Multiple Blue Rings

4 brilliant budgeting tips for families

1. Create a family budget

Sounds boring right? Believe it or not, many people don’t bother to create one. It can often seem too overwhelming, tedious or unimportant. In the end, it’ll be worth it because you may be able to reduce costs and save money along the way. According to ASIC2 an average Australian household spends $20 on bakery products, $44

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1. Create a family budget

on food at restaurants and $29 on personal care each week. So the first step in creating a family budget is to figure out where all your money is going. In other words, calculate your income and add up your expenses. Yes – it’ll mean rummaging through old bank statements, bills, and credit card statements. Talk about a diligent auditor!

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1. Create a family budget

You’ll need to consider: – Income from full-time, part-time or casual work – Your pension, if you have one – Any government benefits you might receive – Child support payments, if applicable – Money from investments – Other sources of income.

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2. Set both short and long-term financial goals

Whether you’re planning a house move, having more children or buying a car, it’s worth keeping your short and long-term ambitions and goals in mind. If you’re able to start budgeting for them now, you’ll be one step closer to achieving them sooner. A short-term goal could be a day out on the weekend for the whole family. And an example of a longer 

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2. Set both short and long-term financial goals

term goal could be an overseas trip on the school holidays.  Using a banking account that attracts interest, like our Everyday Options Account, is a helpful way to start budgeting for your family and keeping track of your finances. Discover the Everyday Options Account

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3. Plan ahead for the school year

If school holidays are coming to an end, don’t panic. Whether you’re in for trips to the uniform shop, stationary purchases or have school activities piling up, finding the money to cover it all doesn’t have to be so stressful. Approach your buying with care and set aside the cash you’ll need in advance. Before you

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3. Plan ahead for the school year

go shopping for school uniforms, sort through their uniforms and work out what needs replacing or updating. Similarly, keep an eye out for shoe sales – you might be surprised by how much you can save! If you’re concerned about upcoming school camps and excursions, it’s worth checking with the school to see what the costs will be, or ask how much it 

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3. Plan ahead for the school year

was last year to appropriately plan and budget for the year ahead.

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4. Get the family together on budgeting

Sounds like a no-brainer, but it might not be as easy as you think. The key to budgeting – whether it’s to save for a holiday or pay for upcoming school fees – is to get the whole family involved.  Got an upcoming vacation? Start a conversation not just about where you want to go, but what you’ll be doing when you get there. Think 

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4. Get the family together on budgeting

about the activities and what value they’ll bring to the whole family. It’s fun to find creative ways to manage your spending, but it’s best to focus on the obvious things as a family. It could be as simple as changing your grocery habits, or planning a ‘staycation’ one year in order to save for a longer holiday the following year. If your weekly 

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4. Get the family together on budgeting

shopping bills keep going up and up, try drawing up an actual shopping list of what you’ll need and go with cheaper brands.

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