B-B-B Budget

The B-B-B Budget

So if you’ve recently turned on the tv or the radio you would have noticed I major focus on the budget (politicians and others excitement building) over the anticipation of the national budget and what changes will fully come into effect and when. hey this is extremely exciting stuff for some but… not so exciting for others (in particularly those who have now scrolled on).

For those of you who don’t know what I’m talking about the Australian Federal Budget is basically a document that sets out the estimated revenues and spending of the Australian Treasury in the following financial year, proposed conduct of the governments for that period and its fiscal policy for years…. So as my dear old neighbour Joan would say ‘that’s it in a nutshell’.

But, with all this budget talk going on its had me thinking about budgets and budget tips… Do I have any??? well aside from spend less than you earn… I didn’t have any amazing tips for a budget…. However, after some extensive research via many of the sources you can’t reference on a University assessment piece. (I have read some interesting stuff and been targeted by lots marketing for money monitoring services and apps) I now have some simple budget tips.

So Chloe’s tips to a Budget…

Know your priorities
What’s important to you right now? are you looking to buy a house? Need a car? Need a holiday? Looking at reducing debts? you have kids and want to be able to better manage the cost of sporting and schools etc. Despite what many Financial advisors say do you really need to be preparing for retirement at 21? What’s important to you this year and in the next three?

The answer to this question is very important because it will be the reason you want to budget

Stick to it like bubble gum
If you have ever steeped on bubble gum you will know that you generally get stuck sticking to it but, you will also note that its stretchy – allow room to move and stretch. The last thing you want is a budget that’s so restrictive that there is no way that you will follow it ultimately leading you to fail.

Know your weakness
Sounds simple but for me nothing like an email saying 30% off make me want to buy something that I never really wanted and certainly don’t need. Ok well that’s awkward – pretty sure I just heard my husband unsubscribed me from every email /store marketing campaign I’d ever been on …

Now this one I am not going to give a number but just throw it out to you all for caution… 0% balance transfer credit cards are ‘great’ – they can help reduce debt BUT should only be used if you are working to paydown and ultimately reduce debt and people who use these should be extremely mindful of the account/membership fees and the interest rate outside the 0% period..