Learn the process of making a budget and opt for this practice on monthly basis. To start with it might be a good idea to talk to an expert in financial planning Perth to get started with your budgeting and from there you can start to take control. Keep a diary or maintain this record in a spreadsheet. This track will tell you where your money is going and how it is usually spent!
One of the go-to books for any personal finance or investing beginner should be Ramit Sethi’s, I Will Teach You to Be Rich. Now despite the title sounding like it could be scammy, it’s absolutely not and offers some of the best breakdowns on finances in any book I have read. The book was originally released over ten years ago, but more recently got an update with some new information. Sethi cover’s everything from tackling debt, choosing the right banks and how to set your accounts up for success, how to invest, negotiating salary, and much more. Personally, this should be in everyone’s home and on their reading list. I found myself laughing to myself a few times with how he calls certain areas of finances out. Great read.
You need to create and develop enough motivation as well as confidence so that you can achieve your financial goals easily. It is recommended to avoid spending a single penny of yours emotionally.
Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases. If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts. Make it hard to get your cash. Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.
There isn’t really a better way to invest in gold than to have the physical gold itself in your possession. You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers. Another way to invest in gold is through ETFs (Exchange Traded Funds). These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold. With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.
Consider investing in funds. Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking. To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock. Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.
There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life. It’s good practice to save up to 15% of your income. Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps. Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. 
Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game. If not, you may want to consider ridding your life of the burden that credit cards bring. Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up! Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).
This is a great opportunity to get serious. Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand. Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.
We often spend money inwardly, instead of objectively. For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances. To stop this habitual spending, log down all your spending over the course of a month. Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase? This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.