The Money Mentor – How to Budget

The Money Mentor – How to Budget

Financial advice podcast

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1. How to Budget

Dave: “I think you should have a budget and it should be quite strict.

You should sit down and work it out with your family and be really disciplined about it. If you create two or three bank accounts to set aside your known Necessity bills, like power, rent, food etc. and you set up an automatic payment into a separate account every week. Then set aside another allocation of money into a holiday expense account.

What’s left over is yours to spend.

You have to be strict on yourself and live on a budget because it’s the everyday spending that runs away on you. We don’t use cash much anymore, which has become a trap. Every time we swipe our EFTPOS cards, there isn’t the same pain as parting with our hard-earned money. It’s too easy! Just a quick tap and our money runs away on us. We aren’t as conscious of how much we have spent over the week as we used to be when we were using cash.

For example, you’ve had a hard week and you think, “Oh, I’ll just go and grab another box of beer, or another load of food or whatever”.

Live within your budget and it needs to be appropriate, so you’ve still got a little bit of room for fun.”

Next: 2. How to Save Money >

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