WEhere to find a good budgeting site ?
Any ideas ?
Y
what are your objectives from budgeting?
sites like http://finance.ninemsn.com.au/money/ will get you started but just asking about budgetting without knowing your short-term and longer-term goals may not get you specific advice that you may want.
Hi Y,
Budgetting is a relatively straightforward process – whether or not it is successful depends on the accuracy of the data you input and the commitment you have towards the process.
Very simple process – analyse your spending habits and identify your income levels from all sources.
Then identify essential payments (loans, utilities, groceries etc.) and your discretionary spending and see how much you have leftover.
Check to see if this is sufficient for you to achieve your savings goal – if not you may have to do some ‘shaving’ somewhere.
Another technique is to right everything you spend over a typical fortnight and to see where your money goes – you may be surprised.
As ‘Duck’ said try MSN – Money magazine has a planner there http://finance.ninemsn.com.au/money/medic/budgetplanner/budgetplanner.asp
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hello Y, good question.
Understanding your own finances is always the first step before investing as there is no sense in creating extra income if it’s just going to disappear by creating more doodads!
I teach my tenants some basic budgeting skills before we give them the go ahead to look for a house. Typically use the approach that John Burley [ohno] uses:
Step 1 – Give Away 10% of Gross income
Rationale: What goes around comes around. If unsure about this approach start with a smaller amount, ie Sponsor a child (www.compassion.com.au)
Step 2 – Pay Yourself 10% of Gross income
Rationale: Use this to save for deposits, investments or an Automatic investment program – read wealth creation. Check out ING Direct (www.ingdirect.com.au) or LLL (www.lll.org.au) for savings accounts that pay reasonable rates but don’t charge any fees. I prefer LLL as they provide financial support community projects such as Schools and Colleges.
Step 3 – Put 10% of your gross income into repayment of existing bad debt.
Rationale: Make minimum payments on all your loans. Then take your smallest loan and add the 10% towards the repayments. The loan will be gone pretty quick! Once the first loan is paid, tackle the next largest one by making minimum repayments and adding the minimum payment from the paid loan and the 10%. Pay that one off and the start on the next loan. Pretty soon you’ll be debt free!
Step 4 – Never use credit!
Rationale: Start to live within your means. At first this may be a little depressing, but delayed gratification never hurt anybody. Do what Derek said above – identify all your incomings and outgoings, then shave! (Keep your goals in mind).
Step 5 – Spend the rest and party.
Hope this helps, I’ve used this approach myself and am happy with the results. You may like to check out The Geyer Group (www.thegeyergroup.com.au) who specialise in helping with the hands on of the above example.
Kind regards,
Marco
Get more out of Renting!
http://www.positiveproperty.com.auYou might want to check out a book called ‘Money Secrets of the Rich’ by John Burley. It is an excellent book which can reduce your expenses by up to 20% without you even noticing it (for example he gives advice on different insurance (whole life insurance is horrible!), how to pay off all consumer debt within 5-7yrs (inc. your mortgage!), etc. He also teaches you how to do a no-budget, budget.
Marco’s advice comes straight out of chapter 1 of the book.
Hope this helps.
Rgds.
Lucifer_au
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