10 good money habits to adopt today

Write it down and keep it close at hand. You need to refer to it regularly throughout the month to keep on track. The golden rule is not to spend more than you earn. It’s sometimes useful to use a budget planner to help you. (You know what to do…now do it!).

Set up an automatic monthly transfer to a savings account to run on payday (treat your savings account like a creditor). Monitor the balance as it grows – it’s a great feeling!

Pay attention to the detail: know where each cent is going – you’d be surprised how the small amounts add up. Try to cut out the unnecessary costs.

Apart from avoiding unnecessary penalty interest, you will keep your credit record clear which will enable to you negotiate preferential pricing on lending products.

Aim to reduce balances every month (also a great motivator).

Establish a fund for extra-ordinary expenses such as a family holiday, birthdays, car repairs etc.

You don't need more than one. It’s also a good idea to leave your credit card at home if you don’t have a specific reason for needing it that day. Remember credit card debt carries a high interest rate – try to pay it in full each month via debit order.

Make a grocery list before you visit the store to prevent impulse buying and try to make use of rewards programmes offered by various retailers. For example,a Woolworths Store Card can give you 10% discount on selected products.

Most important: If you have a relapse, don’t throw in the towel.You need to keep trying!