Is your budget on track?

As we hit the second quarter of 2021, Queenslanders have been urged to check in on their budget and make any adjustments if needed, so they stayed on track to meeting their financial goals for the year.

RACQ spokesperson Lucinda Ross said it was important Queenslanders reviewed their finances regularly. 

“A budget isn’t something you can set at the start of the year and then forget about,” Ms Ross said. 

“It needs to be regularly reviewed and updated to ensure it still represents your personal financial circumstances. 

“You should especially be looking into your budget if your employment or income has changed. Have you moved jobs, retired, increased or reduced hours at work? Or maybe your personal circumstances have changed, have you had a roommate or child move in or out? 

“Anything that impacts your income or living expenses should prompt you to check your budget. 

“Look at all of your expenses and break them down to weekly, fortnightly, or monthly. Matching this with how you’re paid can make things easier. 

“Hopefully that expenses figure comes in less than your income. If so, that extra money can be put aside for saving or used to pay off any debt.  

“If your expenses are higher than your income, you should try to prioritise important bills and cut out any unnecessary spending.” 

Ms Ross said while sticking to a budget was important, it shouldn’t mean you have to give up everything you enjoy. 

“It’s not about just stamping out everything you love, it’s about prioritising and being smart with your money,” she said. 

“If you can’t live without your daily café coffee, then maybe pack your own lunch that day or walk to work and skip the taxi.” 

Queenslanders looking to set or review a budget could find helpful tools online including RACQ’s Budget Planner and Living Expenses Calculator.    

For more information and tips for managing your money, visit RACQ’s Financial Wellbeing Hub

The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person's particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.