1. Set up a budget
A budget helps you manage your money so you can cover the essentials and have enough left over to save or play with. If you can find extra savings in your budget, pay more off your mortgage or put those savings into paying off any credit cards or other debts.
2. Track your spending
Try setting up a notebook and logging your spend over a fortnight or month. Categorise each purchase and see what is necessary spending and what you might be able to do without.
3. Pay off any debts where possible
Easier said than done. Planning to reduce any debt slowly and consistency is the key. With any money you may be able to find from your spend tracking, put this into a separate account and put towards any debts.
4. Start a savings plan
Whether you’re saving for a car, a holiday, a home deposit or an emergency fund to cover you if things get tough, you’re more likely to reach your goal if you have a realistic savings plan in place. Work out how much you’ll need to save each week to reach your goal.
5. Consider getting financial help and advice
Financial advice can help you clarify your goals and create a plan to achieve them. There are different types of financial advice options available, and various things you should consider when choosing and working with a financial adviser. Salvos Money Care are a great place to start for advice and tips.
Visit https://www.moneysmart.gov.au/managing-your-money/get-your-money-on-track to read more tips about budgeting and money management. If you need financial advice visit Salvos Money care for more information: https://www.salvationarmy.org.au/about-us/our-services/moneycare/