Some expenses we can't control, however becoming aware of where, how and why we spend is the first step in understanding what we can change.

We have such busy lives that we do not sit back and analyse where our money goes.

For starters, do you have credit card debt and are throwing away money on interest?

Make time to ask your credit card company if you are in the best product.

If they cannot assist with a lower interest rate, then take advantage of 0 per cent interest balance transfers and stick to a plan to get rid of that debt.

When was the last time you looked at your bank statement and what fees you're paying - there's lots of options out there including fee free ways of accessing your funds.

Talk to your bank so you understand how you can avoid those fees.

Shop around to reduce your regular bills - you may get better value if you switch, or tell current providers you intend to switch.

Seek out discounts for taking out multiple products or policies with the one provider.

We all have moments where we think "I don't know where all my money goes".

If you spend excessively on things like clothes, expensive hobbies or you have an active social life that's going to be hard to cut back - and certainly unrealistic to cut the expense entirely.

Set a weekly or monthly limit and stick to it.

Cancel unused services.

Update your internet or mobile plans if you're always paying for excess data.

Many online banking systems include tools to categorise debits and make a budget - take advantage of them.

I have noticed some credit card statements automatically itemise into categories showing you what you're spending your money on.

There's also some exciting apps that help track your personal expenses - one example is ASIC's TrackMySPEND.

This money saving app is designed to help you set and, importantly, stick to a realistic spending goal.

It can help you save through the use of savings categories which help distinguish between "needs" and "wants". I tend to get confused between needs and wants so it helps me.

Is the key to saving a home deposit or purchasing your first investment property as simple as giving up smashed avo toast for breakfast?

Maybe not, but spending less does make a difference.

On top of a budget, use a savings plan and strategies such as a high-interest savings account and looking at ways to reduce or eliminate expenses.