When you’re on a tight budget – perhaps because you’re a student, are unemployed, on a low income or on Centrelink benefits – every cent counts. It’s important you stay on top of your money management and where you’re spending it.
Here’s some money management tips for keeping track of your cash
Check your bank statement
- The ‘tap and go’ era makes it all too easy to drain your bank account dry in a flash, without even realising it.
- It’s important that you check your bank statements regularly to review every transaction.
- If you’re a smartphone user, install your bank’s app so you can regularly log in and view your account activity.
- Not only is this a great way to quickly identify any dodgy or unauthorised withdrawals, it will also help your understand where you might be spending too much and could potentially save some cash.
- Watch this handy video guide for some tips on checking your bank statement.
- The Track My Spend app is another handy tool that will help you track your spending and keep your cash on track.
- Make sure you’re not paying hefty bank fees! Check out which banks offer fee-free bank accounts.
Set a budget
- Yeah, yeah. We know it sounds boring. We know it sounds like a lot of work. But it’s so worth it!
- Setting a sticking to a budget can save you an absolute fortune. If you’re not sure how, there’s lots of handy info on the Money Smart website to help get you started.
- Take control of your cash today! Check out our 3 quick steps to set a budget for a simple guide to setting a budget.
- Creating a budget will help you to understand where your money goes. You’ll be better able to control and plan for your expenses. You’ll even be able to put some cash away for those little extras!
Centrelink can help pay your bills
- If you receive a Centrelink payment and want some help staying on top of your bills, check out their Centrepay
- It’s free to use, and means that many of your bill payments, such as rent, electricity and child care, can be paid for you, automatically.
- If your bill provider accepts Centrepay, you can discuss setting up your automatic payments with them. You can also arrange this through your MyGov Centrelink online account, or by completing a Centrepay the easy way to pay your bills form.
- If you rent government housing, for an easier way to manage your rent payments check out Centrelink’s handy automatic rent deduction scheme.
- Centrelink’s Financial Information Service can help you to understand and make better decisions around money management matters.
- They can give you information to increase your financial confidence and better understand your finances and your options.
- To make more informed decisions when it comes to your money, get in touch with a financial counsellor.
- This handy video helps explain how a financial advisor or counsellor can help you.
Need some cash fast?
- If you’ve been hit with an unexpected and unbudgeted expense, City Finance can help with a fast cash loan to help get your finances in order.
- Just pop in and visit our friendly staff at your local City Finance branch for a chat, or apply online now!