Settlement Guide

Settlement Guide: 5 tips for household budgets

Source: AAP

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.

1. Set realistic financial goals

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

Dream of home ownership
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2. Save, save, save

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

Saving money
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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.

Bank cards
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4. Plan for unexpected bills

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

Unexpected expenses
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5. Make sure family goals are aligned

Regularly review your family budget plan and your savings plan.

Aligned goals
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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.

Source ASIC