We all should have a household budget, but our research shows Aussies are ignoring this advice and two thirds of us don’t have one.

Why? Apparently we either don’t care, blame lack of time, are too scared about what we will find or just think it’s too hard! At Fair Go Finance we want to get Aussies back on track and so our first mission is to bring back the household budget…so how do you get started?

1. Decide Which Type Of Budget Will Suit You Best

There are many different ways of organizing a budget, so it’s really important that you choose the one that you like the best and feel most comfortable with. Here are the most common budget styles, so take a look and determine which one best suits you.

  • Paper / Manual Budget

If you still like the traditional paper conveniences and shy away from electronic devices, you are best to opt for a budget diary that you can manually write in and calculate. You can find them either at news agencies, bookstores or printable ones from the Internet, either for free or for a small cost.

  • Excel Spreadsheet Budget

For tech savvy Aussies with home computers, these budgets are perfect. You can either find free downloadable ones from the net, or there are some very high tech ones you can purchase. The main benefit is they do all your calculations for you, so well worth considering if you are computer literate!

  • Smartphone Application

If you live and breathe everything that comes in an app on your phone, then this is definitely right up your alley! The beauty of this type is you can update it instantly, rather than waiting to get home.

  • Get Someone Else To Do It

If you have tried and failed budgets and know in your heart you just can’t stick to one, it may well be worth you considering a service experts will design a personalized workable budget for you, manage all your bill payments and assist you achieving your financial goals. You will pay a monthly fee for the service, but it will be worth every cent if it keeps you on track.

2. Be Ambitious But Also Realistic

Once you have filled in your budget, the next step is to make some realistic goals. Whether it’s saving a deposit for a home, clearing debts, planning a holiday or purchasing something, you need to make sure its achievable. Try to include some small rewards along the way to give you more incentive, and remember you can’t avoid unexpected setbacks; they are an annoying part of life.

3. Set Continual Reminders

Until it becomes an automatic routine, you will need to set reminders to update and review your budget. Diarise at least once a week to sit down and analyse your budget. Too many Aussies are motivated at the start, but after a very short time fall back into their old patterns and forget to update or even look at their budget. The shorter the intervals between updating your budget, the more successful you will be. So it’s now up to you to take the first step. At Fair Go Finance we are committed to helping our customers access better financial options, now and in the future, because every Aussie deserves a fair go. Based on our own research report, Aussies need to drop the “she’ll be right” attitude towards money. We want to help everyone come to grips with their money and ultimately achieve financial freedom. So don’t waste any more time, get started today!

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It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:
For more information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.

Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
If you are on government benefits, ask if you can receive an advance from Centrelink.
www.humanservices.gov.au/advancerepayments

The Australian Government’s MoneySmart Website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.