Budgets & living expenses

We all need money to survive, but can we make it last longer?

Make a list of EVERYTHING you spend your money on each month.
Next to each item write down if you NEED it or WANT it. Wants are things you can do without (e.g. a new CD or bag) but needs are what you survive on (e.g. food, rent)
How much money do you earn each month and what NEEDS and WANTS can that pay for?
Re-do your budget every fortnight for a few months to see your spending patterns.
Have savings goals –what do you want to save up for and how much can you put aside each fortnight, e.g. for a $180 bike, you need to save $20 per fortnight for 9 fortnights.
When you reach your savings goal enjoy your reward.

NEVER borrow money to pay your rent, water, electricity and gas.
Pay cash whenever you can.
If you need a credit card, ONE is enough. If a bank offers you a second card, say ‘NO!’ A debit card is much safer.
Switch off all your electrical appliances at the plug - you will save lots on your electricity bill.
Beware of “interest free” offers - they have very high penalties if you don’t pay on time.
Start with small, achievable saving goals that keep you motivated. Make sure you allow for 'unexpected expenses' in your budget.
Say 'NO' - if you can't afford it don't buy it.

Source – Consumer Affairs Victoria & Harrison Community Services