CASH-FLOW GRIPES AND HOW TO DEAL ***

“I DON’T MAKE ENOUGH MONEY TO SAVE”

This is the budgeting equivalent of the “my dog ate my homework” excuse. If you invest just $10 a week from age 18, you’ll have around $100,000 (assuming a five per cent rate of return) by the time you’re 65. It’s never too late to start – pick up this habit at age 35, and you’ll have about $35,000.

“IF I HEAR ONE MORE PERSON TELL ME I NEED TO MAKE A BUDGET…”

Cringe at the thought of itemising every last latte? Personal finance expert Preet Banerjee says to work backwards. Think about your priorities (food, shelter, etc) and make sure you have enough money for these first. Add 10 per cent of your income to this figure for savings, then make sure whatever is left doesn’t get to zero by the end of the month. But, he warns, this still requires some scrutiny of your finances. “Unless you’re willing to go over where your money has been going, you’re never really in control of your cash flow.”

“I NEED MY HOLIDAYS, MY MANICURES, MY GUCCI SLIDES...”

We get it. But unless you’re a secret heiress, you’ll have to pick and choose your indulgences. “Assess what your values are – where do you want to spend your money?” says Jessica Moorhouse, a financial counsellor and host of Mo’ Money Podcast. If it’s on designer shoes, then you may have to cut back elsewhere. And before you “Add to cart”, consider this: studies suggest people are less likely to regret spending money on experiences than on things.

“I DON’T WANT TO LIVE WITH MY PARENTS UNTIL I’M 40 SO I CAN AFFORD A HOUSE”

Why do we equate being a grown-up with owning property? Alex Avery, author of The Wealthy Renter: How To Choose Housing That Will Make You Rich, argues that if you have enough discipline to invest (in the stock market) your savings from renting versus having a giant mortgage, you could come out ahead.

“I WANT TO INVEST, BUT I HAVE NO CLUE WHERE TO START”

Set up a consultation with a financial planner to talk strategy. If the thought of discussing your spending with another human is terrifying, robo-investors like Investsmart are ideal alternatives. Also, do your homework by reading up on this stuff. Try The Barefoot Investor by Scott Pape – his millions of fans can’t be wrong.