Budgeting tips & tricks

Tips on how to save money:

1.    Have a cash account for your everyday needs.

2.    Attach a debit card to this account.

3.    Save or invest a fixed amount of money every pay into a separate account. Even if it is just a small amount like $5 a week, in a year that will be $260

4.    Save your pay rises, bonuses, special payments or tax refund.

5.    Put your change into a savings jar at the end of each day. You’ll have spare cash when you need it for small expenses.

Tips on how to reduce your expenses:

1.    Pay by cash or EFTPOS instead of using credit.

2.    Use lay-by when you can, rather than a credit card.

3.    Internet or phone banking can sometimes save on bank fees.

4.    Pack your own lunch to take to work or school.

5.    If you buy a car, choose a lower-priced, lower powered model. Then shop around for loan and insurance deals. A big deposit reduces the total purchase price, and you may also get savings on borrowing and insurance costs.

Australian Securities and Investments Commission (ASIC)

Fido, ASIC’s consumer website has lots of information and tips about organising your finances, budgeting and investing. Check it out at http://www.fido.asic.gov.au/