For a budget to be effective it must be accurate and realistic!
Here’s what you’ll need.
- A record of day-to-day spending. Receipts from shopping, and bank statements and bills from the past three months. These will show regular expenses like rent, mortgage, car loans, credit cards, phone, power and insurance. Credit cards need to be used very carefully, but can be an effective may to track your spending.
- A list of annual costs. These are things you pay for less regularly like car registration, rates, medical expenses, gifts and holidays.
- Income information. Any money you receive such as your salary, other employment benefits or allowances, investment income and social security entitlements.
Many banks provide tracking tools which categorise your income and expenses for you. Using these will definitely help you create your budget.
We can also provide you with a budget planner to complete and review on an ongoing basis.