Budgeting

1 – Watch where the cash goes

Keeping track of your spending isn't just a matter of having the courage to really look at your credit card bills item by item. You would be surprised at how much money manages to sneak out of your pocket almost without you knowing.

Imagine this is your day:

• Two cups of coffee from the café $7.00
• Buying lunch $10.00.
• A daily transport ticket $7.00

That’s $24.00! Do that five days a week ($120.00) for 52 weeks $6,240. What could you do with that?

When shopping always remember to ask for a receipt, then add them up at the end of the week to see where your money went.

Also remember that, from store sales to the supermarket, buying the right products at the right time can make a difference. If you take a list and stick to it, you’re also unlikely to ‘impulse buy’.

2 - Pay yourself first

Try to set aside a portion of your salary every pay period. You could arrange to have it automatically transferred to a savings account that earns you better interest.

3 - Get the right accounts

Having the wrong bank accounts can cost you money so make sure you have your everyday banking reviewed regularly to ensure your accounts suit your needs and support your plans for the future.

4 – Get the right phone and plan

Taking the time to understand your own habits when making calls and using text and email could save you money. Check out all the features on the phone and make sure you’ll use them before you buy. When you do, compare plans and ensure your plan is not costing you more than it should. In short, find a phone and plan that suits how you live.

5 – Save on insurance

Make sure you have all the insurances you need and take time to compare policy coverage and premiums. Also, look for all multi-policy and loyalty discounts that may be available to you.

If you’re looking for more information about budgeting you’ll find some excellent tips and strategies at the Federal Government’s MoneySmart website.

When it comes to establishing and sticking to a budget sometimes we need a little help. This may involve a conversation with an ANZ Personal Banker or access to tools and resources to make budgeting easy.

ANZ MoneyManager is a free online budgeting tool that updates and categorises your financial data daily. It also provides detailed reporting and alerts to help you get a clearer picture.

ANZ everyday accounts: our everyday accounts are designed to make your banking easier and more convenient.

ANZ savings accounts: if your budget shows you have a few extra dollars to put away then make them work for you with a savings account that suits the way you bank:

• ANZ Progress Saver pays bonus interest if you save regularly and don’t withdraw. It also provides branch access¹.
• ANZ Online Saver: if you’d rather bank online then this could be the savings account for you. It offers easy access to your savings, no minimum balance and no monthly account service fee².

An A-Z Review^®with an ANZ Personal Banker: nothing helps a budget more than having a few extra dollars. Sitting down with an ANZ Personal Banker can help determine if your banking is suited to your needs and whether you have accounts that help maximise your returns. Request an A-Z Review^® at your nearest ANZ branch.