How to budget when you hate budgeting

Font Size:

Making and sticking to a budget is not easy. After all, no one likes to be told how much they can spend on what they want and need. But there are ways to ease the pain of the process.

According to research conducted for ASIC, about 44 per cent of Australians say they have a short-term financial plan in place, while only 23 per cent say they have a long-term plan.

If you want to take control of your finances, a budget is essential. Here are some tips to make the process as pain-free as possible.

Take advantage of tech
One of the reasons that people don’t budget is that they think it’s too complicated. Not so long ago, budgeting was a lot more difficult, but these days there are any number of apps ready to make the task easier. These apps contain the tools and methods used by accounting professionals. Use ASIC’s MoneySmart interactive budget planner to help you work out where your money is going and where you might be able to save. ASIC’s MoneySmart TrackMySPEND app can help to manage your personal expenses on the go.

Start with small cuts
Once you can see where your money is going and you decide it is time to rein in your spending, you don’t have to search for enormous savings. In fact, you are much better off tackling the smaller items that you frequently spend on, whether that means drinking coffee at home instead of at a coffee shop or taking your own snacks to a movie instead of paying full price at the candy bar.

Avoid instant gratification
If you’re looking to make a purchase, force yourself to think about it. The 30-day rule is a perfect way to allow yourself to test how much you actually need an item. If after a month you still have the desire or need for the item, you can go ahead and purchase it. If, however, you have already forgotten about it and moved on to the next thing, you have just saved yourself money.

Shop with a list
Supermarkets have well-researched strategies to entice you to spend more than you need to when you walk through the doors. The best way to combat those tactics is to have a plan and the easiest way to do that is to arm yourself with a shopping list before you walk out your front door and adhere to it. Getting this strategy right can improve both your bottom line and your waistline as it can help you avoid loading up on junky snacks.

Do you have a budget? What tips do you have for others to help stick to a budget?

Join YourLifeChoices today
and get this free eBook!

By joining YourLifeChoices you consent that you have read and agree to our Terms & Conditions and Privacy Policy


How to fix the Age Pension

Retirees are hurting with one in four now living in poverty in Australia.

Little acts of kindness: how to find happiness

Happiness doesn't come easily for some, but these seven simple steps will help you find it.

When is the best time of the year to retire?

Many retire as soon as they hit retirement age, but is there a better way?


Total Comments: 5
  1. 0

    Get rid of CREDIT cards.

  2. 0

    As the ad says ‘simples’ – if you have $500 coming in each week, your expenditure cant exceed $500! So many young people, in particular, find this a hard concept to understand. As a society, we seemed to have conditioned everyone from Gen X on, to believe you can have it all. It is a very sad reflection, particularly on the leftie do-gooders who have been the main proponents of this neverland fantasy – hence the budget blow outs every time they win office! Then it takes the other mob years to clean up the mess, and they get to wear the unpopularity in the process! Oh how sweet the cycle of life!

    • 0

      What have leftie-do gooders got to do with it? How about right wing cappos advertising and providing credit cards to those who can’t afford it!

    • 0

      Baysider, unless you have just come out from under a rock (which is quite possible), you would be aware that most ad agencies are populated by pinko commie chardonnay swilling, tree hugging lefties – they are the ones making the ads! As for the ad commissioners – well it is (at this stage, but probably different if Short-on ideas wins the next election), a free country with a discretionary economy. To put it in simple terms, even you have a choice. Unlike your comrades in Russia from 1917 – 1990 – they weren’t given one!



continue reading


Enthralling, dystopian, sublime: NGV Triennial has a huge 'wow' factor

Refik Anadol: Quantum memories 2020 (render) custom software, quantum computing, generative algorithm with artificial intelligence (AI), real time digital animation...


Where to eat, drink and play on Kangaroo Island

Australia's third largest island is an oasis of pristine wilderness, premium produce and hidden secrets ripe for discovery. Easily accessible...


Will you need a vaccination to visit Australian venues?

State premiers have suggested that once vaccinations begin in Australia, those without vaccinations may be banned from visiting some venues...


Enjoy these islands while you can

Remarkable Rocks, Kangaroo Island, South Australia. Greg Brave/Shutterstock Freya Higgins-Desbiolles, University of South Australia I fell for Kangaroo Island from...

New South Wales

Four fabulous events announced for Mardi Gras 2021

Mardi Gras is famous for its world-class comedy, performances, vibrant colours and characters. And this year will be no exception....


Why the royal family retreats to Scotland every year

"To aim for the highest point is not the only way to climb a mountain," wrote Nan Shepherd in her...


The five stages of losing your Airbnb virginity

Airbnb was set up more than a decade ago - first called Air Bed & Breakfast - and now boasts...


Overseas travel remains unlikely this year

As the vaccine rollout in Australia gets closer, many thoughts may be turning to exactly how long we have to...