While computers have been around for a while, today’s kids are living, working and purchasing online in ways we couldn’t have imagined just a decade ago.

However, when it comes to money, some things stay true regardless of your age. Here are some golden tips for keeping control of your finances – for life!

1. Living within your means seems obvious, but surprisingly, many people don’t. It’s why credit like store/bank cards and shop-now-pay-later facilities are so popular. Unmanageable debt has the power to keep you awake at night. So, don’t be a slave to possessions; you might find your debt lasts longer than the item.

2. Save. The world is full of opportunities: travel and socialising, etc., but don’t underestimate the security of a stash of cash. With a small, regular commitment you can have a life and save too. Consider this example:
   
   An initial $500, plus $50 per week over five years, could accumulate almost $15,000! (Assuming no withdrawals and 2.5% interest over the period).
   Additionally, developing a savings habit will help create a good credit score for, say, a future home loan.
3. Buy quality, pre-loved items like clothing or furniture. Pieces in good condition will generally last longer, and with care, can become classics you won’t need to replace.
4. Learn to cook. Nothing beats a home-cooked meal for cost-savings and old-fashioned job-satisfaction. Find a recipe, make a list, shop and cook. Not sure what you’re doing? YouTube is your best friend. For $30, you could cook yourself and a friend a similar meal costing around $80 in a restaurant. (That’s $50 in your savings account!)
5. Make a budget and stick to it. Record your income and expenses beginning with non-negotiables like rent/mortgage, loan-payments, insurance, utility bills, transport and groceries. Try our budget planner tool to get started today.

Step It Up with next-level super advice

Want to look at your debt and create a budget that works? If you’re looking for new ways to implement some of your budgeting ideas but don’t know where to start, an Adviser from the TelstraSuper Financial Planning team can help. Call 1300 033 166 or fill out this form to get in contact with an Adviser.

• An investment return is net of fees, taxes and other costs
• Not discounted to today’s dollars.

Past performance is not a reliable indicator of future performance.

This presentation contains factual information and general advice only. It has been prepared without taking into account your objectives, financial situation and needs. You should consider whether it is appropriate having regard to your personal circumstances before making any financial decisions.

If you are considering acquiring a financial product you should obtain the relevant product disclosure statement before making any decision.

Source: https://moneysmart.gov.au/budgeting/compound-interest-calculator

Any general advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice on this website, you should consider whether it is appropriate to your individual circumstances. Before making any investment decision, you should obtain and read the relevant product disclosure statement which is available on the Website or by calling 1300 033 166 between 8.30 am and 5.30 pm (AEST) Monday to Friday. You may wish to consult an Adviser before you make any decisions relating to your financial affairs. To speak with an Adviser from TelstraSuper Financial Planning call 1300 033 166.