For most people, improving your financial life requires two things – the desire and a strategy that suits the times.

The good news is there are plenty of ways to get ahead. The first is so basic I’m almost embarrassed to say it: spend less than you earn. It’s remarkable how many people I come across earning five-figure incomes but leading six-figure lifestyles.

Second, pay off any debt that doesn’t earn you a tax deduction. It’s dead wood. Not that all debt is bad.

Making smart choices about debt is one of the keys to getting ahead. You can borrow to invest in assets like quality shares or an investment property, giving you exposure to more potential capital growth. But it also means more risk. It’s not for everyone but you should know your options so you make informed decisions.

The strategies that suit you best change as your life changes. For example, in the lead-up to retirement few things beat salary sacrificing into your super fund. You use pre-tax dollars, and that’s smart money.

Finally, don’t do things piecemeal but develop an overall strategy. It’s the best way to make sure you don’t miss opportunities. If your situation is anything beyond the most basic, professional financial advice can help you assess your options, and make the right choices with your money.

Paul Clitheroe, ipac founding director, host of Channel 9's "Money" reports and Chief commentator for Money Magazine.

Make an enquiry or see an adviser now, or call us on 1800 626 881.

The information provided in this article by ipac securities limited is for general use only and has not taken into account any individual's personal circumstances or objectives. You should speak to a financial adviser before taking any action.