The chaotic nature of Australia’s economy was laid bare in early October by the surge in Melbourne property prices. Symptomatic of the highly volatile trends of the past few years, it can seem like planning your finances is a difficult task with so much uncertainty. It doesn’t need to be that way, however, and a few key techniques and the right attitude can keep you in rude financial health.

Putting yourself on steady ground

Melbourne residents are more likely to be in serious debt than any other place in the country. According to the Bureau of Statistics research, Sydney and Melbourne’s families have the highest proportion of over-indebtedness in the country. Having excessive debt is a sure-fire way to experience serious hardship when financial tumult rolls around. Check your debt balances, refinance or use loans to address your personal liability if possible, and do your utmost to keep off credit cards and high-interest credit instruments.

Cutting back effectively

Alongside re-assessment of credit comes the responsibility you have to yourself with regards to spending. You should constantly reassess where your money is going, how it is wasted, and where you’ve overspent. As outlined by Business Insider, there are plenty of services that provide straightforward paths to reigning in spendings, such as voucher and coupon websites. Assessing your habits in this way also has an ethical edge. With up to a third of all food being wasted, and packaging contributing to pollution in the oceans and air, it’s in the best interests of wider society for everyone to keep their consumerism to a minimum.

Planning for the future

If you’re not a keen reader of the news, start becoming so. Taking in views from a range of different sources and relying on expert advice can help you to see what’s coming in the future, and adapt accordingly. Currently, Australian growth is forecast at it’s the lowest rate in 10 years. For you, that means less consumption, lower investment, and decreased government spending. Keep an eye on the news as it develops, and develop the nous to interpret it accordingly.

The economy is volatile, amid internal and international pressures. As a result, it can be difficult to keep a tab on personal finances and make sure you’re on the right track. Protect yourself from existential factors by getting your own house in order and you’ll feel more secure.