{"id":112143,"date":"2025-05-13T11:30:30","date_gmt":"2025-05-13T01:30:30","guid":{"rendered":"https:\/\/propertyupdate.com.au\/?p=112143"},"modified":"2025-05-13T15:56:17","modified_gmt":"2025-05-13T05:56:17","slug":"25-personal-finance-habits-everyone-should-know","status":"publish","type":"post","link":"https:\/\/propertyupdate.com.au\/25-personal-finance-habits-everyone-should-know\/","title":{"rendered":"25 Personal Finance Habits Everyone Should Know"},"content":{"rendered":"

Do you want more money?<\/p>\n

Most Australians do.<\/p>\n

\"Insurance<\/p>\n

But for most their problem is not earning more money, it\u2019s keeping the money they\u2019ve earned.<\/p>\n

What are they doing wrong?<\/p>\n

Well\u2026 usually it\u2019s their bad money habits that let them down, so here are 25 personal finance tips you should follow:<\/p>\n

1. Start by paying better attention to your finances<\/span><\/h2>\n

Many people ignore their spending and just hope it will work out.<\/p>\n

Hope is not a good budgeting strategy. Instead, choose a system that works for you.<\/p>\n

Whether it is an app, spreadsheet, or something else, find a system to track your spending and budget.<\/p>\n

It is amazing what you will discover about your spending when you keep track of every dollar going out the door!<\/p>\n\r\n

<\/div>\n

2. Faithfully following your budget<\/span><\/h2>\n

It\u2019s one thing to create a budget, but if you don\u2019t have the discipline to put it into action, why bother?<\/p>\n

3. Keep track of your net worth<\/span><\/h2>\n

Your net worth is what is left after you calculate your assets and your debts.<\/p>\n

4. Set your financial goals and write them down<\/span><\/h2>\n

How much do you want to pay off? When?<\/p>\n

You can say you want to make plans all you want, but, until you do it, you are living in a fantasy.<\/p>\n

Make a plan and take action.<\/p>\n

5. Pay off your debts as quickly as you can<\/span><\/h2>\n

Debt takes away your options and your financial freedom.<\/p>\n

The sooner you can get rid of it, the sooner you can start pursuing your dreams and living life on your own terms.<\/p>\n

Create a list of each debt, how much it is, and its current interest rate.<\/p>\n

Once you have your list completed, you can figure out a plan to pay off your debts \u2014 or drastically reduce them.<\/p>\n

\"Debt\"<\/p>\n

6. Spend less than you earn and start saving the rest<\/span><\/h2>\n

Start small. Start saving a little bit of money each week.<\/p>\n

Do you have a bill that needs to be paid?<\/p>\n

Pay the bill, buy the item, and keep the rest in your account.<\/p>\n

You don\u2019t need a lot. $15 each week is still $15.<\/p>\n

The money will begin to add up over time.<\/p>\n

7.<\/strong> Never buy anything on impulse<\/strong><\/span><\/h2>\n

One of the best ways to help prevent this is to make a shopping list and then stick to it.<\/p>\n

8. Do your research<\/span><\/h2>\n

Do your research before purchasing extended warranties on items you buy\u00a0\u2014 these are often a waste of money.<\/p>\n

9. Pay attention to mortgage interest rates<\/span><\/h2>\n

Pay attention to mortgage interest rates \u2014 even after you buy your home or investment.<\/p>\n

Banks will often drop their fees or lower interest rates if you ask.<\/p>\n

10. Review your credit card statements<\/span><\/h2>\n

Review your credit card statements for errors, signs of fraud or identity theft.<\/p>\n

11. Pay your bills on time<\/span><\/h2>\n

By doing so you\u2019ll avoid spending money on needless late fees.<\/p>\n

\"Young<\/p>\n

12. Don't expect that past results will always repeat<\/span><\/h2>\n

Never assume past performance guarantees future results.<\/p>\n

13. Read all contracts<\/span><\/h2>\n

Read all contracts and make sure you know what you\u2019re getting yourself into before signing on the dotted line.<\/p>\n

14. Pay more (much more) than the minimum on your credit card bills each month<\/span><\/h2>\n

Here\u2019s a fact: making minimum payments each month will ensure you pay the maximum interest.<\/p>\n

15. Use your credit card if you can pay off debt during a month<\/span><\/h2>\n

Only use your credit card to buy things if you can pay them off in full at the end of each month.<\/p>\n

16. Leverage a \u201cgood debt\u201d<\/span><\/h2>\n

Leveraging \u201cgood debt\u201d to purchase appreciating assets like investment-grade real estate is a path to a higher income in the future.<\/p>\n

17. Avoid the lottery<\/span><\/h2>\n

Lottery is really a tax for people who can\u2019t do maths<\/p>\n

18. Avoid cigarettes<\/span><\/h2>\n

Apart from the obvious health reasons, it is a huge expense that burdens many people.<\/p>\n

19. Ignore the temptation to keep up with the Joneses<\/span><\/h2>\n

Learn to be happy with what you have.<\/p>\n

We tend to become obsessed with the idea of \u201cacquiring stuff.\u201d<\/p>\n

We need to learn how to appreciate what we have now.<\/p>\n

Take a look around you. You will see that you have a lot to be thankful for.<\/p>\n

20. Avoid frugality as a means to achieve prosperity<\/span><\/h2>\n

You can only free up so much money by cutting expenses.<\/p>\n

21. Reward yourself<\/span><\/h2>\n

Occasionally reward yourself by splurging.<\/p>\n

22. Maintaining an emergency fund<\/span><\/h2>\n

Everyone should have between three and six months of living expenses in the bank or in an offset account.<\/p>\n

\"Coins<\/p>\n

23. Don't use emergency fund for non-emergencies<\/span><\/h2>\n

Resist the urge to tap your emergency fund for non-emergencies.<\/p>\n

24. Create a file for tax deductions<\/span><\/h2>\n

Get organised using a program such as Evernote to keep track of all your tax information it\u2019s in one place at tax time.<\/p>\n

25. Treat your household like a business<\/span><\/h2>\n

By taking an active role in managing your personal finances \u2014 and looking at ways to maximize your income \u2014 you\u2019ll ensure a brighter financial future for you and your family.<\/p>\n\r\n\r\n

<\/div>\r\n
<\/div>\r\n\n","protected":false},"excerpt":{"rendered":"

Do you want more money? Most Australians do. But for most their problem is not earning more money, it\u2019s keeping the money they\u2019ve earned. What are they doing wrong? Well\u2026 usually it\u2019s their bad money habits that let them down, so here are 25 personal finance tips you should follow: 1. Start by paying better…<\/p>\n","protected":false},"author":3,"featured_media":112147,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[54,1075,653],"tags":[],"class_list":["post-112143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-property-updates","category-michael-yardney-property-investment-expert","category-personal-finance"],"acf":[],"yoast_head":"\nThe 25 Personal Finance Tips Everyone Should Follow<\/title>\n<meta name=\"description\" content=\"Do you want more money?\u00a0Most Australians do.\u00a0But for most their problem is not earning more money, it\u2019s keeping the money they\u2019ve earned.\u00a0What are they d...\" \/>\n<meta name=\"robots\" content=\"index, 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