Top 4 Ways Aussies Overspend

Recent research shows that one-in-two Australians spend all of their income every month.

By the time payday comes around, they have no cash left over. Those without savings are forced to rely on their credit cards to make ends meet. So, what exactly are we overspending on and what can we do about it?

1. Groceries

How often do you go to the supermarket intending to grab just a few things and walk out with a hundred dollars’ worth of stuff? You’re not alone. In our experience, a significant proportion of households struggle to keep their food bill within budget.

Solution: Meal planning is a great way to save money by planning your meals around catalogue specials and by limiting your contact with the supermarket to only once a week. We also love online shopping because it reduces impulse buying and allows you to track your spending as you add items to your cart.

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2. Holiday Blow-Outs

Holidays are really important for fun and relaxation, but research shows that 30-percent of Australian travellers come home with a debt souvenir. The study, commissioned by the Commonwealth Bank, found that we spend seven months on average planning for a trip, but less than one hour working out a holiday budget.

Solution: Come home relaxed and debt-free by creating a detailed holiday budget and planning for a holiday you can afford.

3. Little Things

‘Discretionary spending’ describes the non-essential items and experiences we spend our money on—think: takeaway food, entertainment and socialising, alcohol and cigarettes, fashion, gadgets, downloads and anything else we don’t necessarily need but like to have. We often don’t realise how much these little spending habits are really costing. An innocent little morning latte that costs $4 a day could be setting you back more than $1,400 a year.

Solution: Use the psychology of paying to your advantage by using cash instead of cards for your discretionary spending. Cash acts as visual reminder of how your budget is tracking, compared with cards that make it easier to lose track of spending.

4. Credit Card Charges

Aussies love their credit cards. We have a combined credit card balance of over $32 billion attracting interest, which means we’re paying over $5 billion a year to credit card companies. For the average card holder with an outstanding balance of $4,200, this equates to nearly $700 a year in interest charges. What would you do with an extra $700?

Solution: Create a budget that pays off your credit card faster and breaks the habit of pay-to-pay living once and for all. Not sure where to start? Read ‘Your Complete Guide to Budgeting’ or book a free budget consultation with one of our caring specialists.

Budgeting might sound boring, but saying goodbye to your money worries is not!

Find out how MyBudget can help you take control of your spending so you can live the stress-free, debt-free life you want. Book your free personal budgeting consultation today.

We analyse your situation and design a plan that achieves your goals.

Until you’ve examined your finances in detail, it’s difficult to determine your exact financial position. At MyBudget, the budget plans we prepare are true long-range money management plans. The plan projects your finances over a 12-month period. So you have a clearer picture of what your future looks like, not just how your budget is week-to-week.

What will you do with your savings? Reduce your mortgage? Invest in shares? Take a holiday? Or simply enjoy the feeling of satisfaction that comes with having savings to fall back on.

Personal budgeting is the only way to truly gain control of your money and your financial future.

The benefits of personal budgeting:

  • Personal budgeting is the only way to gain a thorough understanding of your financial situation.
  • Personal budgeting ensures that you always live within your means, and provides a safety net for inevitable changes in life or when things go wrong.
  • Personal budgeting is the key to accumulating savings and achieving your financial goals.
  • Personal budgeting is one of the most effective methods for paying down debts and avoiding ongoing debt in the future.

Thousands of people come to MyBudget every year seeking our support and advice about managing their money. We can provide structure, support and guidance to help you get on track.

Get expert help from people who care.

MyBudget’s strives to find a solution for every individual. Unlike an App or spreadsheet program, our experts create a plan that’s specially designed to address your needs and priorities.

We also understand that the hardest part about budgeting is sticking to it. That’s why we do the legwork for you. We can manage your budget, pay your bills, save for you, and communicate with your creditors, if necessary.

Succeeding is easier when you have a team of experts supporting you along the way!