Published on May 24, 2016 10:17 am, by Jen Bakker
Sticking to a budget can be challenging! The simpler it is, the easier to understand and the more chances you have for success.
We think there are 5 things to do that will set you up beautifully to keep you on track –
Step 1: Set a goal
Before reviewing the figures, it’s a good idea to think about where you are and where you want to be.
Here are a few ideas to get you started:
Before getting in to the dollars and cents, if you have a significant other take the time to chat and get on the same page. You may surprise them; so take all the time you need to align your goals.
Step 2: Know your Income
Check exactly how much you earn. Decide on whether you’re doing an annual, monthly, fortnightly or weekly budget and translate all your income in to this one period.
Once your accounts are linked, you can quickly and easily access this account from your MoneyBrilliant spending reports.
Step 3: Know (and reduce) your Expenses
The easiest and most accurate way to do this is to use historical data for a baseline and then work out what you can adjust up or down.
Checking your spending reports in MoneyBrilliant will give you this information.
Grab a pen & paper and write down
Now highlight any services you believe you can negotiate as well as spending that you can reduce or eliminate.
Step 4: Review and Action
Now you have an idea of where your money goes. Its easy to underestimate – by linking your accounts to MoneyBrilliant you will get an exact figure on where you spent your money over the last 1, 3 or 12 months.
Ask yourself this:
Step 5: Staying focused
You’ve done it. You’ve committed to change.
Right now while you are riding high on motivation its important to schedule in times to check in and make sure you’re on track. Put it in your calendar and make sure that time is non-negotiable.
Progress can seem slow initially but in a few months you’ll look back and be rewarded by the success of tracking towards your goal!
Some more about MoneyBrilliant
MoneyBrilliant is a data aggregation service that links with your bank accounts and categorises your transactions for a consolidated view of where you are spending your money. You can also schedule bills and alerts to make sure you never miss a payment again.
We use your historical data to inform the future you about where to spend your money, and find places to stop spending and start saving. The first step to changing your spending habits is to understand what they are. MoneyBrilliant will help you do that.
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.