Budgeting would be my number one tip.
Once you start tracking your expenses you may be surprised as to how much you really are spending. But from there you can then set a budget and plan your expenses throughout the year, that way when the large bills arrives you won’t feel so overwhelmed because you’d already planned for it.
The next step would then be to set a goal.
So say you wanted to buy a house and you need a deposit, workout when you want to achieve this and then work backwards to determine how much you need to save each pay.
If it doesn’t look like you’re going to achieve it, either reset the time frame or the amount that you require, but either way you’re more likely to hit your target if you set the goal upfront.
My other tip would be to put money into superannuation. You’ll benefit from compounding investment returns and you’ll be saving tax along the way.
A good way to start is to ask your employer to sacrifice a portion of your pay and it could be a dollar amount or a percentage each pay, and then every time you get a pay rise, tip more of your money into superannuation because there’s a high chance that you won’t even notice it since you’ll be used to living off your previous income.
Getting a head start with your finances is easier if you have very clear financial goals, a savings plan and put a bit more money into superannuation.
These are easy things that can really make a difference.
