“Do not save what is left after spending. Instead spend what is left after saving.” Warren Buffet
It’s reassuring to realise there’s more to wealth than what we earn. It’s also what and how we spend. The good news is that it’s often easier to influence our outgoings, particularly in the short term.


Good debts, bad debts

Almost everyone uses debt to finance their lives along the way. Experts distinguish between good and bad debt. Good debt can lead to potential positive outcomes (for example, when a mortgage leads to a house), while bad debt is money spent without return (such as paying credit card interest).

Timing is everything

When can matter as much as how. For instance, paying your credit card on time each month means you’re not going to pay interest. Spending on parking and petrol when you could use public transport soon mounts up. If you throw away food every week, you’re effectively tossing dollars in the bin. Taking a breath before you spend can really help. Do you really need something right now, or will holding off or doing it differently save you cash?

Simplifying your finances by budgeting, consolidating and using technology is a good place to start. With our online budgeting tool you can see your inflows and outflows on a daily, weekly or monthly basis - whatever works for you.

Breaking your spending down into categories can help you get a handle on your outgoings. AMP’s Bett3r account helps you budget by earmarking your available funds into buckets of pay, save and spend.

Read the small print

It pays to get across the detail before you make big changes. For instance, if you land a windfall it might be a good idea to pay off a chunk of your mortgage straight away. But if your lender charges a fee for early repayments, it may make more sense to leave a small balance, especially if you have plans to redraw.

When debt has no dominion

A recent report¹ suggests high levels of stress among people who feel overwhelmed by debt and the fear of falling behind. These 9 tips can help you manage your debts and feel better about your finances. Taking control and having a plan can help you towards a positive cycle and make you feel more confident about life.

Same same, but different

You don’t even need more money to reduce your debts. Smarter use of your existing funds can make a surprisingly big difference, particularly over time. With more money in your pocket you can invest in your goals and set yourself up for the future.

Saving tips

Our Financial help hub has a heap of articles to help you manage your money.

 1 AMP Financial Wellness report, 2019

What's next?

Calculate your inflows and outflows with our budgeting tool

Important information

Any advice and information provided is general in nature, hasn’t taken your circumstances into account, and is provided by AWM Services Pty Ltd ABN 15 139 353 496 (AWM Services), which is part of the AMP group (AMP). Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person.

The product issuer of the AMP Bett3r Account is AMP Bank Limited ABN 15 081 596 009, AFSL 234517.