5 tips that make starting a budget easier

It’s time to talk about the dreaded B-word: budgeting Tax season has come and gone and financial resolutions made on January 1st are fading like footprints on the beach. What has come of your financial goals this year? Are they on track? Do you even have a track?

Financial health, rather like physical health, takes regular, conscious effort to improve and is best pursued with a plan in place, a money strategy or, dare we use the B-word, a budget. MyBudget’s founder and money management expert Tammy Barton says she has five top tips for those starting out on a budget or simply wanting to fast-track their financial goals.

1. Ease into it

Have you ever started a new workout routine and become so sore that you can’t exercise for a week? That’s a sure sign you’ve overdone it. Money management can be a bit the same—you tighten your belt a notch too far and find that the pinch makes you quit. To be sustainable, your budget needs to be flexible and realistic. If you’ve gone out too hard, back off a bit or look for ways to make your budget more liveable, something that Barton’s company MyBudget specialises in.

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2. Establish daily, weekly and monthly budget routines

You wouldn’t expect to improve your strength by going to the gym once a month and the same is true for your finances. Getting your finances into shape demands changing your daily, weekly and monthly money habits. For example, making your lunch every day, menu planning weekly, and setting aside savings from each pay are micro-actions that snowball into amazing long-term results.

3. Find a training partner

You know those days when you don’t feel like exercising but you’ve got to because your friend is expecting you to workout with them and then you go and you actually feel great afterwards? It works the same with budgeting. Partnering up with a friend to get financially fit together means you’ve got double the motivation and twice the staying power.

4. Avoid situations that will test you

If you were trying to quit sugar, you wouldn’t walk into a lolly shop. The same goes with budgeting. When you’re trying to save money, it pays to avoid situations where you tend to overspend. Those situations will be different for every person and most people know what their specific triggers are. Some people, for example, may need to avoid shopping centres, while others will want to steer clear of restaurants and bars.

5. Pat yourself on the back

There’s so much to celebrate already. The first step—deciding to get financially fit—is the hardest one to take and you’re already on the right track just by reading this article. You very likely have some big financial goals on your radar (great!), but don’t forget to add some smaller ones too. You might want to set aside money for a concert ticket or a date night or some new clothes. Go ahead and put it in your budget because small goals are just as important as big ones.

Not a MyBudget client already? Call us on 08 8214 4272 to find out how to fast track your financial goals and live your life free from money worries.

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!