What are you working towards?
Do you dream of walking the white sands of the Whitsundays? Want to leap onto the property ladder with your own slice of paradise? Or is a new car calling your name? Whatever your goals, with our budgeting tips you can achieve them sooner.
Pick the right bank
Before you start budgeting it pays to pick the best tools for the job. With the right bank account you can save money on needless charges and spend your cash where it matters. Is your bank account slugging you with transaction and account keeping fees? These can add up and there’s no benefit to paying them. Hunt around for an Everyday Account that offers reduced fees, unlimited withdrawals and transactions.
Trying to save? Pick a savings account that works with you to achieve your goals. Higher interest rates can encourage your balance to grow and some banks reward you if you make frequent contributions.
Track your spending
Expenses can sneak up on you. That everyday takeaway coffee may cost just shy of $50 each week. That’s $200 a month, $2,400 a year! Reviewing your spending can be confronting but it’s one of the best ways for you to see if you’re overspending. Knowing where and when you’re spending can also help you make simple changes. Consider our coffee example – if you could save even $1,500 – would you bring coffee pods to work instead of buying takeaway?
Set financial goals
One of the best budgeting tips is writing down your short and long-term goals. Visualising what you’re working towards can help you achieve your goals faster. We all know what long-term goals are; they’re the fun things like a home renovation, holiday or new car. These goals are what makes sticking to a budget all worth it.
Think of your short-term goals as weekly victories that will ultimately help you achieve your bigger, fancier goals. Short-term goals can be as simple as ‘limit yourself to one takeaway coffee per day’ or ‘pack your lunch twice a week’. When you save money sticking to short-term goals you’re one step closer to that big goal at the end.
Create a budget
Get on top of your finances with a solid budget you can stick to. Taking into consideration your income and the expenses you pay each month, you’ll see exactly what you can afford to save. Not only can this help you take control of your finances, you can set weekly limits on groceries, dining, entertainment etc. which can all help keep you on track.
Shop around for deals
When you’re considering a new purchase it really pays to shop around. When it comes to common family bills like energy, groceries and even fuel, it pays to do some groundwork. Can you get a better deal if you change provider? Does your RACQ membership offer you any additional discounts? Make the most of the suppliers that offer benefits and discounts and reward them with your business.