Do a budget

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The best way to take control of your finances is to do a budget. This is
a simple tool that helps you understand the money going in and out of
your household.
A budget shows you if you are spending more or less than you can
afford. It enables you to direct your money to where it matters most,
so you can stay on top of bills and start putting money towards your
future goals.
Doing a budget can help get you out of the habit of living from one pay
packet to the next by helping to sort out your money priorities and find
the right balance between spending and saving.
A budget can help pay off a credit card and loan debts, plan better for
when your big bills are due, and save up for a holiday or big purchase.
It is helpful to look at the money going in and out across a whole year.
Your bank statements, bills, credit card statements, receipts and
shopping dockets will help you to work out all your expenses.
Add in all the money that you receive or are paid over the time period.
If your income is variable, make an estimate based on your past year’s
earnings.
When working out your money priorities, think about which items you
need for your basic living expenses and which are extras or things you
could maybe do without if you needed to save some money.
Free budget calculators are easily found online, so act now and take
control of your finances.

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