Life, Masterclass, Money

Budgeting 101

Published on January 5, 2016 1:50 pm, by

D-Day

Here we are. February 2017. January is the perfect time to reflect on the last year and what you’ve achieved or didn’t quite get to, while simultaneously detoxing, dealing with that food bloat and stocking up on any missed sleep. February arrives and it’s time to take action.

Let’s talk budgeting!

Everyone budgets differently. There is no one size fits all approach. People are paid in different cycles, have their expenses and bills set up differently and quite frankly have different money values and approaches.

With so many bills being due monthly, setting up your structure to allow for this can make sense. If you have a credit card, it can be simple to have your weekly and fortnightly bills debited and pay them off monthly by the statement date.

Otherwise setting up a dedicated bills account and transferring money in there so you always have enough to cover your expenses can work.

It’s also important to break down the large quarterly and annual bills that you may have, things like rates, electricity, car services and Christmas!

How to get started

It’s standard to use an app to manage your exercise, your sleep and your social life! So why not your money?

It used to be bank statements and Excel but now there is more choice. The MoneyBrilliant app holds a budgeting tool. Between that, the spending reports, and Safe Spending, it’s easier than ever to be in control of your money. Not only can you plan ahead, you can track how you are going any day of the month.

If you haven’t already set it up, there’s some work involved. But once it’s done, it’s too easy!

February is a great time to check the bills calendar, payment schedules and alerts. If everything is done already, just check the setup and amend figures for the years savings goals and your good to go.

How do I feel?

Relieved. But once this is all done, I still have to consider the long-term view. I need to check that we are on track to meeting our goals. There are mortgages to repay, Super that we need to consider contributing additional funds too, as well as growing our net wealth.

The accounts view and Safe Spending in MoneyBrilliant keeps me on top of my spending and watching the balances build up in my accounts is a reward itself.

It’s a great feeling to have this done. Understand what the goals for the next year are. Understand what I spent last year and what I can spend this year.

Good luck

Good luck with your 2017 budget and money management.  MoneyBrilliant if the app to keep you honest. The set up takes time, but once it’s done, it’s easy!

Related articles –
How do I set up a budget?
How do I set up Safe Spending?
Hello 2017: New year new budget

 

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Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.

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