Finances aren’t always that easy to manage. But, they can be easy when you know how. If you’re just starting out on your own in life and feel ready to manage your money, or you want to start afresh and get back on track, there are a range of things you can do to start your financial life off in the right direction.


Most of the time, it’s too easy to get a little careless with money. Just when you think you’ve got everything under control, you can spend too much, make a bad investment or forget about your financial responsibilities. But, with the right knowledge, you can avoid it all.

To get your financial life started right, you need to be mindful of your money. When you are, it should cover all areas from what you earn to what you spend, and what you save — with some handy tricks provided here to use along the way.

Live Within Your Means

First up, what you’ll want to do when you first start managing your money, or first start earning it, is live within your means. It may sound obvious, but it can be a lot easier on paper than it is in real life. Say you work out what your salary is each month, you take your bills out and then look at what’s left. That is basically what you have to spend each month, no matter how small it may seem. If you like to socialize or shop, this might be harder for you to keep to. But, the important thing to remember is that living within your means will keep your finances in shape.

Save A Percentage

It’s much harder to start doing this once you’ve already gotten used to having a salary, paying your bills and spending what’s left. So, you’re going to want to initiate this step as soon as you start earning or managing your money. With your monthly salary, save a percentage. Ideally, 50 per cent of your salary should cover your bills, leaving 50 per cent left. Then, you’ll want to save 30 per cent of your total salary, which leaves you with 20 per cent of the total to spend each month. It sounds a lot to start with, but if you ever need money or want to buy a house, it’s all there waiting for you.

Shop Around

When you’re spending your money, it can be tempting just to buy what you want, when you want. What you need to do is shop around. It can help to save a few dollars on purchases here and there, but the most important part is making savings on bigger purchases. If you’re buying a car or even a house, don’t just buy the first one you see. Compare models and prices. Even negotiate where you can. You could save a lot of money in the process.

Buy Not Rent

If you’re just starting out in your first job and you’re finally earning money, think about the direction your life is heading in. If you’re young, this might be difficult. But, it will all be worth it in the end when your life is financially stable. We all make financial mistakes, but one of the biggest is choosing to rent rather than buy. In an ideal situation, you will save up for the deposit on a house and buy when you first move into your own place. You’ll save on the rent you’d be throwing away by buying first.

Check Out Rates

If you are at that point in your life when you’re looking to get a financial deal and borrow money, you’ll still need to apply the same sort of thoughts to your choices. Choose an agreement that seems the best for you. Look up a mortgage broker that has decent rates, find payday loans direct lenders with the best rates, or choose a credit card that has the best interest-free period. Borrowing money doesn’t have to get you into debt if you’re smart about the products you choose.

Always Look To Improve

And finally, you’re always going to want to improve your situation. Say you’re earning a steady income — 50 per cent goes to your bills, you save at least 30 per cent and never spend more than 20 per cent. You look out for the best deals and choose good rates on your borrowing; you’re even on your way to saving for a mortgage. But you can always improve. Look out for the best savings rates available to earn more on your money. Work hard and get that promotion you’ve had your eye on. And if you’re not quite there yet, keep on trying until you reach your financial goals.

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