Start your financial life in 3 easy steps

You've hit your first payday. Maybe its $20 from babysitting, or some extra cash from washing the dishes. You deposit the money in a bank account, but --- whats next?

1. Start Your Budget

Spend less, save more is all old news. Such simple words but not so simple to keep track of.

The key is not whether you use an Excel spreadsheet or the old - fashion way of pen and paper or even if you're super up-to-date and use apps to manage your expenses. Whatever your liking, just make it a habit and keep it consistent. Knowing where your money went will reduce the shockingness when you realise how much of your went to food!...or rent or groceries.

It shouldn't be called payday, it should be called exchange day. They give it to me, and I give it to everyone else.

2. Set Realistic Goals

It can be as small as a road trip with friends or a new phone and it can be as big as saving for university fees or a car. The key here is to know your exact monetary target. Lets say you're goal is a designer bag, are you planning on splurging on a Gucci bag or compromising for an entry-level wallet? This will change your target amount and of course, the bigger your goal, the more time you will need compared to cheaper alternatives.

3. Educate Yourself

The Australian population is relatively more informed with Management and Commerce rising to be the most popular field of study. Despite acing budgeting and goal-setting, managing personal finances such as applying for credit card or investing in real financial markets is the make or break stage. Nowadays, online robo-advice resources and family or friends are the most accessible, making it as simple as a habit.