Planning ahead - budgets

			Planning ahead - budgets
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Understanding Money Pays off!!		Do you find that you don't know where all your money goes no matter how much you earn? Saving can be easier than you think.... ..if you have a budget.
Budget rule 1		Pick a time frame, say weekly or the time between pays.
Budget rule 2		Estimate your income ... stick to your regular income like wages, interest etc.
Budget rule 3		Estimate your expenses..... Remember to include any loan or credit card repayments
Budget rule 4		Include an amount for regular savings so the money doesn't go anywhere else. Aim to set savings target as 10% of gross income.
Budget bottomline		Work out the difference. Are you spending more than you earn? Go back to the start and see what you can adjust with Budget rules 1 & 2.
Credit card points
		Acceptable uses: Short term solution to spreading financial demands over a longer time period. A handy emergency fund. A safer alternative than carrying large amounts of money. A means for electronic bill payments or making purchases over the phone or internet. Caution: If over spending on credit cards is a weakness then consider lowering the limit to a managable level. Paying off high cost purchases over a long time on a credit card is very expensive.
		Impulse buying ask yourself these questions ...
		When next tempted by an impulse purchase walk away and ask yourself...do I really need it? Will I really use it? Will I still like it / want it .... next month / next year. If I don't buy it now, do I want it so much that I will make a special trip to come back and buy it?

Other useful stuff ....

The following is from an Australian Defence Website.
It has some ideas about budgets and you can print a
budget guide sheet.

A budget is really a simple financial plan that shows individuals
or families where their income is being spent. By monitoring the flow of money through your household, it is easier to accomplish your short & long-term goals and to take some control of your financial future.

Firstly, take some time to draw up a table of income and expenses using the following table as a guide. You may find
it easier to calculate on a weekly or monthly basis, don't forget to change the calculations at the end. Be careful not to include items twice that are listed under both 'Fortnightly Expenses'
and 'Long Term Expenses' (eg insurance premiums) and amend the table to suit your own particular circumstances.

Print a budget guide sheet


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