You've got a stable job and consistent income yet when that pay cheque does come through, it feels like the money leaves your bank account just as soon as it got there! Are you wondering where your money goes and why it has become so hard to save? You're not the only one!

According to the Australian Market Report, Australian's are more than two dollars in debt for every dollar that they earn, and this is only expected to get worse. On top of this, in a 2019 survey that asked Australians about their spending and saving habits, it was found that 26% of participants were spending more than they earnt. The survey also found that almost one-third of Australians don't set a budget, while 24% aren't saving any money at all! With the pandemic putting our economy in a fragile place, if you are overspending to the point of having nothing to fall back on, now is the time to get on top of your savings.

How have Australians gotten themselves into this situation?

Debt has been normalised

From Afterpay to interest-free credit card loans, debt within Australia has become so common that it is normal. These days, as it is so easy to join buy now pay later platforms and apply for a credit card online, it is clear why so many people give in to it. It's so convenient and easy to convince yourself you'll pay it back in an instant. But it really isn't that easy, debt is a slippery slope and before you know it, you've become the portion of Australians that have a debt larger than the income they're earning, eliminating any chance of growing your savings.

Households are paying too much for utilities

According to Canstar, the biggest financial concern for Australians in 2019 was the cost of gas and electricity. While this can be a major money pit for many, it's actually easy to compare providers to find the best option for you and your bank account. Savvy savers should review their household utility expenses at least once a year! Such a simple change has the potential to save you some serious coin over time!

If you're wanting to start comparing providers, SFE Loans Connect is an easy and free way to compare your options for a range of household services.

How can you get back on track to saving?

So you've recognised that your spending/saving patterns are less than desirable? Fear not! There are some steps you can take to get back on track and develop positive money habits that will benefit you long term.

To develop money intelligence you should:

• Define your cash flow
• Set money goals
• Set a budget

Need some help getting started?

The Helix Planning Money Intelligence Course let's you master your money management, covering everything you need to know to get back on track towards saving money. Whether you're saving for a holiday, paying off a debt you want to kick to the curb, or simply wanting to accrue additional funds to fall back on, our Money Intelligence Course gives you lifetime access to the tools and empowerment you need to take back control!

If you're worried about the number in your bank account, you're not alone. It isn't too late to get back into the driver's seat and recognise how much you can spend while still achieving your savings goals!