1. Track Your Spending and Expenses:
   • Begin by getting a clear view of where your money is going day-to-day.
   • Choose how long to track:
     • For daily spending, track for at least one week. This helps you see all the money going out.
     • For recurring expenses, consider a fortnightly or monthly tracking period. This provides a more realistic picture.
   • Record your spending:
     • Use transaction statements from online banking or hard-copy statements.
     • Alternatively, use a phone app to track expenses at the time of spending.
     • Write down the amount, item (or store name), and date.
     • Track both cash and card purchases.
2. Look at Your Spending Habits:
   • Identify where your money is going:
     • Small expenses can add up significantly.
     • Uncover hidden costs like account fees, unused subscriptions, or mistaken transactions.
   • Be mindful before making purchases:
     • Ask yourself: “Do I need this right now? Can I get it cheaper elsewhere?”
     • Being aware helps you control spending choices.
3. Change Your Spending Habits:
   • Start with one spending habit:
     • Separate needs (essential items) from wants (things you can cut back on).
     • Cancel unnecessary subscriptions or reduce small, frequent expenses.
   • Begin a savings habit:
     • Use the money saved to set up a savings account or emergency fund.

For more details, you can visit the full article on Moneysmart.gov.au¹.