avocado” – The Guardian
“How can Gen Y actually get into the housing market?” – ABC Online
“Australia’s housing affordability crisis creating ‘dependent generation’” – The Guardian
“Smashed avocado discounted in cafes in wake of controversial saving advice for millennials” – ABC News
“Derryn Hinch tells millennials that owning a home is a dream, not a right” – ABC News


We’ve all seen the headlines, about how difficult it is for millennials to get into the property market, and we’ve also seen a long list of who’s to blame for the situation. Putting all of this to one side, it’s important to look at exactly where our disposable income is going and how you can start making small changes to boost your savings toward a deposit.

Below we’ve identified the biggest spending sins for Australians and how much of a difference could be made each year by slashing your spending in these areas:

  • Dining Out – $5,200

With the average Australian choosing to dine out 2 – 3 times per week, we’re spending on average $100 per week, which equates to a whopping $5,200 per year. With our ever-increasing pace of life fast food is becoming a fast, and clearly costly, alternative to cooking at home.

  • Cigarettes – $2,500

While they  might be bad for your health, they’re even worse for your personal savings. The average smoker will go through 3 packs per week, which in Australia equates to approximately $2,500 per year.

  • Alcohol – $1,213

On average, in Australia we spend $23.32 per week on alcohol. Unfortunately, for Australian expats in Singapore this figure is a lot higher given taxes imposed on alcohol. This equates to $1,213 per year that could be saved by slashing your alcohol consumption.

  • Coffee – $1,200

Assuming that your coffee is $5 per cup, and you need that morning cup each day for 5 days per week, this equates to approximately $1,200, assuming that you take 4 weeks off per year for holidays. While we’re certainly not one to suggest giving up that morning caffeine hit, perhaps it’s worthwhile shopping around for a cheaper option.

  • Shoes – $364

Men and women across Australia spend on average $7 per week on new shoes, which equates to $364 per year.

  • Chocolate – $284.00

Australians are spending on average approximately $5.46 on chocolate each week, which equates to approximately $284 per year.

  • Perfume – $42.12

Interestingly, Australians on average spend just over $42 per year on perfume and aftershave. What’s even more interesting is that Tasmanians spend far less, coming in at just $10.40 per year.

There are many apps you can download to start tracking your expenses, and even those that let you share your spending habits with your partner. If you’re concerned about your current cash flow and spending patterns, feel free to reach out and we’ll get you on the right track today.


LoanSuite Pty Ltd is your lending partner for all of your home loan, investment property, business and commercial financing needs. With our wide range of lending solutions, expertise in financial planning and investment strategies, and extensive experience in working with both Australian residents and Australian expats, we are your partners for your lending needs.

Book a obligation-free, complimentary consultation here today.

LoanSuite Pty Ltd is an Authorised Credit Representative (Credit Representative Number – 494608) of My Local Broker (Australian Credit License – 481374). Important Disclaimer: Your complete financial situation will need to be assessed before acceptance of any proposal or product.