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It may sound like an easy concept but many of us just don’t know where to start.
A budget is all about knowing what you spend your money on. A really useful budget is based on realistic expectations and should be flexible enough to adapt to changes in circumstances.
Do you ever wonder where all your pay goes?
Start writing your purchases/expenses down and you can be well on the road to start a successful saving plan sooner than you thought. Begin by making a list of everyday things like rent, mortgage payments, personal loan payments, credit card payments, fuel costs, groceries power, water telephone, internet, daily lunch/coffees, entertainment and clothes. Extend the list to then cover less frequent payments like insurance premiums land rates, education expenses, car maintenance, home maintenance car registration, medical costs and gifts.
Test our budget calculator here.
You can build on this list depending on your particular circumstances.
After you have included all of your expenses convert them to your pay cycle ie fortnightly and subtract them from your fortnightly income.
If your spending exceeds your income you may need to adjust your spending habits.
Begin by “adjusting” some of your living expenses.
Buying your lunch and coffees everyday is a good place to start. Cut back on one luxury item per month remembering that if you make the budget too difficult you are less likely to stick to it.
Small steps can be the most beneficial. Leave your credit card at home if you are continually tempted to spend, spend, spend – only using it for specific purchases.
Think about purchases in advance. If you see items at reduced prices that you intend to purchase at say Christmas time, pick them up whilst at the special price. When insurance bills arrive take the time to compare with competitors. The same applies to your utilities.
If you are still struggling to keep up with payments for thinks like personal loans and credit cards perhaps it s time to consider consolidating and therefore having one less commitment per month. You can talk to us today about consolidating your debts.
Click here to see more about personal loans.
Once you have your budget sorted out you can set a savings goal – again small steps. By setting goals it will make the budgeting outcome more worthwhile. Look at special purpose accounts and keep them separate from your regular transaction account and watch your savings grow!
The results of your hard work will likely give you a boost of self satisfaction and set you up on a plan to financial freedom.
See our savings calculator here.