Have you ever thought that waiting for an inheritance is your only way into the housing market? I’m Tammy Barton, Founder and Director of MyBudget, and I want to share how creating your own financial independence through budgeting is achievable, and is the most powerful step you can take toward financial security.
Why are so many Australians relying on an inheritance?
At MyBudget, we’re hearing from families who are worried their kids might never be able to buy a home. And I get it, the numbers are confronting. According to PropTrack, national home values hit a record median of $923,000 in June 2025, and they’ve been rising steadily for years. This means buying your first home now requires far larger deposits than what the average young Australian can save alone or even as a couple. Add in stagnant wages and the rising cost of living, and it’s no wonder so many Australians are looking up the family tree as their financial plan.
While it might seem like a good idea, I want to share why I believe building your own financial independence is not only more reliable, it’s empowering.
The inheritance illusion: why waiting isn’t a plan
We’re in the midst of what’s being called the “inter-generational wealth transfer,” a massive handover of wealth from Australia’s ageing Baby Boomer population to younger generations.
While it’s true that trillions are expected to pass down over the next two decades, relying on a future windfall comes with fine print. Inheritances often arrive late in life, vary greatly in size and you could be hit with an inheritance tax.
How budgeting changed my life (and set me up for the future)
Budgeting has been absolutely critical in my journey to building wealth. From the moment I got my first job, I wrote out a budget every single week. This became even more important when I started having to pay bills at 16 – things like car registration, insurance, petrol, and even buying my own food.
Budgeting taught me the fundamental principle of living within my means and how to save up for what I wanted.
Although, I did take out a car loan at 18 as my $700 Mitsubishi Galant was unreliable (to say the least!). I budgeted to pay my new car, a Ford Laser, back twice as quickly as required. That discipline stuck with me.
Relying on an inheritance vs creating your own financial independence
My strong view is to always create your own financial independence. Over the years, I’ve seen many clients receive inheritance only to lose or spend them quickly. It’s often “easy come, easy go.” You simply cannot rely on anyone else’s money because it might not be there, or it might not be the amount you anticipate. Building your own wealth instills discipline, knowledge, and a sense of accomplishment that inheritance rarely provides.
Talk to your kids about money: start the conversations early
Here’s a big one: inter-generational wealth isn’t just about inheritances. It’s about conversations. I definitely talk to my kids about money, but we don’t focus on family wealth. Our conversations revolve around how they can achieve financial independence by buying their own homes, saving, and investing. From a young age, I’ve garnished their Christmas and birthday money and saved it in the bank for them (before they could spend it!). This allowed them to buy their first cars!
My kids are aware that what I have will ultimately go to them one day. However, they also hear me tell my own parents, “I don’t want any money from you; I want you to spend every last penny before you go and enjoy your life!” So, the philosophy is to save while you’re young and spend before you go!
I believe many parents feel a strong sense of responsibility to provide for their children, and leaving money behind when they pass is often seen as the right and noble thing to do. However, I also think there’s a responsibility to ensure that wealth creates meaningful opportunities, like a home deposit, education, or support for future generations.
A legacy isn’t just money, it’s the values you pass on
I love the idea of leaving a legacy, but for me, it’s never been just about money. A true legacy is the values, lessons, and positive impact you leave behind. It’s the imprint you make through your actions, character, and the principles you live by.
For me, that means raising independent, responsible, and compassionate individuals who know how to manage money, but also how to make a difference. Wealth matters, but it’s what you do with it, and how you prepare the next generation, that counts most.
I’ve received an inheritance, what should I do with it?
Inheritances don’t come with instructions, but a solid budget can make sure your inheritance money doesn’t vanish overnight. Whether you’ve received a deposit boost, a lump sum, or help paying down debt, having a plan is what turns one-time money into long-term financial freedom. MyBudget can help you protect what you’ve inherited and turn it into real, lasting progress toward your financial goals.
So should you just wait for an inheritance to buy a home?
Simply put: no. An inheritance windfall could be helpful someday, but as a housing strategy, it’s unreliable. Waiting may push your home ownership dreams even farther away. Instead, shape your own future with the tools you’ve got, whether that’s having a realistic budget plan, strengthening your investment portfolio, starting your retirement savings plan or saving with purpose.
My final tips to build your own financial independence and not rely on an inheritance?
Save as much as you can. Budget carefully. Invest wisely. And don’t buy stuff you don’t need. That’s the kind of mindset that builds wealth, whether an inheritance comes your way or not.
Ready to take the first step toward building financial independence?
At MyBudget, we’re here to help you build the savings, structure, and strategy to own a home and save for life’s goals on your terms. No inheritance needed.
Enquire online or call MyBudget on 1300 300 922 and let’s start your journey to building your wealth today.
Join the 130,000 Australians who have eliminated their money worries
Discover how a tailored personal budget helped Alyssa and Pete pay off credit card debt, build savings, manage cash flow, and achieve their financial goals, all without sacrificing their lifestyle.
Bills piling up? Here’s how one family turned their finances around
Alyssa and Pete were feeling overwhelmed. Despite both working full-time and earning decent monthly incomes, they were struggling to keep track of their money. With three kids under five and no budget plan in place, bills were stacking up, and money issues were taking over their everyday life.
Alyssa’s demanding job required frequent travel, while Pete was juggling full-time work and family responsibilities. Between managing work, childcare, and life’s unexpected expenses, they had no time to sit down and organise their finances properly let alone work on goal setting. Without a clear approach to money management, they found themselves relying on credit cards more than they’d like. When a shock $850 utility bill landed, they realised they needed help.
That’s when they turned to MyBudget. Fast-forward six years, and Alyssa and Pete have not only conquered their financial struggles but have also hit milestones they once thought were impossible.
What was their financial turning point? The phone call that changed everything
For Pete, making that first call to MyBudget was daunting. Like many families juggling incomes, bills, and unexpected expenses, he felt the weight of financial stress. But just minutes into the conversation, he knew he had come to the right place. The team’s expert money coaches immediately made him feel heard, offering a personalised approach to money management that reassured him financial struggles are common, and fixable.
“With our finances not working the way we wanted, I felt like I was letting my family down. There’s often an expectation to have everything under control, but the reality was different. MyBudget gave us a plan that made sense, and we finally felt in control,” Pete shared.
How a budget made Alyssa and Pete’s financial goals achievable
Throughout the past six years with MyBudget, Alyssa and Pete have made incredible progress. When they first started, they were asked to set three financial goals, but at the time, these felt impossible.
“MyBudget asked us right at the beginning for three goals that we wanted to achieve in terms of our finances,” Alyssa shared. “At the time, when we came up with these goals, they were outlandish. We just thought it was impossible.”
Their goals:
Buy their own home: with the rising cost of living and childcare expenses, they felt locked out of the housing market. Saving for a house deposit seemed unattainable, especially while paying rent
Pay off credit card debt: they had accumulated debt from everyday expenses, unexpected bills, and balancing their family’s needs. They wanted to clear this debt and stop relying on credit
Reduce financial stress and save for their kids’ future: they wanted to break the cycle of living paycheck to paycheck, build an emergency fund, and create financial security for their family.
“At the time, when we came up with these goals, they were outlandish. We just thought it was impossible.”
“After you have children, it becomes much harder to save for a home because you’re juggling everyday expenses, like food, childcare, and rising living costs,” Alyssa explained.
For the first few years, their focus was on structured budget planning, repaying credit card debt, and setting up an emergency fund. It wasn’t always easy, but in 2021, they faced a major financial challenge, their landlord decided to sell their rental. Instead of scrambling to find another place, they turned to MyBudget for guidance. Thanks to their personal budget and disciplined savings plan, they had enough cash for a deposit and were finally able to achieve their homeownership goal.
A Personal Budget Plan without major sacrifice
One of the biggest myths about budgeting is that it means cutting out all the fun. But for Alyssa and Pete, their budget wasn’t restrictive, it was empowering.
“When MyBudget put the plan together, it didn’t ask us to make massive sacrifices,” Alyssa explained. “It just helped us see where our money was actually going and where it could take us.”
Less stress, more confidence in their financial future
Budgeting didn’t just improve their bank balance, it took away their money worries. With rising living costs, keeping up with family bills and monthly expenses can be daunting. But MyBudget gave them visibility and control.
Now, if an emergency comes up, they know exactly where they stand. They can track their budget through the MyBudget App, monitor their cash flow, and real time budgeting support and guidance from expert money coaches when needed.
“Having someone to call for help, whether it’s about debt repayments or adjusting our budget for school costs, gives us peace of mind,” Alyssa shared.
How a Personal Budget improved Alyssa and Pete’s family’s lifestyle
The biggest benefit of financial stability? The freedom to focus on what truly matters. For Alyssa and Pete, that meant investing in their kids’ future.
“MyBudget allowed us to give our children opportunities like gymnastics lessons and school activities without stressing about money,” Alyssa said.
Pete added, “Knowing I could be a full-time dad and still have a healthy budget was life-changing. MyBudget showed us that a budget isn’t just about numbers; it helps you set goals and organise your entire life.”
How can MyBudget help you take control of your finances and reduce money stress?
For more than 25 years, MyBudget has helped over 130,000 Australians take control of their finances and live their lives free from money worries. Whether you want to:
☑️ Create a budget that works for your lifestyle
☑️ Pay off credit card debt and build savings
☑️ Manage your cash flow and future finances
☑️ Reduce financial stress and achieve your financial goals.
Imagine where your finances could be a year from now? Our caring team is here to help, enquire online today or call MyBudget on 1300 300 922.
A new personal finance is taking social media by storm and, in this case, it’s a good one.
I’ve watched the loud budgeting phenomenon take hold, and I’m here to offer my take on what it means for everyday Aussies navigating their finances.
So, what exactly is loud budgeting? Simply put, it’s the practice of openly discussing and sharing your budgeting strategies and goals. It’s about breaking the taboo surrounding money conversations and embracing transparency as a tool for empowerment.
In a country where talking about money has traditionally been a bit of a no-no, the loud budgeting movement represents a seismic shift in attitudes. Australians are realising that rather than being a solo journey, their financial wellbeing can benefit from taking a communal approach and from shining a light on what is still considered by many to be a private matter.
Practicing loud budgeting typically involves someone telling their friends about their budget and admitting that financial limitations may be the reason they have to turn down plans or suggest a more budget friendly alternative.
For example, if someone can’t afford to attend a dinner with friends at a restaurant, rather than making a non-financial excuse for not attending, which they may have done in the past, they’ll admit that the reason they can’t attend is because they can’t afford it.
In order not to miss out altogether they may suggest instead a catch up at a friend’s house, with everyone bringing a dish to share for dinner. I personally love this idea. Sharing a meal and discussing new recipes (especially budget conscious recipes) with friends is one of my greatest pleasures!
It’s a frank and practical approach to budgeting that has taken off on social media and relates to many other budgeting challenge trends such as #NoSpendNovember or #DebtFreeJourney.
It also offers a counterpoint to the pressure many feel – also fuelled by social media – of keeping up with the extravagant lifestyles of others, which are played out online. Loud budgeting challenges this narrative by celebrating financial responsibility and mindful spending.
Importantly, loud budgeting isn’t about sharing success stories — it’s about getting real when it comes to the financial challenges people face. Especially in today’s economic climate. In a world where debt is often stigmatised, normalising honesty about financial struggles can be incredibly empowering.
Loud budgeting is about recognising that everyone’s financial journey is unique and that it’s okay to ask for help when we need it. Which, of course, is exactly what we aim to do at My Budget.
We’ve seen firsthand how the principles of loud budgeting can transform lives. By fostering a culture of openness and support, we empower our clients to take control of their finances and achieve their goals, whether it’s getting their budget in order, saving for a home, paying off debt, or planning for retirement.
So, how can you embrace the loud budgeting movement in your own life? Start by taking a closer look at your financial habits and setting up a realistic budget. Next, don’t be afraid to share your money journey with others—whether it’s with friends, family, or online communities. You never know who might inspire you – or who you might inspire – along the way.
In conclusion, loud budgeting isn’t just a passing fad—it’s a powerful movement that’s reshaping the way we talk about money and the way we live our lives! By embracing transparency, sharing our experiences and supporting each other, we can build a brighter financial future for ourselves.
