Pinpoint your bad money habits now

THERE’S no doubt money matters. But spend enough of it and you’ll quickly learn the definition of a bad money habit.

Research by MyBudget has found that most Australians find it difficult to save, with 49 per cent having less than $10,000 in savings.

MyBudget director Tammy Barton said the first practical step was to automate your finances as much as possible.

“Track your spending by setting up a direct transfer or ask payroll to disburse your savings and spending money into separate accounts,” Ms Barton said.

“But don’t let your savings get mixed up with money earmarked for bills and living expenses. Keep the funds separate to avoid accidental overspending.”

Tribeca Financial chief executive Ryan Watson suggested creating an account for discretionary spending, and keeping track using a spreadsheet to break down expenses into categories such as food and clothing.

“When the money runs out, so does your spending,” he said.

Budgeting apps such as Pocketbook, TrackMySPEND and MyProsperity allow you to work out your monthly spend and set spending limits to help you stick to your budget.

“Using these apps will put you in charge of your money,” said Mr Watson.

“Creating a time each week to review your financial results and plan for the weeks ahead is a great financial habit.” MOBILE phone customers can save more money as new carriers flock to the market.

Smaller operators piggybacking off the networks of the big three telcos – Telstra, Optus and Vodafone – are continuing to put pressure on larger providers to sharpen their deals and bring prices down.

Within the last 24 months multiple mobile virtual network operators (MVNOs) have opened for business, including Tangerine Telecom, numobile, Belong Mobile and Pennytel.

Pennytel’s chief executive officer, Rene Sugo, said the Sydney-based carrier ran on the Telstra network and had amassed 10,000 customers in less than two years.

“The deals will be a bit different than the big telcos so it’s definitely worth considering MVNOs,” he said. “The data, phone calls and network are the same – the difference is the customer service and billing.”

The cheapest MVNO deals for 10GB of data and unlimited calls and text are $25 per month, telco comparison website WhistleOut’s database shows.

Often bigger carriers charge more but offer some extras, including entertainment or overseas call inclusions.

WhistleOut spokesman Kenny McGilvary said the main reason customers would choose an MVNO was their “price point”.

“There are no frills and you buy a deal that is on a network you know and trust,” he said.

Moose Mobile chief executive officer Dean Lwin said his business had more than 35,000 customers since beginning operation in 2017.

“The market is currently so competitive and, for the vast majority of the population who