If you have a tight budget you may often find it hard to meet your basic expenses comfortably. Whether you are a student, currently unemployed or receiving Centrelink benefits, managing your money may be difficult.
Here is a list of money management tips that will help you take control of your finances:
Make a Budget
The first thing to remember is that you should only spend within your limits. Creating a budget is extremely important. Write down your income and all your expenses to understand your financial position. Creating and sticking to a budget will help you know where you spend your money and it forces you to cut down on unnecessary spending.
The basic essentials like groceries are important but make a list of what you need and don’t be tempted with items you don’t need. Look out for supermarket deals and follow our guide on saving on grocery purchase to cut down your grocery bill. You can also save on your electricity bills by following our tips.
Cut Down on Unnecessary Spending Habits
Making small changes to your lifestyle can make a big impact on your bank balance. Cut down on takeaway coffee and prepare your lunch and dinner at home instead of eating out.
Know How to Utilise Your Centrelink Benefits
If you are receiving Centrelink benefits, you can set up an automatic payment for your electricity, child care and rent through Centrepay This will help you manage your necessary expenses. You must also take advantage of Centrelink’s scheme on rent deduction.