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3 Top Tips to Stay On Budget

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It’s never easy to stay on budget. Firstly, it’s just not an exciting prospect, and secondly, it’s hard to do when all you get in return is a bigger savings account.

We know better than anyone that savings accounts get bad reputations. They seem like a boring concept that doesn’t actually make a difference in your everyday life. But the fact is, your savings is incredibly important in the long run. It may help you buy a big ticket item like a home, new car, boat, camper-van etc. or you may need to rely on it one day if ever your career situation changes. Regardless of what and why you’re saving, it’s important to work towards it.

Today we’ll explore some of the best ways to stay on budget and save money without having to stress about it.

  1. Utilise The Envelope System: This is the most basic of basic and really works well for those who struggle to remain on budget. For each of your expenses, grab an envelope and each time you get paid, place the correct amount of money directly into that envelope. You’ll know you always have enough because it’s the first thing you do, and while it may be a bit ‘old school’ it works. If you want to really take it the next step, include your spending money as one of the envelopes. This way you have an exact idea of how much you have to spend and everything leftover can go directly into your savings.
  2. Utilise automatic payments: Most banks offer automatic payment services, which means your money is automatically withdrawn to pay for all of your expenses when you get paid. It’s a simple way to ensure you never miss a payment. Additionally, to minimise excess spending, set up automatic deposits into your savings account. By the time you realise your pay has been deposited, the only money left in your account will be your discretionary spending. You don’t have to worry about going over budget ever again.
  3. Set a reminder: Set a reminder on your phone for the end of every day to check in on your daily expenditures. Life is busy and it’s incredibly difficult to stay on budget when you’re not keeping track of what you’re spending. Your end of the day reminder will encourage you to get out the calculator and make sure you were on track with your spending.

Looking for ways to save a little money and stay on budget? Check out our recent blog post; How to Be Social On A Budget.

If there’s a large purchase you need to make, such as a new car or even a home or any property, contact us on 1300 003 003 to discuss finance options.

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