1. BE A CONTROL FREAK!
Too much month left at the end of the money? A budgeting app on your phone is a smart move. A techie version of a spending diary, it lets you enter the item and cost by category every time you spend and save. If you’ve put in your monthly spending limit, even better. Try Account Tracker or MoneySmart.
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2. START A RAINY-DAY FUND NOW
If good intentions to put money away every month get waylaid by a busy life, a spending splurge or just forgetfulness, we sympathise – but there is a way. Set up an automatic transfer from your current account at the start of every month and – here’s the crucial bit – treat it with the same respect as other fixed regular outgoing amounts.
3. SPEND AND EARN
If you use a credit card, make sure it’s one that earns you rewards every time you spend. Use your card for all your purchases and max up the rewards. Whatever your credit-card usage, set up a direct debit to repay it in full each month so you never pay interest.
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4. KEEP THEM KEEN
Insurance companies count on us automatically renewing our policies and often push up prices. You’d be mad not to use your renewal notice as a nudge to compare the competitors’ prices and get a better deal.
