By Serenity Financial Planning
DO YOU have a budget?
According to ANZ, approximately a third of Australians are struggling with their budget, while Money Mag says that 86% of Australians don’t know their monthly expenses.
We know now, more than ever – times are tough as the cost of living increases across the nation. So, there’s never been a better time to implement, or review your budget to help build the best financial you in 2025.
What is a budget?
A budget is a tool that allows you to understand and see what you’re earning, spending or saving.
Don’t get scared away – at Serenity Financial Planning, we love keeping your budget simple, practical and easy to use – why make things harder than they need to be?
Here’s why budgeting is really important:
- You can see if there is an expense that is creeping (for example, yearly premium increases)
- You can see if there is space for saving or extra repayments, or if actually you are leaking
- Reviewing often allows you to check on the leaks and to see what can be refined
- It allows for control of where you are spending money
- It helps you monitor your expenses and how much money is left to spend or save
WANT TO TRY DIYING YOUR BUDGET? Too easy! Try Serenity Financial Planning’s DIY Budget Downloadable – Grab yours here
Here are our top tips for effectively budgeting in 2025.
1. Track your spending
Want to get an idea of how much is going out of your account each month? Create a list of all your regular expenses and bills, when they come out, and how much they amount to, both individually and in total. It might also show you bills that you can reduce or remove as a part of your financial review. This will help you plan how much you need to set aside each month for bills.
2. Pay yourself first
Putting away savings is one of the most powerful things you can do in terms of creating a strong financial footing. Prioritise your savings as a non-negotiable expense, working out what you are working towards – is it an emergency fund, retirement, a holiday, or just a rainy day?
3. Plan for unexpected expenses
There will always be unexpected expenses that occur – car costs, vet bills, medical fees – you name it, they turn up out of the blue, and they’re never cheap. It’s really important to have money set aside for emergencies to ensure no additional stress is added to your life at these times. Create a buffer for unexpected expenses in your budget that can provide a financial safety net in times of unplanned events.
4. Review regularly
It’s really important to regularly review your expenses to see if you’re leaking additional funds, or you can save or reduce any costs. There could also be changes to your lifestyle and income that will contribute to how you distribute your funds, and planning ahead with regular reviews will help you make more informed decisions.
As always, I am here to help.
If you would like to see if a Financial Planner can help you with your budget,
book a “Discovery Call” today.
WANT TO TRY DIYING YOUR BUDGET? Too easy! Try Serenity Financial Planning’s DIY Budget Downloadable – grab yours here.
