Begin by scrutinising your bank statements and identifying unnecessary expenses. It’s essential to be ruthless when cutting out non-essential items such as streaming services, frequent café visits or impulse purchases like new shoes. This exercise will help you prioritise your spending and focus on what truly matters for your lifestyle. These days there are a range of apps you can use to help track where your money goes and budget to make sure you’re keeping your spending in check.

Many companies charge long-term customers higher rates compared to the introductory offers for new customers. This practice, known as loyalty tax or 'lazy' tax, can significantly impact your budget. If you receive a bill indicating a price increase it’s important to shop around for better deals. Regularly comparing providers for services like energy, insurance, and internet can ensure you are not overpaying. On top of that, be sure to check for any energy rebates available in your state or territory to reduce costs further.

Grocery shopping for one can be costly, but there are ways to manage it more efficiently. Plan your meals around seasonal produce and special offers to make the most of your budget. You can also use supermarket reward programs for discounts and extra benefits. Shopping at the end of the day for reduced items or checking restaurants at closing time for deals can also help save money.

Living alone doesn’t mean you can't benefit from communal resources. Joining the sharing economy can provide various advantages. Community initiatives such as gardening, food swaps and bulk buying from wholesalers can reduce individual expenses. Sharing tools and appliances with neighbours, similar to community practices in the 1950s, can also cut costs.

Make it a habit to save regularly and prioritise it in your budget. Open a high-interest short-term savings account to ensure your money is working for you. This disciplined approach to saving can provide a financial cushion for unexpected expenses and contribute to long-term financial stability.

If you’re struggling financially, the first goal should be to get out of debt. When you buy things with credit cards you are typically being hit with a high interest rate if you don’t pay it back on time. If you have credit card debt, look to pay it down first. There are other options like consolidating your debts which can help save you money. This is something you can speak to a finance broker about.