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Re: [Special guest] 20th of April - Noel and Finances

Oh and i better get another discussion question going! 

 

What's the importance of budgeting, do you do it and how do you do it?

Re: [Special guest] 20th of April - Noel and Finances

If you have difficulty paying any bill be it a credit card or electricity. If you contact the service provider and outline your in Financial Hardship they will put you through to a specific team that will be able to assist. Alternatively you can call the Credit and Debt Hotline on 1800 007 007.

Re: [Special guest] 20th of April - Noel and Finances

Nice one, thanks for that @Noel-Moneycare

 

Re: [Special guest] 20th of April - Noel and Finances

What's the importance of budgeting, do you do it and how do you do it?

 

I find budgeting to be important so I can see what my important expenses are (eg. rent, electricty, mobile, etc) and make sure they are covered by my income first before I allocate spending and saving money. I like to do an excel document so I don't have to do too much math and I know exactly how much I have left over each week.

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Re: [Special guest] 20th of April - Noel and Finances

What's the importance of budgeting, do you do it and how do you do it?

 

Budgeting is important for making sure you can make your money last until your next paycheck and that you can all your bills and food.  I don't budget and have no clue what my plan of attack would be! Smiley Surprised

Re: [Special guest] 20th of April - Noel and Finances

What's the importance of budgeting, do you do it and how do you do it?

 

Well, it sounds important. I don't personally do it, but I feel like I should probably learn about it to help out future me Smiley Tongue

Re: [Special guest] 20th of April - Noel and Finances

What's the importance of budgeting, do you do it and how do you do it?

 
I think budgeting is pretty important! And i budget. I do four things. 
 
1. I look at what i need to survive. I.e how much food, bills, rent and stuff i need to cover, i generally put a little extra aside for bills, just in case i leave a heater on or something, hehe. 
 
2. Think about longer term goals, right now i want to save enough for a trip to see my sister on the other side of the planet. And of course first i need to get out of debt! 
 
3. Add it all up- that's how much of my pay check i need to put aside each week. 
 
4. This is possibly the most important step- at least for me. Every couple of months i have a look at how I'm doing and what i'm spending money on. Doing this helped me realised things like how much i actually spent on coffee each year.... For example i used to buy 2 coffees every day. 7 bucks of coffee a day x 365 days a year is 2,555 bucks! If i didn't take a look at my spending  i wouldn't have realised just how much a couple of coffees a day actually added up to. 

Re: [Special guest] 20th of April - Noel and Finances

That's okay @FootyFan26, budgeting can be hard to start with. Especially when you actually break down those expenses you ordinarily wouldn't think of like clothing, hair cuts, entertainment, or even just takeaway food. Moneysmart have a great budget calculator to get you started with your budget as well as some other great calculators like a credit card calculator to see how much interest you are paying in real dollars on the minimum repayments vs on a high repayment or even just a savings calculator. You can find them all here.

___________________________________________________
WE WANT YOU to tell us what kind of infobuses you'd like to see! Let us know here.

Re: [Special guest] 20th of April - Noel and Finances

I agree @roseisnotaplant! Always good to be prepared Smiley Tongue

Re: [Special guest] 20th of April - Noel and Finances

The idea of budgeting is just about getting an understanding of where your money goes, once you know where it goes then it’s about the decisions you make. Is it a need or a want??. Needs are, roof over your head, food and electricity and communication, those are the most important for some. After that it what you want to spend your money on. The best thing about budgeting is that it gives you a clear picture of where you money goes and at the end of the day you decide…