Unfortunately there are no easy steps to getting on top of your cash flow. The first step is to write down what you earn after tax (per month), then grab your last bank statement/credit card statement and write down everything that went out/was paid for the month.
You can then transfer this information to a calculator or spreadsheet (good one here - https://www.moneysmart.gov.au/tools-...budget-planner) where you can start to plan out your expenses and get an understanding of where you money goes.
This is a great start and writing down these things helps you feel a sense of empowerment.
Hope this helps!
We have an automatic direct transfer every fortnight for every bill. So then when rates, electricity, gas, water etc. come around it's already paid. Only way to stay on top of bills otherwise you can drown in them. We usually put away $500-$600 a month for unexpected bills/expenses.
I find the only way to stay on top of bills is just to have it all paid automatically so you never get hit with a huge bill.
We also never really buy anything on credit unless we're going to pay it off by the end of the month. If you can't afford it, you can't afford to charge it.
Can I join in on this discussion. I think I have slightly over-extended myself. I have a new car loan and a loan on a caravan. I ahve a heap of bills and expenses that need to be paid and although they're getting paid and nothing is overdue as yet- I'm still not really putting anything into savings (at least, not to stay- it goes in to help pay for that bill that is due next month and is valued over my weekly wage).
Each week- I get a little bit excited on pay day when I am able to tick another thing off the list, and then I get depressed that I have no money left, than I get excited about the next pay day to pay off that something extra!
Subbing. DH brings home a reasonable wage and we haven't been overly concerned about money for a while, but I am now back at uni . This means paying for daycare for both kids 3 days a week on one wage. We definitely need to find some savings somewhere!
Subbing too. We're standing still in our finances, every time we go forwards it rapidly falls back again. Not helped by the cost of renovations. I've left my credit card at home and I'm taking out housekeeping cash every Friday. I find I'm more conscious of my spending if it's cash. And I can't buy something on a whim. I'm not a big Spender anyway but I'm a sahm and I really have to learn to make our money work for us. Will be back later to read this properly
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