Budgeting Tips:

• Sticking to your budget is the hard part! Once you’ve calculated what’s coming in and what needs to go out on our easy worksheet, use some of these tips to help you keep to your budget.
• Operate 2 or three accounts. Leave the money you need each week for food, spending, children’s pocket money and petrol in an easy access account. You may also need to leave in money for any automatic payments – such as insurances, power (if it is direct debited), telephone etc.
• Have the bank transfer out the weekly amount from all other categories listed in the easy worksheet into another account, so when these bills come due, the money is sitting there. This account should not be so easy to access.
• If you are saving for something specific (or even for a “rainy day”), have the bank transfer a specific amount of money into a high interest-bearing account for you. First all work out how much you can save using the easy worksheet. Remember to allow for all your needs first. If you underestimate these, you will always be dipping in to your savings fund.
• Use internet banking to pay your bills and keep track of your accounts.
• Bank charges: We often pay far more than we need to. Shop around for the best deals. Some banks charge more for transactions than others. Remember, you’ll usually have at least 3 free transactions per month. After that, you’ll pay for every one, including payments coming IN to your account! Withdrawing $2 or $3 a time using EFTPOS at the dairy or petrol station is a real trap. Try to withdraw all your spending money (calculated on the easy worksheet) in one hit. Inquiries via Telebank to check your balances costs you after you’ve made your first 3 -5 free calls. (Whereas you can check on-line as much as you like without charge). Contact us if you want more information on bank charges.
• Try to use Direct Debits rather than automatic payments. If a company direct debits payments from your account you won’t incur further charges, but if you pay by Automatic Payment, you will pay a bank charge (usually 40 - 50c) for each payment plus you’ll pay for the initial set-up fee ($5.00) and for every alteration you make. The disadvantage of Direct Debits is that most companies want to take the whole amount (usually monthly) whereas with an Automatic Payment, YOU decide how much you’ll pay and when.
• Basic grocery shopping tips:
  1. Have a list and stick to it.
  2. Don’t shop when you’re hungry.
  3. Leave the kids with someone if possible.
  4. Only buy “specials” if you need them.
  5. Pre-made “ready to eat” foods are generally more expensive than make-your-own meals.
  6. Buy fruit and vegetables that are in season.
  7. Try to shop just once a week. The more often you visit the store, no matter how well-intentioned, the more you are likely to spend.
  8. And many more! Contact us if you want to talk about more shopping tips