iStock_000003521720XSmallSomeone we know just won the lottery here in Australia. At least this proves it is not an urban myth!
But a lottery win is not a financial plan – and for most of us, we can’t rely on luck for our financial future. We need to make active choices every month to make the most of the money we have, and make sure we are financially secure for the future. With the financial doom and gloom in the media at the moment, you need to know that you CAN make a difference to your financial situation with some behavioural change.

Here are some of the top tips to help your with the finances:

  1. Put aside 10% of your income (before bills) every time you are paid. It doesn’t matter how much this is, but put it aside into a “Cash – don’t touch” account. It will build up and you can use it as a basis for investment. You also have a buffer for tough times and unexpected situations.
  2. Be aware of your spending. Try keeping a budget and record receipts, even just for a week. If you add up those coffees and lunches out, you will see how much you are spending. There are some great free tools and information for budgeting at this site http://www.secretbudget.net/about/about/budgeting-tips.html
  3. Declutter your life and sell it on eBay. Be ruthless and go through your stuff. Do you really need those clothes or the clutter in the garaage? Go through it all and sell what you can, and give the rest to charity. Put the money from the sale into your 10% account for investments. Warning: do not browse the For Sale at the same time as selling!
  4. Get educated about finance and investment. If you don’t know anything about money, except that you need it, then you need to do some reading! I recommend “Rich Dad, Poor Dad” by Robert Kiyosaki as a good start to understanding money – or “Why we want you to be rich” by Kiyosaki and Trump.
  5. Don’t watch adverts or become a victim for specials and sales. You will spend money you don’t need to because it sounds like a bargain. This tip and 27 others can be found at http://www.marcandangel.com/2008/07/17/28-unique-bits-of-financial-brilliance/

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