Budget and Savings
Posted by: ae_00
30th Aug 2023 11:34pm
How do you budget your income? And what are the best ways to get savings?
When I was younger, it was easier for me to commit to my allocated budgets. For example, 20% automatically goes to savings, 40% for spending, so on and so forth.
With the inflation, and life demands lately, I am struggling to budget my money and accumulate savings. I am still ‘pretty young’ and just approaching 30s but I feel like I should have more savings than I currently do.
When I was younger, it was easier for me to commit to my allocated budgets. For example, 20% automatically goes to savings, 40% for spending, so on and so forth.
With the inflation, and life demands lately, I am struggling to budget my money and accumulate savings. I am still ‘pretty young’ and just approaching 30s but I feel like I should have more savings than I currently do.
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Comments 1
jtmorri
Always still pay yourself first, so a deposit to a savings account you don't touch, which is best to be a high interest savings account. Reduce your income and therefore your tax by contributing to your superannuation or setting up a salary sacrifice. I know many young people this year had to pay tax to the ATO as the low and middle income earner offset was removed. Managed funds and shares can see tax money returned to you at the end of the financial year as the companies have already paid tax on the earnings. Review your subscriptions and memberships and stop anything you really don't need. Don't order in or eat out all the time. If you don't have the money available then don't buy an item and save to buy it over a couple of pays.