Tidying up your finances as the year ends may not seem like fun, but starting the year with a clean(er) slate will make you feel much better.
1. Get educated
Everyone assumes that they know how to budget but if, at the end of the month, you’re left with nothing, then maybe a refresher is needed. Many TAFEs run short courses on how to manage money, budgeting and borrowing money.
2. Create a budget
You may think you know what you have coming in or, more importantly, what you have going out, but a few dollars here and there can make or break a budget. Creating a budget doesn’t have to be complicated, but it does have to be realistic. Get tips on how to create a budget and stick to it by managing your income and expenditure. You can also download the budget spreadsheet, which can be used online or in Excel format.
3. Save for a rainy day
With the best will in the world many people resolve to save more, but seldom does the money ever reach your savings account. A direct debit will ensure the money goes directly to your savings account, removing any temptation to spend rather than save. Using a savings calculator can help you understand the benefits of compound interest on your nest egg.
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