Written by Kodie Axelsen
Summer is my most favourite time of year!
It’s also one of the busiest times of the year with end of year break ups, Christmas and that loooong school holiday break!
With all of these events and time for activities you can find yourself outlaying endless funds and before you know it, it gets away from you.
The best way to tackle overspending is to budget your funds for upcoming expenses.
A great way to budget is to use separate bank accounts. Give them their own names and you can break them down as much or as little as you like.
This is a great way to make sure you have adequate funds for your financial needs when they come due.
If you aren’t too savvy with your money and you think you will chip away at it then set up direct debits that match your pay cycle for expenses such as your phone bill, rates, electricity and any other ongoing expenses.
Set up accounts and budget for one off expenses like Christmas presents.
These are the tricky ones that come up, surprise us and leave us accessing facilities like Afterpay and Zippay that are now treated as credit facilities. The biggest thing to be aware of is your income and your expenses. It’s the time to learn these and understand what is affordable for you to reduce the chances of living beyond your means.
Budgeting reduces stress in times of financial need. There are many options out there to help from budgeting apps to spreadsheets. The biggest hurdle is sticking to your guns. As always, yell out if you need a helping hand!