Everyone knows a budget is important but not many people take the next step of actually tracking your spending. Without tracking where your money goes a budget is pointless. You need to know where your money goes plus its always the most insightful information when it comes to money management.
Do you spend to much on shopping or uberEats? People are often surprised at how much money they actually blow and just about always underestimate it. Many clients think they over spend in one area however often its actually something completely different.
Some options for tracking spending are the old pen and paper, an app such as ‘track my spend’ from money smart or some banks will allow you to do this through your online banking.
Budgeting tips
Remember to budget for bills, savings and FUN!
When we don’t allocate our money to specific areas, it seems to magically disappear. Ensure you work out what all your bills are and put money into a separate account so when you receive the bill you have the money.
Saving money every pay is essential! Even if you save $5 a fortnight, it starts the habit and builds your confidence. You can increase the amount later but start now and be consistent.
Unsubscribe to marketing emails which encourage spending. Who cares there is 15% off when you had no intention of buying it in the first place?
Remove apps from your phone such as uberEats.. I dare you!
Finance program – First Step Solutions (fs-solutions.com.au)
