Seven essential tips for saving money

Start young: As long as you keep working, compounding interest can build even meagre savings into a considerable sum.

Pay off: Even if you refuse to penny pinch, paying off your credit card every month or exclusively using a debit card is the wisest financial habit you can make.

Seek advice: Getting financial advice early will save you thousands in the long run.

Start small: Owning a quarter acre block is not your birth right. A small apartment will save on interest and overheads.

Shop around: Use comparative online tools to select the best car and health insurance. Use the internet to research the best deal and ensure you don't buy a dud by reading online reviews.

Choose to use a debit card or PayPal account linked to a savings account for online purchases.

Source: Northern Star