Video: Starting a budget

starting a budget video

Video transcript

Heidi: Hi, I'm Heidi.

Andrew: And I'm Andrew. We're from the MoneySmart Team at ASIC.

Heidi: Here are our top tips on taking control of your money.

Our first tip is to track your spending. You can do this using our free app TrackMySpend. Download it onto your mobile and you can record purchases while you're on the go.

If you don't have a smartphone, just use a notepad. Write down all the purchases that you make for 2 weeks. You could be really surprised when you see where your money is going.

Our second tip is to get all your bills and statements together. This lets you see the big purchases that you are making and also lets you plan for bills that are coming in the future. There's really is no substitute for being organised.

Andrew: That's right, and our third tip is actually do a budget. MoneySmarts' free online budget planner is easy to use and you can save your results online. It's a great way to start managing your money.

And doing a budget is not about making cutbacks. It's about redirecting your money to spend on things you really want to spend it on.

I personally have used the budget planner and I can tell you that it's a great way to see where your money is going. It's good to actually sit down and use it - you never know exactly where your money is.

Heidi: That's right, so our top tips are: track your spending, get organised and do a budget.

Andrew: And if you've got any questions, come to the MoneySmart website or contact us via Facebook or Twitter.

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Last updated: 09 Aug 2016