What is a budget? A plan, what you expect to: –Receive (e.g. income) –Spend (e.g. bills) 6 Why budget? Helps you organise your spending –Spend money on the things you really want Achieve goals –Save for big things
Got a credit card? Under control? –If you are paying off your credit card balance in full each month then you are in control. Struggling a bit? –If you cant pay off your bill in full, make sure you pay more than the minimum repayment and work down your debt as quickly as possible. 10
Saving List your goals Work out how much money you need. Identify where you can make savings. Tip: Set up automatic transfers from your everyday account to a high interest savings account. 12
Saving Save for a $3,000 holiday in 1 year Find the money: –Take lunch from home instead of buying Saves $5 per day = $1,200 per year –Use the work coffee machine instead of going to the cafe Saves $3 per day = $720 per year –Buy home brand or discounted staple foods instead of big brands Saves $25 per week = $1,200 per year Enjoy your trip! 13
Superannuation Your employer pays money into your super account (usually 9%) Super money is invested by your fund and you can access it at retirement You can add more from your own money Is your super on target? –Use MoneySmarts retirement planner to find out 14
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