finance

"There's food at home." 30 women on the one piece of money advice that actually helped them.

We all want to get better with money

Spend less. Save more. Possibly figure out investing... 

But with so much financial advice out there, it can sometimes feel overwhelming to know how to do it. 

Watch: 4 money hacks with money expert Mel Browne. Post continues below.


Video via Mamamia.

Recently, Mamamia conducted a money survey, where we asked over 900 Australian women all about their finances.

We asked how much they have in savings, how much they spend, and what money advice they actually follow.

Here you'll find 30 women sharing the one piece of money advice that worked for them.

Get your notepad ready...

1. "If you want to attract money, you need to have a good relationship with it first."

2. "You are never too old to start saving. I may be slow to start but I am in a better position income-wise than ever before and determined to save, reduce debt and later invest."

3. "Spend less than you earn and invest the rest."

4. "My parents were always really stringent with money which taught me a lot of good habits, but I've also realised as I've grown up that you need to spend money and treat yourself without feeling guilty for spending. So, finding the right balance and not living outside your means."

5. "Read The Barefoot Investor and allow yourself to allocate 'splurge' money. It will make saving easier."

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6. "Just start investing. Don’t overthink it or try to ride a trend. Just invest regularly and for the long term and you will come out on top."

7. "The quickest way to get poor is to act rich."

8. "Always put a chunk of your salary in savings every month. Even if it's only something small."

9. "Shop around for big decisions like mortgages and review regularly."

10. "Keep debt down and pay things off quicker than the set repayments if possible. I’ve been paying extra into my mortgage for the past seven years (whole time I’ve owned my place) and I was able to use that credit to pay my mortgage while I was unable to work due to poor health."

11. "Never quit your job unless you have another one to go to."

Listen to What The Finance, Mamamia's podcast all about getting good with money. Post continues after audio.

12. "Salary sacrifice into superannuation. I’m nearly at $1 million in super with 10 years of working life."

13. "Work out all your bills, split the total into weekly amounts, put it in one account and have bills paid with direct deposit straight out of that account. It means you never have to put all of your money into a bill, just the same predictable amount every week."

14. "Be transparent with your friends and family about your finances. It will help everyone involved."

15. "Compounding interest is your friend - a little over a long time makes all the difference."

16. "There's food at home."

17. "Never compare yourself to someone else financially without all the facts, it may lure you into bad spending decisions."

18. "Have a home loan payment that is about 30 per cent of your wage."

19. "Don’t try to keep up with the Jones'. Those guys with the new car, fancy holidays, expensive clothes have SO MUCH DEBT!"

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20. "Never buy something you don’t have the money for unless it’s a house."

21. "If you mess up your budget one week, don't stress and let it all turn to sh*t. Pick yourself up, revisit the budget and get back on track."

22. "Visit a financial planner. They know things you would never think of that will set you up."

23. "Invest in ETFs."

24. "Always have a secret stash of cash that no one knows about but you."

25. "Never put yourself in debt for instant gratification - save then spend."

26. "Work out how much you earn per hour after you've paid for your essentials (mortgage, food, transport). Then you can calculate how many hours you need to work to afford the thing you want to buy. If it's worth the toil, then you probably really want it. If not, then don't buy it."

27. "Pay all your non-negotiables as soon as you get paid."

28. "Money makes the world go around, don’t feel bad about treating yourself."

29. "Pay yourself first. I.e. put money into savings like it is a bill, rather than what's leftover at the end of the week."

30. "Make lunch."

What money advice would you add? Tell us in the comments below.

Feature image: Mamamia.