Apr 21, 2020
Developing a budget is the first step in recognising available resources, identifying expenditure and ongoing commitments then being accountable for how your income is managed.
Using available resources and support can help strengthen your ability to manage your money and make informed choices to determine your course of action.
Identify your fortnightly income. This could be wages from a casual job, Centrelink benefit, salary from a full-time position or income from investments and other sources. There are many templates available online ie moneysmart.gov.au budget planner
Consider what can be reduced short term. Can you negotiate a better deal with a service provider? Write a list of all expenses you regularly incur like car registration, metroCARD, health insurance, car or house payments, childcare fees, memberships and subscriptions.Identify your spending leak
Identifying how much you spend in certain areas can help you set realistic limits for following a fortnightly budget. Budgeting can help avoid overspending and assist you to plan for regular expenses and save for unexpected expenses.
Some simple ideas may include:
Ideally the goal is to reduce debt and minimise your bills by managing your income. Reducing debt before taking on further financial commitment.
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