Avoid being sucked into a budget black hole
One of the best ways to start saving money is to check your bank statements to see where your money is going, according to News.com.au.
Among the statements that should be checked are those for credit cards, superannuation, and utility bills such as gas, electricity and water.
It was also important to make sure that payments went through on time to avoid expensive late fees.
Consumer Action Law Centre spokesman Dan Simpson said billions of dollars were scammed each year through false transactions.
He said it was also worth a look at statements every month to see where your money was going.
It was the key to identifying spending patterns and your financial health.
Mr Simpson said checking utility bills could help pinpoint areas where you are spending too much, such as having electronic device on at times when you don’t need them, or overusing things such as air conditioners or pool pumps.
Superannuation statements were the most important pieces of paper to check, because small errors could cost tens of thousands of dollars in the long run.
A good way to start was by looking at annual fees, and trying to assimilate your superannuation funds into one fund. Make sure that there were 12 monthly payments from your employer.