5 tips for household budget

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.

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1. Set realistic financial goals.

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

New Home in Moving Box Source: AAP

2. Save, save, save.

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

Man Examining Stack of Coins Source: AAP

3. Have different bank accounts for different expenses.

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

Source: AAP

4. Plan for unexpected bills.

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

Terrified woman escaping from expenses Source: Getty Images

5. Make sure family goals are aligned.

Regularly review your family budget plan and your savings plan.

Young Couple on Fire Escape Source: AAP

ASIC's MoneySmart has publications, audio and video recordings in 26 languages, including Arabic, Dari, Dinka and Swahili. https://www.moneysmart.gov.au/tools-and-resources/publications/other-languages

 

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

https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps

 https://www.moneysmart.gov.au/managing-your-money/managing-debts/financial-counselling