I am not sure how many of my readers know, but I have been working in the finance industry for nearly 5 years now, from having no idea how a debit card worked or how a chequed looked like, I now pride myself on my ability to understand finance and save.

It use to be so easy to spend all my wages, I thought I was loaded and invincible,  I spent 99% of the money I made from my part time job on make up, the latest handbags, the trending fashion .... anything and everything that I liked - I brought.

I was veey lucky in that I lived at home with my parents while I was studying with little to no expenses being paid by myself, so to me, there was no need to save any money, however as I watched my friends go on extravagant lifechanging holidays, buy their new cars and now buying property - it is now I wished I had some tips on how to build wealth when I was young and had less commitments.

So here we are, 5 Tips to Build Wealth. 

1) Do not spend money on things we dont need, to impress people who dont care.
Spend on something you really want, not

2) Do not spend above your means
Simple, if you make $50 do not even consider spending $51.
Spend what you have not what you want.

3) Control debt
The reality for all us Gen X, Y, Z's is that we are  savy generation, we have access to information that our parenrs never had. Getting a loan for a car, a holiday is so easy now for everyone - there are literally hundreds of options at our finger tips.
So learn to control debt wisely, dont let a default (mark on your credit rating) affect you 4 years on when you want to get a loan to buy your first home!
For example if you have a credit card, try to pay within the interest free period to avoid paying interest, you will often find that once you start accumulating large amounts of daily interests it is reallt hard to get on top of. Alternatively,  if you have purchashed something large on your credit card, speak to your provider (ie. Bank) to see if the have interest specials.

4) Have a savings goal and a plan to achieve it
Having a plan makes your goals more achievable - because you have considered HOW you are going to get there.
Consider breaking down your goal,  put away $100 per week, and by the end of the year you will have saved $5,200! 
You can even organize for your workplace to automatically place your savings into another account - I know sometime when I dont see it, I wont want to or feel the need to spend it!

5) Learn to take care of your finances and budget
Banking and Finance are not really fun topics... I know.... trust me! But its also something that cannot under any circumstances be ignored. Its one of those things where the earlier you start the better.
But once you start it is easy! One step at a time, take a portion of your salary each month where you dedicate it to savings  - action is the best start! 

I hope that helps and if you have a unique way you like to save, please share! There is absolutely no right and wrong! 
I have never blogged about finances,  but I thought it might be nice for a lighthearted post about money.... let me know if you want to see more of these days posts or less!

Xoxo 

Penn