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5 Tips That Make Starting a Budget Easier
By Tammy Barton
The New Financial Year is here and you’ve decided to get financially fit. Great work! But I know from experience that the structure of budgeting can take some getting used to, so here are my tips for making that transition easier. Follow these five pointers and you’ll get your financial health-kick off to a strong and sustainable start.
  1. Ease into it

Have you ever started a new workout routine and become so sore afterwards that you can’t exercise for a week? That’s a sure sign you’ve overdone it. Money management can be a bit the same—you tighten your belt a notch too far and find that the pinch makes you quit. To be sustainable, your budget needs to be flexible and realistic. If you’ve gone out too hard, back off a bit or look for ways to make your budget more liveable, something we specialise in at MyBudget.

  1. Establish daily, weekly and monthly budget routines

You wouldn’t expect to improve your strength by going to the gym just once a month and the same is true for your finances. Getting your finances into shape demands changing your daily, weekly and monthly money habits. For example, making your lunch every day, menu planning once a week, and setting aside savings from each pay are micro-actions that snowball into amazing long-term results.

  1. Find a training partner

You know those days when you don’t feel like exercising but you’ve got to because your friend is expecting you to workout with them and then you go and you actually feel great afterwards? It works the same with budgeting. Partnering up with a friend to get financially fit together means you’ve got double the motivation and twice the staying power.

  1. Avoid situations that will test you

If you were trying to quit sugar, you wouldn’t walk into a lolly shop. The same goes with budgeting. When you’re trying to save money, it pays to avoid situations where you tend to overspend. Those situations will be different for every person and most people know what their specific triggers are. Some people, for example, may need to avoid shopping centres, while others will want to steer clear of restaurant and bars.

  1. Pat yourself on the back

There’s so much to celebrate already. The first step—deciding to get financially fit—is the hardest one to take and you’ve already done it. You very likely have some big financial goals on your radar (great!), but don’t forget to add some smaller ones too. You might want to set aside money for a concert ticket or a date night or some new clothes. Go ahead and put it in your budget because small goals are just as important as big ones.

Not a MyBudget client already? Call us on 1300 300 922 to find out how to fast track your financial goals and live your life free from money worries.

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