Sub category: Teens
5 September 2018

Step by step to make budgets a breeze

A well-crafted budget is the perfect sidekick for any savvy saver. Budgets aren’t about cutting out the things you love to do – rather, they’re about outlining your expenses compared to your income, and helping you plan your spending and saving.
With the right budget in place, you can allocate money for your day to day expenses and put aside money for the fun stuff in life.
Here’s a step-by-step guide to help you set one up.

Step 1: Observe your spending

Take a look at your spending habits over the course of a week to get a feel for how you typically use your money.

By checking out your bank statement, you’ll be able to see patterns in your expenses, like where and when you buy food, if there are any regular bills you pay (like Spotify), and how often you buy clothes online. You can then categorise your expenses (you could use different highlighter colours to help do this) and write down how much you spend on each category over the week. It might look like this:

Step 2: Decide what type of budget works for you

There are loads of different ways you can create a budget, and it depends on what works best for you. There are a number of budgeting apps out there that can help you keep track of your expenses. For instance, Pocketbook integrates with ING and automatically tracks and categorises what you spend your money on.

What also might help out is a traditional spreadsheet. Using either Excel or Google Sheets, you can enter in your regular expenses, create a tab for each pay cycle, and calculate how much you’re able to spend each week. The below is an example, which might help get you started.

Step 3: Set and stick to your goals

Once your budget is in place the next step is actually sticking to it. Having a savings account linked to your main transaction account can help gives you a clear view of which money needs to go where, rather than just looking at one big pot.

If you have an ING Orange Everyday Youth account [LINK], you can transfer the percentage of your pay you’ve allocated to savings in your budget straight to a Savings Maximiser. This will give you a higher interest rate on your savings account and may help get to your goals faster.

Step 4: Analyse your spending

If you end up spending more than you budgeted for within a certain category over the week, take a look back at your statements, see if there are any places you can cut back and think about whether you should adjust your budget.

Budgeting is about adapting as you go and learning from your spending.

Budgeting is easier with the right account.
Check out an ING Orange Everyday Youth account today.

 

Orange Everyday Youth is an account for individuals who are 15 to 17 years old. Joint accounts and overdrafts are not available for Orange Everyday Youth.

All Orange Everyday Youth accounts will receive the Global ATM Rebate Offer and the International Transaction Fee Rebate Offer. This means that:

  • for ATMs in Australia – any ATM fee charged by the ATM operator is paid back to you immediately following the transaction,
  • for ATMs outside Australia:
    • ING will pay back the International ATM withdrawal fee of $2.50 immediately after it is charged, and
    • ING will pay back any ATM fee charged by the ATM operator when your transaction is finalised (settled).

While a transaction is pending, the amount the ATM operator charges in fees will be deducted from your available balance and will be paid back to you after the transaction is finalised (settled). ATM transactions made outside Australia can take up to 5 business days to finalise, so that means it can take up to 5 business days for us to pay back overseas ATM fees to you, and for ING international transaction fees on card purchases – ING will pay back the International Transaction fee of 2.5% of the amount of the international transaction immediately after it is charged. The person you’re buying things from may charge you a separate fee for their services (which we will not pay back to you under this offer).

This offer may be changed or withdrawn at any time at ING’s sole discretion.

Savings Maximiser for Orange Everyday Youth customers: Interest rates are subject to change. Visit ing.com.au to find the current rates. The additional variable rate that is added to the Savings Maximiser standard variable rate applies on one Savings Maximiser per customer on balances up to $100,000.

Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not have an Orange Everyday Youth, the standard variable rate applies. If you have multiple Savings Maximiser accounts, visit online banking or call us on 133 464 to check or change which Savings Maximiser account receives the additional variable rate (if eligible). ING can change or withdraw the additional variable rate at any time. The additional variable rate is not payable in conjunction with any other promotional rate.

This offer may be changed or withdrawn at any time at ING’s sole discretion.

Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before making a decision in relation to Orange Everyday Youth or Savings Maximiser, you should read the Orange Everyday Youth Terms and Conditions and the Orange Everyday Fees & Limits Schedule, and the Savings Maximiser Terms and Conditions, available at ing.com.au. If you have a complaint, please call us on 133 464 at any time as we have procedures in place to help resolve any issues you may have. Products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

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