Saving money isn’t always straightforward, especially when your income doesn’t go as far as you need it to. For many women across Australia, this is a daily reality—working just as hard, sometimes harder, but earning less due to the ongoing gender pay gap. It’s frustrating, it’s unfair, and it makes financial independence feel like a much steeper climb.
Earning less doesn’t mean you don’t know how to manage money. It means you have less to work with and every dollar matters more. Budgeting in this situation isn’t about being strict or perfect. It’s about being informed, intentional, and kind to yourself in the process.
Start by taking stock of your financial situation. Look at what money is coming in regularly whether it’s your wage, casual or part-time work, Centrelink payments, child support, or income from a side hustle. Then, work out what’s going out each month. This includes rent or mortgage, electricity, groceries, transport, phone bills, debts, subscriptions, school expenses, and anything else you regularly pay for. When you lay it all out clearly, it gives you a snapshot of your current position. That’s your foundation.
From there, focus on covering your essentials first. These are the things that keep you safe, housed, and healthy like food, housing, and basic bills. If your income feels tight, start by creating a bare-bones budget. This simply means knowing the absolute minimum you need to get by, especially during tougher months. It’s not forever, but it can give you some breathing room while you work on longer-term plans.
It also helps to think about your spending in terms of needs, wants, and goals. Needs are non-negotiables, wants are the things that make life more enjoyable, and goals include saving, paying off debt, or building a safety net. Even if there’s not much left over after paying for essentials, setting aside a small amount even five or ten dollars a week can slowly add up over time. It’s less about the amount and more about building the habit.
If you find yourself constantly dipping into savings (or struggling to start saving at all), it might be worth setting up a separate bank account just for emergencies or future goals. Some banks offer automatic transfers or round-up features that put small amounts of change into savings every time you spend. These little tricks can help you save without having to think about it too much.
It’s also important to know that you’re not alone—and there is help out there. Financial counsellors offer free, confidential advice and can support you in managing debt or creating a realistic plan. You might be eligible for government support, subsidies, or community programs you didn’t even know existed. There’s no shame in asking for help—it’s a smart move.
Learning more about money doesn’t have to feel overwhelming. You don’t need to understand the stock market or be across every finance term. Just start with what makes sense for your life. That might be following a few finance-savvy women online, listening to a podcast on your commute, or setting yourself a goal like paying off a credit card or building an emergency buffer.
Most importantly, be kind to yourself. The gender pay gap is a structural issue—it’s not something you caused, and it’s not a reflection of your worth. But the steps you take, no matter how small, do matter. Every dollar you save, every choice you make with purpose, is a step toward financial confidence.
Budgeting when you earn less isn’t about restriction—it’s about reclaiming control. It’s about doing what you can, with what you’ve got, and building a future that puts you in the driver’s seat. You might be earning less, but that doesn’t mean you have to settle for less security, less confidence, or less freedom.
Start where you are. Make one small change today.
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If you’re searching for a more comprehensive tool to help you manage your finances, we recommend checking out the MUM CFOs Money Masterclass course. This course offers a wealth of knowledge from financial professionals in various fields, including financial planning, credit repair, mortgages, accounting, investments, insurance and estate planning. By learning from their expertise, you will gain the tools and strategies necessary to achieve your financial goals. Don’t miss out on this valuable opportunity to enhance your financial literacy and take control of your finances!
