This week is Money Week, a perfect opportunity to take stock of finances, look at budgets and get those money woes sorted out. With the help of Jubilee Budget Advisory Service manager Simon Tierney, The Southland Times will run a Money Week tip each day this week. Today's tip is all about making a money plan.
Your money plan is your personal budget.
To create your own simple budget, start by writing down your full income from all sources like first and second job, casual work, Inland Revenue Department family tax credit etc. Then proceed to write down every expense starting with your accommodation, power and food as your top priorities.
Ideally, if you are paid weekly, break your expenses down into weekly lots. Do not skip expenses or think some are not important. They all matter and they all add up.
Once you have noted all your expenses, prioritise them from high to low. This will make it easier to trim your budget if your expenses work out to be more than your income.
Aim to create a surplus and look to save this to a separate account.
Quick tip - Failing to plan is planning to fail!
- © Fairfax NZ News
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