Cost of living budget planner

Family budgets are tight, and for the rest of 2024, the economic landscape may look a tad bleak. There is a speckle of relief with tax cuts kicking in, offering some respite. However, it is a time when individuals, couples, and families need to watch their spending and set a realistic budget that includes saving for retirement.

A budget planner is an essential tool. Used well, it can turn financial chaos into calm, allowing you to achieve stability and allocate some funds for savings. But first, you need to figure out exactly how much money is coming in each month. This includes salaries, bonuses, side gigs, and any other sources of income. Transparency is key, especially in family or couple situations.

Next, it’s time to track those pesky expenses. Using the Step Up Financial Group free budget planner, you can divide them into categories like groceries, insurances, loans, utilities, entertainment, and vehicles and deliberately drill down into the details. This can be a confronting exercise but a highly valuable one illustrating exactly where your money is going and where savings can be made.

Set realistic targets and budgets


The budget planner should have exposed the costs that can be trimmed or converted from expenses into savings. Now, you can set your budget, which turns your tracked expenses into a manageable plan that guides your spending and saving. A good rule of thumb is to use the 50/30/20 rule: allocate 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment. This provides a balanced approach to managing your money. Remember that this is a guide, and your situation may require a refined approach. You may be able to add more to savings and debt repayments. The more you can allocate to debt repayment, the more you can add to your savings as your journey unwinds. This is a fundamental reason why a budget planner is essential to meeting the challenges of today’s financial climate.

Make savings a priority


Happy successful mature investor woman celebrating profit, income from investment, retirement savings, reading financial paper document, making winner hand, smiling, sitting at laptop at home

Savings must be a priority in your financial budget, and our budget planner calculates your monthly surplus. You can see how much can be allocated to your savings. It is wise to automate your savings by setting up automatic transfers from your everyday account to a savings account. This removes the temptation to spend extra cash on impulse purchases. Start by setting small, achievable savings goals. Celebrate each milestone, whether saving your first $500 or reaching $5,000. Watching your savings grow month by month can be a powerful motivator, turning saving into an additive and rewarding pursuit. Real saving progress can inspire you to find more ways to save and invest.

We know saving money takes discipline, and adding a few creative days to the month to boost your savings can prove rewarding. For example, designate one day a week, a fortnight, or a month when you don’t spend any money. This can help encourage mindful spending. You can challenge yourself to cook all meals at home for a week or a month. You’ll be surprised how much you can stash away with this small sacrifice.

Our budget planner is free


You don’t get much for free these days, so we encourage you to use our free budget planner. Understanding your expenses, budgeting for consistent savings, and paying down debt must be part of your lifestyle, no matter your life stage. Our budget planner is a comprehensive tool to help you achieve your budgeting goals.

Our financial planners can help you manage your financial challenges and stabilise your financial path. We work with individuals, couples, and families from all walks of life. Whether you need budgeting and financial planning advice, investment and superannuation strategies, estate and or retirement planning, we are committed to your success.

Contact us today for experienced, compassionate, and professional financial planning advice.

Need more information? Get in touch with Step Up Financial


    • 107 Moulder Street,
      Orange, NSW 2800

      PO Box 2499
      Orange, NSW 2800

    • (02) 6362 5445

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