New Financial Year - Budgets and Planning

Posted: Friday, 05 August 2016

New Financial Year - Budgets and Planning

Money isn’t everything, but we all know that we need it to make life more comfortable. Having money allows us: convenience, freedom, security and the ability to attend fun events and have memorable experiences. Despite its necessity, the stress money can bring is challenging at the best of times; especially with the cost of living constantly on the rise making it difficult for the average household to get by. 

As we spend most of our life working, it’s important that we find a way to enjoy the time we have without stress or worry. Therefore, the Public Trustee has put together some great tips for cost-saving and planning ahead to ensure your household budgets are in order.

  1. Plan ahead!

Before you can begin saving, it is important to figure out your weekly inflows and outflows.  Write down your expected income and outgoing expenses. Working two months in advance gives you the ability to plan ahead for the larger expenses.  

  1. Be realistic!

Budgets need to be realistic, otherwise you’ll find yourself falling short and possibly giving up altogether. You can find great budgeting tools on most of the major banks’ websites.

  1. Don’t settle!

Do a ‘credit card check’. You can visit www.infochoice.com.au to find out if there are better offers out there. If you have a credit card rewards program you are most likely paying for it!

  1. Be wary!

Don’t use the redrawing facility of your home loan unnecessarily, unless you are making extra repayments.  A $200 phone bill does not warrant a redraw fee and interest charges.

  1. Check your policies!

Be sure to compare the policies of other insurers to guarantee the best possible deal. You might even be eligible for a multi-policy discount if all your policies are with one insurance provider.

  1. Query phone charges!

Mobile phone charges are super competitive and frequently change. Review your phone habits and check with your provider to see if there is a better deal for you.

  1. Protect yourself!

Make sure you have a plan in place for unexpected life events that might leave you or your family vulnerable. The cost of planning ahead is minimal and the security this will bring is invaluable.

Now is the best time to get your finances in order to ensure you and your family are better prepared for the coming financial year. Don’t let last year’s bad habits determine this year’s success!

If you’d like to ensure you’re better prepared, please contact your nearest Public Trustee branch to make an appointment on 1800 068 784 or alternatively email tpt@publictrustee.tas.gov.au