This topic is probably one of the most important parts of creating wealth but one of the most brushed aside. Unless you can turn on the tap to generate more income, you need to make sure you are spending less than you earn. Common theory states that you should be putting away between 10% and 15% of your income into a savings or investment account to have a half decent retirement. Super can form part of that savings but it’s always important to also save outside of super, so you can access funds when you need it.


  • Use technology to help you understand how much you are spending and saving.
  • A lot of the major banks actually have products and systems as part of the banking to help you track your spending.
  • External phone apps are also catching up and have amazing products you can use.
  • I would suggest that you start with a simple budget and try and stick to it by putting the money you don’t use into a separate account that is harder to access directly.
  • Have small short term and long term savings goals and reward yourself during the journey. It should not be all put away.


  • I’ll start tomorrow is the biggest mistake. Just start it now.
  • Little amounts over time can make a huge difference, so start with small amounts now rather than trying to play catch up with larger, impossible to put away amounts later.
  • People using tax refunds as savings is wrong. It should be a bonus on top of what you have saved.
  • Saving too much and not enjoying life – find a happy medium.




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