Gail Vaz-Oxlade’s Top 4 essential money-management tips:

#1: Don’t spend more money than you make

Track your cash flow and know what money is coming in and what is going out. This is essential to getting a handle on your finances.

 #2: Save something

You don’t have to work toward the magic million, you don’t have to put away 10% of your pay. Find an amount that works for you and set it aside. This also paves the way for investment and getting your money to work for you. But you can’t get there unless you save something.

#3: Pay off your debt

Sometimes you do need to put something on your credit card or borrow money for a big purchase. This is ok, just make sure you’re paying it all off so you’re not collecting interest.

 #4: Offset your risk

Get insurance and make sure it’s the right insurance for you. Have an emergency savings plan. Bad things happen in life and you want your finances to be in place to help you out of a jam.