This article was originally published by Melbourne Chamber member Vision Super and reflects the author’s views.

Track your spending

Getting an accurate view of your spending habits means you can start identifying improvement areas. Managing and saving money works best when you have a clear picture of what’s coming in and going out. You could start by recording what you earn and what you spend.

Quite often, we don’t realise how much we are spending, and once you start taking a closer look, you realise all those little purchases begin to add up. There are apps that can help you do this by entering your expenses or even by scanning receipts!

You can then commit to a spending target and monitor that over the weeks and months. For example, on the first of the month, my account balance is $5,000; by the end of the month, it should be $6,000. Then you can easily track your progress and hit your goals.

There are ways to balance your spending with your saving to ensure you can continue to indulge in purchases from time to time. With technology making life so much easier, it has also made spending money easier, so a good start is to keep a closer eye on those online purchases or buy now, pay later services.

It’s also important to consider hidden costs, like subscription charges, that add up over time. Why don’t you search your bank account to see what you are signed up for and ask yourself, ‘Am I getting value for my money?’ and ‘Am I using it enough to justify the cost?’. Any free trials that run over can add up, so cancelling memberships is one easy way to help keep money in your account.

Set a budget

It feels good to be in control of your money, and setting a budget is a great place to start. When creating a budget, you’ll need to balance your immediate needs with your medium and long-term goals. Putting a budget in place now means you can start understanding your current spending habits and begin saving for those things you really want.

To help you set up your budget, a great place to start is the moneysmart budget planner. You can download and use this free tool across all your devices and begin to track and manage your finances.

Another budget consideration is how you want to build your savings for later in life. One day, you’ll want to stop working, and when you do, you’ll need enough money to live comfortably. Although it might seem like a while away, getting a head start by engaging with your super now will help set you up to reach those long-term goals when it comes to retiring.

Make the most of your money

How you choose to make the most of your savings depends on your short and long-term goals. And knowing your budget can help you find the best ways to maximise your money. There are different ways to make sure your savings are working for you.

You could keep your money in a bank account where it might earn some interest. To help you with medium to long-term goals, consider a term deposit or an investment such as shares, bonds, or property. Getting financial advice could be a good way to decide what option best suits your goals.

How super can help

Super plays an important role in funding your future. When you enter the workforce and if you’re eligible, your employer puts a percentage of your income into a super account – known as the superannuation guarantee (or SG).

Your SG contributions are a great way to start, but for many SG alone won’t provide you with enough superannuation to live comfortably in retirement. Investing this money for the long term provides you with the basis of your income in retirement.

Consider your advice options

Being able to ask questions and get expert recommendations can make all the difference. Everyone’s financial journey is unique, so it’s important to get financial advice that’s right for you. From simple super advice over the phone to comprehensive financial advice tailored to you, there’s an option to suit everyone. There’s usually no charge for simple advice on a single topic.

If you’d like to find out more about what financial advice is right for you, register your enquiry, and a Vision Super Financial Planner will be in touch to arrange a meeting. Bookings can also be made by calling 1300 300 820.