Many of us have been told at some point in our lives to start a budget. It is true that budgeting is a valuable financial skill to have. It is a great way to keep on top of your expenses, plan ahead, save, and ensure you are living within your means.
But budgeting can come in many different forms, from high end spreadsheets, to basic bank accounts allotted for different purposes. Budgeting doesn’t always come naturally to everyone.
So, as we settle into 2024, we highly recommend taking the time to set up a budget that works for you and your family, so that you can thrive and grow this year, and take control over your finances. We have gathered some of our 6 best tips to help you establish and maintain your budget this year and flourish!
1. Write Down Expenses
We all have expenses. Places where our money goes. Some of these expenses are for living, such as rent, insurance, groceries, water, power and broadband bills. Others are for entertainment and leisure, such as your gym membership and your streaming subscriptions. Write down all the expenses you have, so that you can see where your money is going. This is a great way to see everything, and see where perhaps you can make changes.
2. Track Expenses for a Month
Create the habit of budgeting by starting small. Track your expenses for a month, and you will gain insight into how you spend your money. You’ll also be able to see the smaller spends that add up over time. It’s a great way to see where money is going that is not necessarily useful, such as that subscription you don’t use.
3. Format it For You
Everyone processes information in a different way. Do you prefer handwriting things down with pretty colours? Or do you prefer the simplicity of a spreadsheet? Find a format method that works best for you and makes sense. There are plenty of budgeting templates online to help you get started.
4. Be Realistic
Make sure the expenses you are setting for yourself are within your means. Same goes for whatever you are saving. There are plenty of ways to save and tackle debts, such as setting aside small amounts of money, or creating small goals. Start with a small goal for the week, such as not spending on non-necessities. The money you save that week can be put into a savings account! You will be on your way!
5. Turn it into a Game
Humans are programmed to repeat behaviour when we are rewarded. If you are struggling to keep budgeting a habit, you could turn it into a game or challenge yourself. Tap into the psychology by, for example, giving yourself a small reward when you save a certain amount of money.
6. Compare your Bills
Did you know that comparing your utilities and telecommunications bills is one of the most powerful ways to save money? With NZ Compare, it has never been easier to compare your broadband, power, mobile, and financial plans. It’s a great way to gain insight into the options available to you, and compare different service providers side-by-side. Plus, you are likely to find a new plan that suits you better and save hundreds of dollars in the long run.
So, how do you compare?
Easy, use NZ Compare!
Jump on NZ Compare!
NZ Compare is home to multiple comparison websites for all kinds of everyday utility services such as broadband, power, and mobile. The best part? You can compare for free!
Simply, follow these easy steps:
- Jump onto our website.
- Choose a service to compare.
- Hit enter!
- Browse all the different plans available to you & compare them side-by-side.
- Find one you like and switch!
Or, if you’d prefer to speak to a friendly person, then give our customer service team a free call on 0508 22 66 72.
