So be honest and put all your expenses in your budget. And you're more likely to be running dry before payday. But if you create an unrealistic budget – conveniently leaving off things you know you spend on, like a bought lunch three times a week, Friday drinks at your local, or your regular trip to the hairdressers – you'll always be playing catch up and your budget will always be on the back foot. It's all too easy to allow ourselves to ignore or guess the real amount of expenses we have, and what we spend our money on.
#Budget planner book nz free#
Westpac's free spending tracker and budgeting app is called CashNav®, and it helps you to identify trends in the way you're spending. You can set budgets for each category of spending, and get real-time updates on whether you're going to stay within your budget, or you're overspending. There are some great apps and online platforms that track every transaction going in and out of your account, then categorise them and show you an overview of your spending in simple graphs and diagrams. There's no need to painstakingly input every purchase and expense you make into a spreadsheet, or write it out by hand. Use our Budget Calculator Get tools to do the hard work for you But now you know exactly where you stand, you can make some adjustments to your spending. Hot tip: If your outgoings are more than the money coming in, this is living beyond your means, and you're on the path to being in debt. Check out Westpac bank account options – many of which you can open online through Westpac One®. Having separate bank accounts for your expenses, everyday spending, and your savings is a great help here – as well as an emergency funds account for those unexpected expenses (like a car breaking down etc.). Set some rules around how much you want to save and how much you can spend daily, and try to stick to them. What's left is your money for everyday spending, for adding to debt repayment, and for your savings.Don't forget to add regular payments you make, like credit card or hire purchase payments, regular subscriptions etc. Because some expenses – like your power bill – change from month to month, go into your bank statements for the last few months, and work out the average charge. Write down your regular expenses, starting with things like your rent or mortgage, bills, childcare, insurance and transport costs – everything you know will be coming up to be paid.Write down all forms of income, from your regular pay to investments and jobs on the side.Your budget is made up of your income, your expenses, and the money left over – this might be what you stick into savings or use to pay down debt.
Sitting down to make your budget might not sound the most fun way to spend your time.īut take a deep breath, and dive in.
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