Australians are well known for blowing the budget and spending more than they can afford. We always seem to be waiting for our next pay check so we can buy this then buy that. Admit it, We all buy things we don’t need.
We have compiled 5 basic tips to budget your lifestyle to put more money in your pockets and live the life you deserve.
A budget is basically a spending plan which helps you understand your current financial position. A budget is a plan breaks down your spending & income to see how much you can spend to live the current lifestyle you are living. Budgeting in the 21st century has become much easier due to the fact we have so much access to technology and the internet. See how you can put more money in your pocket and be more comfortable with your paycheck each week.
Well, This topic isn’t the most upbringing but is definitely one of the most important. So your first priority in life should always be your health whether it be mental or physical health, Always take a portion of your paycheck to put towards something that makes you happy. Then of course comes the priorities that affects ones budget the most. “BILLS” eww no one likes paying bills, But to live in the 21st century and keep a roof over your head you must pay your bills. When you first receive your paycheck you should always calculate your bills for the week/fortnight/month. Yep, We are talking about the rent, Debts, Food, petrol, utilities and so on. Once you have budgeted your way around the bills you are left with your money, The money you work for. You can then focus on the more important things in life and enjoy the money you have earned.
2. Review your spending
Its all about what you need and what you don’t need. What did you buy last week that you can cut out this week? If you like Coffee’s & Avocados you can cut down and save a lot. You work Monday to Friday and buy 2 coffee’s a day that’s roughly $50 a week and if your getting smashed avo before work we all know how much that’s going to cost you. You may not be into coffee and avocado but more than likely there’s a little something you over spend on each week. It’s incredible what difference a small sacrifice can have on your budget. See what you can cut out and possibly make at home to save those extra dollars you deserve. There is so many things you can make small changes to save you thousands of dollars each year whether it be dining, drinking, unnecessary activities etc.
3. Find the best deals
Thanks to the internet it makes it so much more accessible to find the best deals to save you money. Sit down and put together all your current plans such as phones plans, Internet, Electricity/gas, subscriptions and anything that is costing more than it needs to. Jump online and compare all of your currents bills to what is available, This can literally save you thousands each year. You can also cut down majorly on groceries by shopping around for different brands or different shops or even cut out what usually goes uneaten. Nothing beats a bargain.
4. Use a budget/finance app
There are tons of applications available which allow you to easily budget and make the most out of your pay. Being in the 21st century our devices take such a big part in our lives and basically follow us wherever we are. Some budgeting apps will track what you are spending and send alerts to stop you going over your limit. You can take advantage of features withing apps, Such as setting saving goals. The apps will help you reach your goals by monitoring what you are spending. Search the app stores, Read the reviews and find the one that suits you best.
5. Set your goals
Set your goals and smash them! Now that you have set up your budget you have a good outlook of how much you can save each week. Set your first saving goal at a small amount to prove to yourself you can smash your goals. From there your goals only get bigger and bigger. With the $50 your saving each week from not buying coffee and avocado gives you an extra $2600 each year, Oh and you can look at doubling that because you found better deals to reduce bills.
To set yourself up financially for the future you must not procrastinate. If you take one hour out of your day you can seriously cut out spending’s and start saving. Take advantage of the internet, Take advantage of Apps and free advice that is available. The small things really make a big difference.