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New year, brand-new budget

New year, brand-new budget

It’s 2021 – a fresh start for you and your finances. Reviewing or writing a budget is the best place to start. Use our free budget planner tool. But first, here are some of the benefits of having an up-to-date budget in place.

1. Your most important costs are accounted for first

Having a budget is just another way to get your priorities straight. Make sure that having a roof over your head, water and electricity available to you, and your major financial commitments such as vehicle finance or loan repayments are front of mind when it comes to budgeting.

2. Get real about groceries

You can buy convenience but it costs more. Reduce your daily, weekly or monthly supermarket spend by shopping smartly. Plan meals, compare per kilogram prices and avoid last-minute treats that take their toll on the budget. Or you can plan for spontaneous purchases from takeaways or convenience foods stores – that way you know how much to spend and can enjoy it without worrying about being a reckless extravagance.

3. Budget for emergencies

Here’s how to start an emergency fund, a vital part of every budget. Saving a little bit every month will save the day for you and your family in the highly unlikely but totally possible (almost predictable) event of some devastating unexpected cost occuring.

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4. Enjoy your money

You work hard for it. So, don’t hide what you most enjoy spending money on, rather factor whatever it is into your budget. Sports and hobbies can get expensive. The latest tech, data and TV entertainment costs a lot. Adventures and activities with your favourite people don’t always come cheap. They do say too much of a good thing is bad for you – but a regular, affordable amount of what makes life worth living for you every month is sensible. So, ensure you have included it.

5. Plan and then just live

Once you’ve used our free budget planner and you know how much you’ve got to work with, life is infinitely easier and more enjoyable. You know when to say “yes” and when to say “no, thank you”. You worry less about your family’s needs and your financial wellbeing. You can live freely, knowing you’ve got your stuff together!

You can check your financial wellbeing by taking our quick and easy quiz.