Budgeting tips and tools

Your guide to budgeting

Budgeting is a powerful tool to help you take control of your finances. By understanding where your money goes, you can make informed decisions, reduce financial stress, and work towards your financial goals.

Track your spending

Understanding your spending habits is the first step in effective budgeting.​

• Choose a specific time frame (e.g., a month) to monitor your expenses.
• Record every expense, categorising them (e.g., groceries, transport, entertainment).
• Include all purchases, no matter how small.
• At the end of the period, review your spending to identify areas where you can cut back.​

Before making an unplanned purchase, ask yourself:​

• Is this item on sale or likely to be discounted soon?
• Do I need it immediately, or can it wait?

Plan your budget

Creating a budget helps you plan your expenses and save for future goals.​

1. Calculate your total income (weekly, fortnightly, or monthly).
2. List all regular expenses, including:
   1. Transport (e.g., fuel, public transport)
   2. Utilities (e.g., electricity, water)
   3. Groceries
   4. Insurance
   5. Loan repayments
3. Subtract your expenses from your income to determine your surplus.
4. Allocate a portion of the surplus to savings or other financial goals.​

If you're unsure about certain expenses, estimate them and adjust your budget as needed.

Start saving

Saving might seem challenging, but setting achievable goals can make it manageable.​

• Aim to save 10% of your gross annual income.
• Divide your savings: 5% for short-term goals and 5% for long-term objectives.
• Open a separate savings account to avoid the temptation of spending.
• Set a short-term goal (e.g., a weekend getaway) and save towards it.
• Once achieved, use any remaining funds as a starting point for your next goal.

Build a financial safety net

An emergency fund provides a buffer during unexpected financial challenges.​

• Individuals or couples: aim for two months' worth of take-home pay.
• Families with dependents: aim for three months' worth of take-home pay.​

This fund can cover unforeseen expenses like medical emergencies, job loss, or urgent repairs.

Quick budgeting tips

• Keep your budget realistic to ensure it's sustainable.
• Remember, a budget is a flexible tool, not a strict rulebook.
• If you overspend one month, adjust the following month to compensate.
• Review and update your budget every three months to stay on track.

Tools to assist your budgeting

Utilise our budget calculator to assess your income and expenses, helping you identify potential savings.

Transport Mutual products to support your budgeting goals

At Transport Mutual, we offer a range of products designed to help you manage your finances effectively:​

Premium Savers Account: Earn higher interest rates on your savings.

Redifund Account: Ideal for managing larger savings balances.

Christmas Club Account: Save throughout the year for end-of-year expenses.

TMCU Kids Saver High Interest Account: Teach children the value of saving from an early age.

Credit Card Crusher Loan: Consolidate and manage credit card debts more effectively.

Explore our savings accounts and personal loans to find the right fit for your financial needs.​​