Settlement Guide: 5 tips for household budgets

While Australians enjoy some of the most liveable cities in the world, the cost of living is high. Here are some tips on how to effectively manage a household budget.

balancing household budgets Source: Pixabay

1. Set realistic financial goals

The best way to start saving is by budgeting and knowing where your money is going.

Housing Source: AAP

2. Save, save, save

It is good to set aside a proportion of your income to achieve your goals.

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3. Have different bank accounts for different expenses

Keep your savings accounts separate from general transaction accounts to isolate money for different needs.

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4. Plan for unexpected bills

Keep money aside as a contingency to pay for unforseen expenses.

Budgeting Source: Getty Images

5. Make sure family goals are aligned

Regularly review your family budget plan and your savings plan.

aligned goals Source: AAP

ASIC’s MoneySmart has publications, audio and video recordings in 26 languages, including Arabic, Dari, Dinka and Swahili.

ASIC also offers different online resources and can assist in finding free financial counselling.