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Get Money

What is your relationship with money?

Would you describe it as a positive one, where you work well together? Or does it feel like you’re constantly chasing after your money, not getting what you want from it?

Successful budgeting allows you to work with your money effectively, save for large expenses and prepare for emergencies.

Budgeting is a skill and it takes time to get it right, but becomes easier the more you do it. Here are some budgeting tips to get you started.




When you estimate your expenses, you need to ensure that these are realistic. The more realistic they are, the more likely you are to follow your budget successfully.




Being able to differentiate your needs from your wants is important to ensure your budgets success. You need to pay for your needs first and if there is money left over, you can spend it on wants.




If you’re unsure about your income each week or fortnight, guess lower amounts. You do not want to be left short because you estimated a higher income.




Guess high for expenses. This will ensure that you are not left short and if any unexpected costs arise, you will be better able to manage them.




Find the total of all your expenses and then take 10% of that total and put it into a miscellaneous category. A miscellaneous category is great way to accommodate unexpected expenses that you didn’t budget for.




Determine an amount that you would like to save each fortnight and include this in your budget. Keep it easy and set up a separate savings account with an automatic transfer.




It is important to check that you are on track with your budget. To do this, you need to check your spending and expenses. If you’ve had difficulties following your budget, it may be time to update it.




Allocate yourself a weekly or fortnightly cash amount to pay for small expenses. Paying by cash makes you more aware of your spending.



It’s not always possible to follow your budget all of the time. There are going to be times when you overspend.
Don’t beat yourself up over these slipups, but do try to get back on track as soon as you can. Again, if you’re having frequent slipups it may be time to review your budget.


 Time to take control of your cash? Book a free appointment with our SHOC Welfare advocate here. Or take a look at SHOC's recommended online budget plans here.

Do you have a budget? Share your tips below.

Tags: Budgets, Money, Welfare, SHOC

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