Ask the Experts: Your Budget with Bendigo Bank

PROMOTION 11 August 2022

With the price of everything going up, we turned to Banking Insider Steven Thompson from Bendigo Bank to find out how to make a budget work.

How to make a budget (and stick to it).

Budgeting is like trying to eat a healthy diet.

You know it’s good for you. You know it will help you achieve your goals. But, it can be hard work to stay on track.

So, let’s look at what you can do.

Take care of the little things

Review your statement and see just how much you’ve spent, and on what.

It’s tedious, but if you change your spending habits, consider the money you’ll save as your extra payday.

Deal or no deal Phone plans, internet plans, subscription services. Are you getting the best deal? Check the comparison sites. Do you need that extra subscription, or is it collecting virtual cobwebs?

No-spend challenge

Going a week without the nonessentials won’t just improve your bank balance, it could open your eyes to your saving power.

Save what you save

Open a savings account and make sure you have internet banking access to it. When you choose something cheaper or choose not to buy at all, transfer the money you would have spent into your
savings account.

The more you see your savings grow the more motivation you’ll have.

Use a budget planner

An online budget planner is a fantastic, free resource to use. It can be hard to imagine achieving a big savings goal through small changes to your spending habits. But it’s through small changes that big goals are reached, financial or otherwise.

It’s not quick, it’s not easy, but it’s worth it.

Any advice provided in this article is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable product disclosure statement(s) on our website before acquiring any product.