How to get on top of your spending | ASB
If you want to learn about budgeting then take a look at our video on how to get on top of your spending.
If you find it hard to control spending and keep track of your money, a good place to start is with the 20-30-50 rule. Divide your take home pay into three portions having opened and named accounts for each portion; 20% for savings goals, 30% for wants, and 50% for needs.
Once your goals, needs and wants accounts are set up a helpful budgeting tip is to set up your Eftpos card so that your 'needs' account links to the cheque button and your 'wants' account links to the savings button on the Eftpos terminal. This way, you'll be prompted to think about whether you're buying 'essential' or 'nice to have' items.
To keep track of your bills, add up your regular and one off household expenses for the year and divide by the number of times you get paid each year. Transfer this amount to your 'needs' transaction account each payday.
When managing money, don't forget to consider credit card debt, including whether you need to adjust your credit card limit.
For more budgeting advice and tips on how to budget, check out more ASB money tips http://asb.co/asbmoneytips
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