How Ella Manages Money Her Way: Gen Z Story of Independence and Intention

 

Like many resilient younger Australians, Ella Shield a 19 year old University of Sydney teaching student is grappling with cost-of-living pressures while juggling work and study yet she remains optimistic, engaged, and determined to take control of her finances with the help of Ubank’s digital banking app.

Ella began her financial independence when she moved from regional NSW to study for a teaching degree at the University of Sydney. Working as an after-school educator and supported by a Centrelink student allowance and scholarship payments, she quickly learned to manage her income, rent, bills, and everyday expenses.

“I need to see my money to know I am managing it well and feel in control – that’s why I use the Ubank digital banking app,” Ella says from her flat in Newtown after her hour-long commute from her job in Balmain.

“Some days, when I’m exhausted, I’m tempted to take an Uber home. But seeing my spending in real time on my phone reminds me just how discretionary costs impact my budget — and that keeps me focused,” she said.

Deep respect for money

Since childhood, Ella has understood the impact of money – or lack of it. Her family relied on Centrelink, and her mum took part in Work for the Dole to make ends meet. “We weren’t well off,” Ella said. “Mum always did her best, even when things got tough.” In 2020, her mum was diagnosed with cancer — working one week, in hospital the next — sadly she passed away a few years later and as Ella lost her father when she was very young, she spent her teenage years living with her grandmother.

Managing financial stress

Today, Ella and her partner share the financial load. Like many Australians, Ella and her partner have felt the sting of rising rents — a reality familiar to countless young renters.

“When we first moved, I didn’t really know Sydney — I just wanted to be central,” Ella said. “We ended up in a tiny 20-square-metre studio on King Street in the CBD. It had internet, power and water included, which felt convenient at the time. But the rent kept going up — from $590 to $610, then $650 a week. When it was hiked again, we had to move. It was a tough lesson, but now we’re in a better place. We pay for utilities separately, but we have more control. We get to choose our own internet provider, know the costs, and manage our bills ourselves,” she said.

Ella’s intermittent income also means she still faces periods of financial stress.

During her recent four-week unpaid teaching placement, Ella dipped into her savings and relied on support from her partner to cover essentials like rent and food.

“Unpaid placements are absolutely worth it for building your future career,” says Ella. “They help you grow so much but they are really tough when it comes to managing day-to-day expenses. When you don’t have money coming in for a few weeks, you need a solid plan B and C to make sure you can still make the rent.”

Seeing her money better in the Ubank app

Ella’s approach to money is grounded in practicality. She budgets for essentials like rent and food, shops affordably at retailers like Cotton On and limits her subscription services. She’s not rigid with her budget but uses Ubank’s app features such as Categorisation to guide her decisions and better support her money goals.

“Ubank app’s Categorisation feature definitely helps me press pause if I’m tapping for takeaways too often. I’d encourage anyone to try it, as it lets you see so clearly what you’re spending money on,” Ella said.

The Ubank app has even helped Ella avoid being blindsided by incoming bills.

“The second I set up the Ubank app, it found all my upcoming bills—even ones I didn’t know about. It really was a wow moment,” she says.

“I can even connect my other bank accounts to see the full picture of my finances. I love how easy it is. Compared to my old bank, the experience is so much smoother—less janky, no wrestling with confusing menus or endless codes. Ubank just works,” Ella said.

Saving for a bright future

Ella describes her financial learning curve as steep but empowering. “Despite the cost of living in Sydney, I save between $100–$200 each month. I know the power of compound interest and use Ubank’s self-serve tools and personalised Save account features to maximise my savings.”

She also inherited some money from her mother, which she’s determined to manage wisely.

“I want to make smart choices with what I’ve been given and combine that with my own savings to build a secure future.”

My friends and I talk about money all the time

Ella is actively involved in conversations about money with her female friend group, exchanging tips, tricks, and hacks. She says these interactions are a key part of her financial learning journey.

“My friends and I talk about money all the time — and many of my friends are with Ubank because they think the app is relatable and the savings rate is one of the best in the market. Together, we talk about how we save, budget, and what works for us,” Ella says. “It’s honestly where I’ve learned the most.”

Beyond peer conversations, Ella is also open to professional guidance.

“I know how important it is to ensure I am managing my money well and make smart financial decisions to stay on track with my goals, so I’m definitely open to financial advice. Though I am not quite sure what it should cost?”

Trading up her algorithm

Like many young Australian women, Ella is not familiar with investing but she says she is open to learn more.

“No one in my family invested in share market and I’ve never had financial advice to understand it better,” says Ella. “Maybe I need to change my algorithm to see more content about investing? Right now, it doesn’t show me much and I wonder if that’s partly a gender thing?”

Future Goals

Ella’s optimistic outlook on life underpins her aspirations to become a primary school teacher — and one day, to purchase a property and create a family home of her own.

“I’m incredibly grateful for the financial support myself and my family received over the years,” says Ella.

“While I’ve always been a creative person with a deep love for painting, I chose to study teaching because I believe in the power of education. It’s a practical path that allows me to give back to the community that’s always stood by me — and it will also help me build a meaningful career and earn a good living, which is essential for my financial stability and my dream of owning a home.”