How to Manage a Household on a Budget

Taking care of a family is hard work. Not only do you want to give them everything you can, but you also want to do it all without breaking the bank.

Taking care of a family is hard work. Not only do you want to give them everything you can, but you also want to do it all without breaking the bank.

Here are 3 quick ways to manage a household budget, that you can stick to, and still provide your family with what they need.

Tip 1: Track your household spending and figure out everyone’s financial personality

There are several free programs online for tracking how you currently spend your money. Moneysmart offers a great interactive budgeting tool that categorises all of the income and expenses coming in and out of your account. This will allow you to see trends and note when you are spending a little more in a particular category than you would ideally like.

Understanding the financial personalities in your household will help you gain a better appreciation of everyone’s money motivations and build a stronger household finance regime.

 

Read more at https://greenassociates.com.au/what-financial-personality-are-you/

There are several free programs online for tracking how you currently spend your money. Moneysmart offers a great interactive budgeting tool that categorises all of the income and expenses coming in and out of your account. This will allow you to see trends and note when you are spending a little more in a particular category than you would ideally like.

Understanding the financial personalities in your household will help you gain a better appreciation of everyone’s money motivations and build a stronger household finance regime.

 

Read more at https://greenassociates.com.au/what-financial-personality-are-you/

Tip 2: Negotiate on utility bills and credit card rates

Whether it’s your utility bill or credit card rates, the chances are that if you can find new offers from competitors, you can leverage that offer to renegotiate your rates with your existing provider. Then, you get a really good rate without having to switch providers!

Use comparative websites like finder.com.au and canstar.com.au to scope out your competition, give your current provider a call to negotiate, and voila!

Whether it’s your utility bill or credit card rates, the chances are that if you can find new offers from competitors, you can leverage that offer to renegotiate your rates with your existing provider. Then, you get a really good rate without having to switch providers!

Use comparative websites like finder.com.au and canstar.com.au to scope out your competition, give your current provider a call to negotiate, and voila!

Tip 3: Automate round up savings in your bank account

Save even while you’re spending! Most banks have this tool available where every eligible card purchase you make is rounded up to the nearest dollar and the extra amount is shifted to your savings account.

Get into a good saving habit without even trying. The few cents from a rounded-up purchase is sent to your savings account, and before you know it, you’ll have set aside some serious coin.

Save even while you’re spending! Most banks have this tool available where every eligible card purchase you make is rounded up to the nearest dollar and the extra amount is shifted to your savings account.

Get into a good saving habit without even trying. The few cents from a rounded-up purchase is sent to your savings account, and before you know it, you’ll have set aside some serious coin.

 

 

Interested in finding out more? Speak to one of our team on 1300 815 921 or at info@greenassociates.com.au

At Green Associates, all of our advisers are fully licensed and listed on the ASIC Moneysmart Financial Adviser Register. Green Associates is committed to providing the best solutions for you and your wealth-creation journey.