Budgeting

Last Updated on Tuesday, 19 April 2011 08:59

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Budgeting isn't just something our parents do- it's something that we should be aware of as well!

Budgeting doesn't need to be scary, especially if you keep it simple. Read on to find out if you should be budgeting...

It’s a good idea to start budgeting if:

You wonder where you money’s gone at the end of a pay period;

You struggle to pay bills when they come around, even if money’s okay in between;

You have no idea how much you spend on things like food, alcohol, petrol, entertainment or

clothing in a month;

You feel like you want to be more careful with your money, but are not sure where to start;

You are thinking of going flatting, or thinking of moving;

You’ve had a change with your finances - like changing jobs; or

You’re thinking about taking on a hire purchase.

Confused? Read on!

Getting started

Budgeting’s not too hard if you stick to a few pretty simple ideas. Plus, once you’ve worked out the budget, there’s nothing much to worry about until something important changes, like you change job or move. So, where to start…

Well, to work out your budget itself, you’ll have to add up all your income and expenses. If this all sounds like hard work, there’s one wicked website that’ll do it for you – sorted.org.nz Even if you want to do the math’s yourself, have a look at the site – they list expenses you might not think to include.
The next step is to set up a bills account at your bank. Then start transferring the amount you’ve worked out you need to cover all your expenses every pay. The bills can go out as automatic payments, so don’t get an EFTPOS card for the account!

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