Financial Planning
By Maddie Fleming/01 Sep 2020/Two-minute read

Want to save money but not sure how to create a budget? Take control of your finances with our simple budgeting tips.

We all have different saving goals in mind. You might be stashing money for a short-term goal, like a car or a holiday, or you may have something more long-term in mind, like retirement.

Why is budgeting so important?

Setting a budget creates an action plan. It provides you with a clear picture on where your money is ending up each month. It also helps you get off the treadmill of living from paycheck to paycheck, and enables you to sort out your money priorities and find that all-important balance between saving and spending.

Here’s how to get started:

1. Find a budget planning tool that suits you and stick to it

Whether you’re a fan of spreadsheets or you love the idea of an automated budget app that syncs directly with your bank, it’s important to choose a tool that suits your lifestyle and preferences. Consistency is key, so make sure you pick a tool that you feel comfortable using on a daily, weekly or monthly basis.

2. Record your expenses and income

Once you’ve got a budget tool you’re happy with, it’s time to calculate your income and expenses. Start by making a list of your monthly income sources (if you’re unsure of this amount, take a look at your bank statements). Once you’ve entered in your income, compile a list of all your expenses. This should include your rent or mortgage repayments, car repayments, gym memberships, phone and internet, insurance, groceries, and any entertainment, like streaming services (some apps even do this all for you). It’s important to also include irregular payments such car registration, gas and electricity.

3. Track your monthly spending

Once you’ve entered your income and expenses into your budget planning tool, we recommend you track your spending for at least two months. It might feel laborious but writing down everything you spend money on and how much will give you a good understanding of where your money is going each month. This will help you identify any patterns with your spending that could be cut back, or any recurring subscriptions that you’re no longer using.

4. Put a savings plan in place

Once you have a clear idea of the income that’s coming in and the money that’s going out each month, it’s time to think about saving. If your income exceeds your expenses, then you’re in a position to put a regular savings plan in place. If it’s the other way around, then you’re living beyond your means and it’s time to make some changes.

5. Keep your budget flexible

A good budget should be a living document that changes as your circumstances change and helps you achieve your financial goals, whether that’s contributing more to your superannuation each month or beginning to plan for your retirement.

Want to kickstart your savings?

Download and complete our free budget template and then give us a call on 08 8303 0300 to organise a time to sit down with one of our Adelaide financial planners

Dulwich Group Financial Services Pty Ltd T/A Johnston Grocke ABN 80 165 839 163, Corporate Authorised Representative (ASIC 1240611) and its advisers are Authorised Representatives of Paragem Pty Ltd ABN 16 108 571 875 Australian Financial Services Licence 297276
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At Johnston Grocke, we’ve been providing Australians with personalised financial, business, property and accounting strategies for over 20 years.

We know that life (and especially money) can get complicated, so you can count on us to bring consistency, certainty and confidence to your finances, so you have more time to enjoy the good stuff in life.

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