Budgeting Made Easy

Budgeting Made Easy

 The New Financial Year is here and you may be thinking about getting your finances into shape!

The path to financial security is not only about earning more but making the most of your income via a budget.

Here are some basic points on sorting out your budget (or feel free to use the Excel spreadsheets which you can download below):

Step 1:  Write down in Excel, etc your fixed outgoings e.g. house repayments, loan payments, school fees, rates, car registration, insurance, etc

Step 2:  Put something aside for regular savings.  Saving should be a regular commitment just like your loan payments, etc.

Step 3:  Add up the figures from Steps 1 & 2 then divide the total by the number of times you get paid per annum.  e.g. fortnightly – 26  This gives you the amount you need to set aside each pay to be able to cover the listed items.  You could deposit the amount into a separate account each pay and use it for the sole purpose of paying these items.

Step 4:  Estimate your yearly expenditure on items such as power, phone, gifts, clothing, hairdressing, etc.  Divide this figure by the number of paydays in the year and again, these moneys could be put in a separate account.

Step 5:  Let’s Not Forget Christmas!  Try to work out what your expenditure will be and start a Christmas account.  Do the same for holidays.

Following the above steps means you’ve provided for all your regular expenses so paying bills shouldn’t be such a headache in the future!

Try our budget templates below for weekly or fortnightly planning (you may need to adjust it to the frequency of your pay).

 

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