Budgeting

A budget shows you if you are spending more or less than you can afford. It allows you to direct your money to where it matters most, so you can stay on top of your bills and start putting money towards your future.

It is helpful to look at the money going in and out across a whole year. Include regular payments such as your phone and utility bills, medical expenses, car registration or public transport.

To work out your spending priorities, think about what your essential expenses are (e.g. rent, groceries, petrol), and which things you could do without, or cut back on, if you need to save money (e.g. entertainment, takeaway deliveries, streaming services).

It can be helpful to us an app or website to work out your budget, we recommend: Budget planner

You can find some great tips here:

If you’d like help with budgeting, you can make an appointment with our Financial Counsellor – call us on 02 4921 6059 or email financialwellbeing@newcastle.edu.au

Track your spending

Overspending can lead to a debt spiral and cause you a lot of financial stress, now and in the future. So it’s important to keep track of your spending and stick to your budget.

The easiest way to track your spending is to have an app on your phone. Search for the best application that suits your need. Some applications sync to your bank account, others allow you to add your spending manually.

Check if your bank app allows you to track your spending, or you can find some other options here:  The Best Budget Apps for 2024 - NerdWallet

You can also find some helpful tips here: Track your spending - Moneysmart.gov.au