5 step easy budgeting blueprint
Do you have a goal to save a deposit for a new home? Or save for that amazing holiday? Whatever your financial goals it’s important to know your budget and what you can afford. We give you five steps to creating a budget that is realistic and effective to get to you where you want to go.
1. What is your income?
Begin by working out what your yearly net income is after tax. If you don’t know this or you have had a fluctuating wage, open a year’s worth of bank statements and add your payroll credits for the year.
2. What are your expenses?
What are your regular outgoings? Think mortgage and car repayments, rent, health insurance, phone and internet bills, gym memberships and TV subscriptions. Again, use your bank statements and add together all of the payments from the last 12 months.
3. What’s left?
Are your outgoings greater than your income? Do you have savings? You’ll be at either a surplus or a deficit at this stage, but it isn’t too late to make adjustments either way. Now that you know exactly where you stand you can work out a realistic budget.
4. Earn a savings promotion
You may not be able to control your income, but you can control your spending. Proper management of expenses is as effective as a financial promotion. Can you:
- shop smarter?
- eat out less?
- cancel any subscriptions?
- get better utility deals?
- get better insurance deals?
- sell any unnecessary items?
5. Tools to afford your goals
Circle’s budget planning calculator can help you track your expenses to highlight where you can improve.
Our savings calculator will work out how long it will take to achieve your savings target.
Our borrowing power calculator will outline your loan eligibility based on your financial situation.
Want more help?
Circle has been helping members achieve their financial goals for over 50 years.
Our Financial Fitness program
We help you to
Don’t pay hundreds or thousands for a budgeting service.
Many popular budgeting services make thousands of dollars on fees. If you want help budgeting, the last thing you need is to pay hundreds or thousands of dollars for help.
Circle offers the cheapest budgeting service on the market. In fact for certain members, it’s FREE.
Be the boss of your money with confidence.
Get in touch and book your free consultation
1300 553 582
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