The 14-year-old singer, who won the reality television competition earlier this year, said that he has moved into a new Sydney apartment with his mother Rachel but has not yet started thinking about investing in property.
Vidgen told Seven Network television show Better Homes and Gardens that his humble upbringing has taught him the value of money, saying: "I'm not ready to buy anything just yet."
He did, however, admit that he spent some of his $250,000 (£162,000) winnings on new furniture for him and his mum, such as a black couch, saying: "Most of our furniture beforehand was second-hand. A lot of stuff we got from St Vincent de Paul and now we've given it back.
"It was a good feeling because other people have helped us along the way."
Vidgen has been trying to crack the US music industry since winning Australia's Got Talent, but said that he feels very "privileged" at landing a record deal.
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Vidgen recently revealed that the best thing about his win is that he now gets to regularly visit his dad Steven, who lives in Queensland and suffers from multiple sclerosis.
He said: "Time with my Dad is so much more precious now, because you just never know what is going to happen. It's very special. I love my Dad very much."
Vidgen will be seen on Better Homes and Gardens tonight (October 14) at 7.30pm on Seven.
Watch Jack Vidgen's performance in the Australia's Got Talent final below: