Photo: Melissa Walker Horn / Unsplash

Ever wondered how some people always seem to be on top of things when it comes to their money? They probably know these money rules that aren't commonly taught:

Always Get Your Tax Done Properly 

Regardless of how much your employer puts aside throughout the year, there's still a chance that things can go wrong at tax time. To help prevent this, it's important to have your tax done professionally. 

Whether you’re a digital nomad using an online accountant, a New Yorker working with a bookkeeper year-round, or an Aussie employee turning to a trusted Sydney tax agent at the end of the financial year, your chosen professional can save you a heck of a lot of time, stress, and money. Not only will they ensure you get the best return possible, but they’ll also save you from errors and problematic deductions that could otherwise earn you the terrifying experience of an audit. You can rest easy knowing everything is taken care of, and if anything does go awry, they’ll do all the heavy lifting for you. 

Compound Growth Is Everything 

While you're young, saving and investing probably doesn't seem all that important. You're most likely looking to build life experiences and have fun, with big goals like homeownership and saving for retirement seeming like far off things you can deal with later. 

Unfortunately, this means that you'll miss out on one of the biggest factors in building wealth—compound growth. 

The younger you start saving or investing, even if it's only a small amount, the more you'll have when the time comes to utilise the funds for their purpose. This is due to compound interest and growth in shares and other investments. In other words, start as young as you can, even if it feels like the small amount you've got to save or invest won't really achieve much. Trust the older generations when they say it'll mean a lot down the line. And if you don’t trust them, take a look at a compound interest calculator so you can see the evidence for yourself!

Invest Small Amounts Often

This brings us to our next point, which is that time in the market will always beat timing the market. Investing small amounts often is far more manageable than saving up a large chunk to invest, and it also helps ensure that you're regularly working towards your goals. 

Over time, this investment habit will gift you with a positive money mindset, meaning the strategy will pay dividends in more ways than one. There are plenty of investment platforms tailored towards this type of strategy, with some even linking up with your bank card to round up and invest with each purchase. So do some research and find the method that works for you. 

Credit Cards Are Great—But Only When Used Correctly 

You've probably been raised in one of two camps—the “credit cards are evil and should be avoided at all costs” side, or the “credit cards are a great way to get the things you want even if you can't afford them” camp. 

Unfortunately, neither of these ideologies allows you to make the most of these pieces of plastic. While credit cards can be dangerous if you spend unwisely, they're a great way to build points and receive other perks when used correctly. Using a credit card for your daily spending (within your budget) and paying it off immediately allows you to build a credit history. Depending on your card, you may also acquire special cardholder perks and receive rewards, all without paying interest or putting yourself in a bad situation. 

Adjust Your Budget Regularly 

Finally, while most people will tell you to set a budget, they rarely also include the fact that a budget should regularly be adjusted to suit your income and needs. This is particularly important if your income changes often, but even when you've got a steady flow, extra bills may pop up, or pricing for things could change. Because of this, it's wise to check in with your budget month to ensure that you're still allocating funds where they will best serve you. Oh, and don't forget to pay yourself first.

Managing money is tough, and it's even harder when you don't have the appropriate knowledge or tools at your disposal to properly control your funds. Hopefully these tips help.