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Setting yourself up for a successful year

A new year is here! Which makes it the perfect time to get down to goal setting for the year ahead. We won’t call them ‘resolutions’ because we all know how quickly they can be forgotten!

If you want to make this year one to remember, looking at your finances could be a good place to start. By following some simple steps now, you could get yourself set up for success – and make your money work harder.

Take control with a budget

Don't worry, budgeting isn't all cutting back and going without. It's about getting organised and feeling confident about your money. Don’t believe us? Keep reading for our top tips that can help you make budgeting easy and straightforward.

Why is a budget good?

Think of a budget as your money map reader. A budget helps you navigate your income and expenses, and supports you to reach your financial goals without heading off track.

We all know that 2024 wasn’t friendly on our wallets, thanks to inflation and cost-of-living pressures. When your outgoings rise, having a budget in place could help you stay on the right path and avoid you falling into debt. Not convinced? Here are some benefits of a budget:

  • With a budget, you’re in control. It allows you to track your spending and not spend more than you earn.
  • By budgeting, you'll be able to have money set aside for unexpected financial surprises (or shocks).
  • A budget helps you put money towards what matters most, whether it's a new car, buying your first home, or adding a furry friend to your family.
  • Having a budget can ease any money anxiety and financial stress in your life.

How to budget successfully

If we’ve convinced you and you want to start being wiser with your money, here are some simple steps to help you begin budgeting.

Review your finances

List all your income sources and categorise your expenses. Be thorough – this is the crucial foundation of your new budget.

Set specific goals

What exactly do you want to achieve this year? Are you saving for an epic holiday, paying off your credit card debt, or do you just want your work salary to go further?

Use the SMART principles to set your money goals:

  • Specific: Know exactly what it is that you're saving for.
  • Measurable: Regularly check and track your progress.
  • Achievable: Set goals that you’re able to reach.
  • Realistic: Be honest with yourself about what you can afford.
  • Time-bound: Keep motivated by setting a deadline.

An example of this could be:
“To help pay off my HECS debt sooner, I will make an extra payment of $700 over the next six months. I will do this by setting up an automatic transfer of $53.85 per fortnightly pay cycle.”

Prioritise life’s essentials

Focus on the things you really need like housing, groceries, healthcare, and utilities. Look for ways to save on the non-essentials and see if you can save anything on the must-haves.

Track and update

Life happens, and your budget should be flexible. Review your new budget regularly so you can make any necessary changes.

Budgeting tools to help

Using things like budget planners or financial apps can help you easily identify where you can make adjustments within your budget and stay organised.

A budget planner calculator is designed to help you easily create your budget. It breaks down your outgoings and your income, and makes it simple to see exactly where your money goes.

A budgeting app, like mymo by BCU can make budgeting a walk in the park. With this clever app, you can:

  • Link your Australian bank accounts (yes, all of them) in the one place, and keep track of all your money.
  • Set up bill and recurring payment reminders to avoid pesky late fees.
  • Set savings goals tailored to you and your lifestyle and then track your progress.
  • Automate transfers to your savings accounts to ensure you’re consistent with your saving.
  • Track all your spending and get a real-time view of your accounts so you can stay accountable.
  • Update your goals and your budget as your financial situation changes.
  • Get financial insights and see how your efforts impact your overall financial health, so you can make informed money decisions.

The road to success

If you stay disciplined and stick to your new budget, you’ll soon find that you’re on the way to financial success. By revisiting your budget regularly, changing your spending (and saving) as needed, and putting some money aside for emergencies, it’s possible that 2025 will be a good financial year for you and your family. Embracing a budget can pave the way towards a more secure financial future!

Remember, if you’re struggling financially, assistance is available. We have tools and services, and there are several free national resources you can access including the government’s MoneySmart website.

 

Banking and Credit products issued by Police & Nurses Limited (BCU Bank) ABN 69 087 651 876 AFSL/Australian Credit Licence 240701. Any advice does not take into account your objectives, financial situation or needs. Read the relevant T&Cs, before downloading apps or acquiring any product, in considering and deciding whether it is right for you. The Target Market Determinations (TMDs) are available here or upon request.