I want to make a budget!
In vs out?
To keep your finances in order a detailed plan of how much you are spending versus how much you are earning is vital as it can help you understand how much disposable income you have and where you can save money (daily $4 coffee, anyone?).
By just tracking your expenses you can easily pinpoint where exactly you are overspending and limit it. Ideally your budget should be realistic – don’t set yourself a weekly target that is unattainable. Also make sure you budget for short and long term financial goals.
With the MYCU Budget Planner Calculator, you can clearly see how you are tracking
Set a savings goal
Getting married, buying a home or having a baby all come with different costs. So it is important to sit down and figure out how much you need to save for your upcoming adventure.
You are now ready to draw up your plan of attack. Make sure you’re still living comfortably; it’s not about giving up on the things you enjoy but reducing some costs.
- First, make sure you have enough money for your day-to-day living expenses such as regular costs and bills.
- Start with small achievable goals and include some rewards to keep yourself motivated.
- Make regular deductions from your transaction account to your savings. Turbo-charge your savings by using a high-interest savings account.
- Be flexible – sometimes bills just start to mount. Accept that you won't be able to put away as much this month. That's perfectly fine as long as it doesn't become a regular occurrence.
- Monitor your budget - review it regularly to check if you're on track.
- If you get an unexpected windfall like a bonus or tax return, direct it straight to your savings.
Open a high-interest account
Now you know how much you need to save it’s important to choose a high-interest account that you can access as you need it. We have several savings accounts that are best for purpose savings:
My Maxi-Savings Account – this account rewards you with higher interest with the more you save the more interest you earn.
My Christmas Club – this is a fantastic account for the holiday savers. With no access throughout majority of the year, you won’t be tempted to dip in and spend. This account has free access from 1 Nov to 31 Jan, when you need it most.
My E-Saver – have total control over your funds and be rewarded with a higher interest rate when you deposit $1,000 per month and don’t withdraw more than $500 in that same month.
My Net Reward – similar to the e-savings account where you have total control with internet and phone banking but no rules around how much you can withdraw. Just make sure you keep minimum $2,000 to get the best rate available.
Set up automatic payments
It’s so much easier to save when your nominated amount is automatically sent to your savings account so you don’t have to think about it.
You can do this by setting up a pay deduction or a periodical payment.
Alternatively, you can set up a periodical payment through Internet Banking. It can be weekly, fortnightly or monthly, depending on your pay frequency. It’s best to set it up the day after you get paid just in case there is a delay with your work. Periodical payments are great because you have total control over the amount and frequency, and you can simply delete it when you no longer need it.
Watch your savings grow!
It won’t happen overnight but your savings will grow. Don’t forget to check in on your budget on a regular basis. Especially if you get a payrise or a large deposit! You don’t want to spend it all at once and by putting the excess money straight into your savings you can get to your goal sooner than you think.
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