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You need a budget - a simple financial plan that details your weekly or monthly expenses and sets aside money for savings. The trick is knowing where your money goes each month, and understanding the difference between needs (must-haves, like food and rent) and wants (nice-to-haves, like the latest fashions).

Start by tracking what you spend. Write down all of your expenses for a week or a month - use our budget planner from our website or app to help with this. If you'd like to save more, you'll need to figure out where you can trim expenses.

One way to manage expenses is to estimate 12 months worth and divide that figure by your pay periods, say 26 fortnights. You can put this amount away each pay. This ensures you'll have funds available for expenses. Some months will be costlier than others so an Overdraft or low rate credit card with interest free days is a good way to manage ups and downs.

Your budget should be realistic so you can stick to it, but adaptable if you need it to be.