525288) of Mozo Pty Ltd who is the holder of AFSL No. Your savings will also help you cover unexpected costs like:ĭisclaimer: Flux Technologies Pty Ltd (ABN 86 634 507 172) is an authorised representative (Representative No. emergency fund, extra repayments and savings goals). Your savings are for setting aside money for the future (i.e. Obviously, this can vary depending on the time of the year, but it's a helpful rule of thumb. You gotta live your life - especially after being in lockdown! So, the 50/30/20 budget rule allows for 30% of your after-tax income to go towards things like:

Other loan repayments (like credit cards, personal loans etc).

Council rates (if you own your own home).

Utility bills (electricity, gas, phone bills).

What are my ‘needs’?ĥ0% of your after-tax income should be put towards the everyday things you need to live your life, like:

So, figure out what your after-tax income is.AKA how much money goes into your account from your employer each pay-day, and let's get down to business.

20% of your after-tax income should go towards savings.30% of your after-tax income on your wants.50% of your after-tax income on your needs.This is a straightforward way for you to divvy up your after-tax income and can help you achieve your financial goals. Got all that? Good! Try the 50/30/20 methodĪ simple budgeting approach for beginners is the 50/30/20 rule. Some of your outgoings will be fixed expenses (like rent), but others will be variable expenses that change month to month - you can average these out over time. If you don't know off the top of your head, print out a few bank statements and highlight all your outgoings (that's things like rent, groceries, subscriptions.everything that's debited from your account). What do you spend your money on every day, week or month? It's time to whip out the ‘ol pen and paper, and write down all your expenses. Here's what you need to do to whip your personal budget into shape. Reach your financial goals (house? Car? You name it).Have money set aside for bills and expenses (and never be late on ya bills!).Figure out where your cash is going (how many times per week are you really ordering UberEats?!).It’s a tried and tested method that helps you: The easiest way to track your expenses and stay on top of your savings is with a monthly budget.

Monthly income outgoing spreadsheet