Below are seven things that will help you avoid getting into financial trouble.

1. Live Within Your Means

Everything starts with a little bit of self control. Before you buy that new outfit, think whether you really need it. Learn to say no - or at least until you can save for it. Make the decision to buy the necessities first, and learn to say "No" to the rest.

2. Trying To Get Too Much Too Fast

Many financial problems seem to start right here. Many young people want to enjoy all those comforts and own those luxury items – right now. But they fail to understand that a great part of having a comfortable lifestyle is to do it without getting a lot of debt. Start a savings plan or use a budget planner to help you get on track to having a comfortable lifestyle.

3. Develop A Budget

A budget will give you the means to effectively control one of your greatest personal resources - your money, and allows you to use it successfully.

4. Comparison Shopping

Through comparison shopping for many of your purchases, it can help you to save money on a regular basis. Sometimes we want some things so bad when we see them, that we feel we must have it right now - even if the store across the street might have it for sale at 10% less.

6. Controlling Your Finances

A simple thing that many people fail to do is setting their finances in order so that they know where their money is going. In most cases, people who start keeping a record of their expenses often end up being surprised at how much they spend on trivial things. A budget planner can help you work out your income and expenses. Once you know where your money is going, you can then work out which expenses you can eliminate and start saving for that overseas holiday or a deposit for your new home.

7. Do You Have Savings For Future Needs And Wants?

Every now and then, an unexpected emergency can come up for which we need some money on hand. Whether it is a medical reason, or just an overseas holiday, having some extra cash set aside can provide for some great opportunities and unforgettable moments. Each month, put some money aside, at least 5% of your salary (10% is better) which can be used for your short term and long term goals.

Three Tips To Help

First, reduce your bad debt. If you are over your head in debt, you need to make a plan to get out of debt. Seek financial counsel if you must. You can speak to the financial planners at Intellichoice about a debt consolidation loan or use a budget to get a better understanding on where your money is going.

Secondly, seek proper protection for your finances - get some insurance - for example life insurance and health.

Finally, get some long-term investments and start planning for a comfortable retirement.

If you need help with budgeting, debt management or putting a savings plan in place, speak to one of the financial planners at Intellichoice today on 1300 55 10 45.