Reach your financial goals quicker by budgeting…

Here’s an easy step-by-step process to create a budget for yourself.

 

1. Record your income

Make a list of ALL the money that is coming in via wages, investments, pension, etc. The timeframe should be aligned with how frequently you get paid.

2. Find your expenses

Make a list of your needs, and how much you spend on each of them. A list of the different types can be found here.

3. Limit your spending and set a goal

The money leftover after you deduct your expenses from your income, is what you have leftover. Creating a savings goal gives you something to work towards. Then you can divide the leftover money on savings and spendings, to help achieve this goal effectively.

 

All information was sourced from moneysmart.gov.au