Case study budgeting
Katie's budget reality check
my name's Katie and I am a 19-year old uni student. MoneySmart's budget
planner really opened my eyes to what I'm spending and
helped me get a saving plan together.
I've already saved $10,000 over the last few years from my
part-time job but I want to save more so I can have money to put
towards a deposit on a flat in about 5 years time.
When I put my income and expenses into the budget planner I
found it pretty eye opening. Since I live at home with my mum, my
living costs are small but it shocked me that the planner showed
that nearly 75% of my wage goes on shopping.
I was also surprised that my weekly dinner with my girlfriends
at a Mexican restaurant and lunch and snacks during the week,
totals nearly $5000 a year.
I chatted with my friends who are also uni students on similar
wages and they were just as shocked as I was. We didn't realise
that these costs would add up to so much.
Here are some ways I plan to change my spending habits so I can
- Pack snacks and drinks from home and don't buy lunch out
- Plan ahead and save for major expenses like car insurance
before the bill arrives
- Limit myself to a monthly clothes budget
- Use the Track
My Spend app to make sure I stick to my budget
- Put together a savings plan with the savings
If you cut down on a few things each week it can really make a
big difference to your savings.
Last updated: 17 Mar 2014