Do you know exactly where every dollar goes each month? How well do you actually understand your money?

For many people, budgeting is something that’s only done by those who need to stretch their money further. In reality, budgeting is an essential part of being smart with your own finances. Budgeting is a habit everyone should make a part of their routine.

Smart budgeting can help you pay off debts sooner, protect your credit rating, and even help you save for something special. It’s is an important part of getting your finances in order. If you want financial freedom, budgeting is the first step towards that brighter future.

  • Why Do You Need A Budget?

    As you likely already know, a budget is a way to record the money you have coming into your wallet (income) and the money you’re planning to spend (expenses). It’s basically a roadmap for your finances, and it can let you know if you’re on track for your money goals.

    Why bother with a budget in the first place? The main reason you need a budget is to understand and take control of your finances. How well are you managing your own money? If you feel like you’re spending money faster than you can keep track of it, you need a change.

    Budgeting is a great way to gain valuable insight into how your money is working for you. Are you spending too much each month on the wrong things? Could you save more towards your goals or pay more towards your debts? These are the questions budgeting can answer.

  • How to Set Up Your Budget?

    Creating a smart budget can be intimidating. Where do you even begin? Luckily, it’s not as complicated as it seems. There are even some apps that will help do it for you. However, for the sake of simplicity, here’s a 3-step system to create a budget:

    1. Calculate your income – First, calculate all of your income. Include everything from your savings to your monthly earnings and even investments.
    2. Add up your expenses – Next, you need to add your expenses. Go through all areas of your life to see where you’re spending money. This will include fixed expenses like your home loan or rent payment to variable expenses like how much you spend eating out each month. You can use last month’s averages as a starting point.
    3. Create your budget – Finally, subtract your expenses from your income. What you’re left with is the amount of money you have left over after all expenses have been accounted for. Do you have a surplus or did you overspend? This will provide the basis for creating your budget. If you’ve gone negative, you’ll need to look for areas to cut spending. If you’re left with a positive number, you might choose to allocate more money towards your savings or another goal.

      This is only a simple approach to budgeting, but you can break it down even further to make the most of the money you have. Working with a budgeting expert can help you tailor a new custom budget specifically to your needs. Talk to our friendly professionals today to get started.

  • How to Budget to Pay off Debt?

    If you have debt you’re currently working to pay off, whether you need to pay off a loan or credit card debt, you’ll need to look at your budget more carefully.

    First, you need to tally up all of your debts. This will help you get a clear picture of just how much you owe and how much you owe each month. Then, you’ll need to set a realistic budget that you can actually stick to. It’s all about being in control, not depriving yourself.

    Lastly, you need to prioritise your debts. This usually means paying off the highest interest debt first, usually credit card debt. Depending on your situation, you might want to consider refinancing or another debt solution to help manage your debt repayment more effectively.

    You need to take your debt payoff seriously. This is where expert assistance can help you. The most important step is to ask for help when you need it. The right budget help can revolutionise your debt payoff process.

  • Benefits of a Debt Plan

    Why plan your debt? If you’re not careful, you can find yourself sinking into the ground when it comes to your debt payoff. This can lead to bad credit, court action, or even bankruptcy.

    If you’re currently struggling to repay your debt, you need to get serious with your debt payment plan. By using a professional debt consultant who understands your individual situation, you can determine the next steps that are right for you and find budget help that works.

    You don’t have to face your debt alone. Having a financial expert in your corner who can help you achieve your goals is the only way to take the guesswork out of budgeting and debt payoff. Talk to our specialists to create a debt payoff plan today.

  • How To Budget More Effectively

    When it comes to creating a smart budgeting plan and sticking to it, you need to be smart. Following these tips below can help you budget more effectively:

    • Track your spending – Track incoming and outgoing funds with a spreadsheet or money-tracking app on your phone.
    • Prioritise – Always prioritise paying off bills first, then your debts.
    • Talk to your lenders – Negotiate interest rates or payment plans with your creditors to help you pay off debts faster.
    • Hardship – Apply for financial hardship with all of your creditors if you feel yourself falling behind on payments.
    • Educate yourself – Identify areas where you can afford to save by checking websites such as Money Smart and learning more about financial wellness.
    • Shop around – Check comparison sites before making major purchases to make sure you’re getting the best deal.
  • Help With Your Budgeting

    We could all use a little help from time to time. Whether you’re in need of a complete budget overhaul or a debt payoff plan, act now while you’re still in control. You don’t have to take these next steps on your own.

    If you’re in need of a budget planner, Debt Busters are here to help! Get in contact with a member of our friendly team now to discuss our budgeting tips, helpful planning advice and more.

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Debt Busters is an Australian owned business which was founded in 2005 - since then we have been able to help thousands regain financial control.

Debt Busters prides itself on providing a dedicated Client Service Manager to work closer with you and provide a higher level of customised service about your situation.