Want more power over your money?

Do you have money put away for a rainy day or do you scrape by from one pay day to the next? Do you stress about how you’ll pay for your kid’s school camp, or are you on top of it? You work hard for your money – but if it isn’t working for you, there is a solution.

Whether you’re saving for a holiday, a bigger car for your growing family or a home deposit, having a budget is the only way to go.

No matter how much you earn, by knowing where your money goes every week and planning for all those bills you know will be coming in, you’ll not only feel more in control of your life — you’ll also be more likely to achieve your goals.

Here’s how to do it.

1. Work out how much you and yourfamily spend every week by sitting down and doing a budget. The Incolink Income and Expenditure Planner at incolink.org.au or the online Budget Planner at moneysmart.gov.au are great tools for this task.

2. Once you know where your money goes, look for ‘Spending Leaks’ (see below for examples). These are things you buy that you don’t really need — and they really add up.

3. Before you go to the supermarket, out to dinner or to the pub with mates, set yourself a spending limit and stick to it — we recommend TrackMySpend to help you with this, available at moneysmart.gov.au

By following these simple steps you can get off the treadmill of living from one pay packet to the next. A budget helps you pay off a credit card or loan, plan better for regular bills, and save for the things in life that really matter.

What’s a Spending Leak?

A coffee every day at work for $3.50 adds up to $840 per year

Or

If you have Stan, Foxtel and Netflix that is at least $74 per month or $888 per year*

* Maybe more depending on your package. Cost does not include sport channels

Need help with your budget?

Incolink offers members a Budgeting Service so you can work out a budget that suits your own circumstances.

Call 03 9668 3061 and ask to speak to our Financial Rights worker.