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Top 10 financial tips that could save you thousands

If you are feeling somewhat overwhelmed by mounting bills in the wake of a new year, you’re not alone.

But money expert David ‘Kochie’ Koch believes it’s entirely possible to get into shape financially, no matter where you’re starting from.

Writing for news.com.au, Koch said in order to make a real difference, it wasn’t a matter of making resolutions as such as it was changing behaviours.

Here, FEMAIL takes a look at some of his best strategies for creating a stress-free and solvent 2018.

David ‘Kochie’ Koch (pictured) has revealed some great strategies for those who want getting unstuck financially

The first piece of advice the money maestro offered was to create a financial plan.

Once you have a plan, you should always make sure it’s being reviewed, Kochie said. This way you can track spending, as well as seeing how your expenses fit with your larger financial goals.

Shopping has never been easier, which means there will be times looking at your accounts might not always be something you will want to do, the expert outlined.

‘Take five minutes to review your main accounts online each day. Make certain that all charges are accurate and review any purchases you may regret later.’

For those struggling with the idea of saving, Koch said the easiest way to start a savings habit was to bank 10 per cent of your weekly, or fortnightly, pay.

Digging your way out of financial difficulties takes some effort, but the money expert believes it is possible if you're willing to change your habits (stock image) 

Digging your way out of financial difficulties takes some effort, but the money expert believes it is possible if you’re willing to change your habits (stock image) 

He advocated not just for saving the nominal amount but to also make it an automated transfer into a separate investment account.

The Sunrise host, revered for his advice, also believes goal setting is an active way to make decisions about the kind of financial year you may want to envision for yourself.

He suggested doing this by creating a goal statement, such as one that begins with ‘My intention is… in order to create financial freedom.’ 

Cashless shopping needs to be carefully tracked. The expert recommends taking time each day to review all your accounts, and purchases 

Cashless shopping needs to be carefully tracked. The expert recommends taking time each day to review all your accounts, and purchases 

For those struggling with impulse shopping, tracking how you’re feeling can be a useful way to get a handle on shopping behaviours.

He said shopping when your sad, mad or depressed can lead to purchases your later likely to regret.

The financial guru also said applying the principles of organisation to money works because it can create a more streamlined flow.

If creating a savings habit is difficult, Koch said start with a nominal amount such 10 per cent which you should bank into a separate account

If creating a savings habit is difficult, Koch said start with a nominal amount such 10 per cent which you should bank into a separate account

His top recommendation for those who find it difficult to manage is to consider ‘decluttering’ their spending. 

He suggested taking closer look at places where money can leech. These can be expenses as subscriptions, unnecessary gadgets, or extra beauty spending.

While the money expert is all to aware it can take some effort to shift ingrained patterns, he exhorts those struggling.

‘Make some hard decisions about your spending habits. The more insight you have into this area, the better decisions you’ll make,’ he concluded.    



Read more at DailyMail.co.uk


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