Budgeting might not be something that is second nature to you, but that doesn’t mean you are never going to be able to achieve it. There are plenty of tips and tricks for even the most amateur of budgeters – here are 10 of the best.
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1. Have a Plan
Utilising the resources of banks through sites such as heritage.com.au will give you access to tools such as a savings plan and savings calculators. Features like these can help you understand exactly where your money goes and how to earn some extra cash through high-interest accounts.
2. Direct Debit
Setting up a direct debit to withdraw an amount for savings each pay is a great budget trick. This way you aren’t burdened by the thought of having to save something; it just happens automatically.
3. Buy in Bulk
Buying essential items like soaps, toilet paper or canned food in bulk from outlets means you won’t be spending cash on these items every week. It may mean spending a larger amount up front, but it will save you more in the long run.
4. Fill Your Freezer
It’s easy to get carried away when it comes to eating out, as it’s the most convenient option for many people. Take advantage of the weekend and cook up a variety of meals to freeze for your weeknight meals.
5. Pay with Cash
Paying with cash is a great budgeting trick, as you are only allowing yourself to spend what you have in your hand. Decide how much you are going to take out for the week, and if you can’t afford to pay for something in cash, don’t buy it.
6. Cut the Habit
Most people have one habit or another they spend money on regularly, whether it’s alcohol, cigarettes, a magazine subscription or candy. By cutting out or at least reducing the spending on these items, you will find yourself with one less strain on your budget.
7. Have a Piggy Bank
Once you break a note, put all the coins you receive straight into a jar. It’s not hard to forget about this extra money when it comes to forming a budget, but it’s a handy trick to have up your sleeve for some additional savings.
8. Public Transport
Underestimating how much you spend on travel can be fairly common, but it’s an expense that could be hindering your budget greatly. Petrol and parking could easily amount to $100 or more a week, so choosing public transport or opting to carpool is a great way to reduce this spending.
9. Use Coupons
Coupons can be highly economical as a budget trick, but they might not be the first thing you think of. Most supermarkets offer coupons or point systems to give shoppers incentives to keep shopping with them and to take advantage of specials.
If you can, over-budget on all your expenses, even the set costs that you pay monthly. By over-budgeting, you will find yourself with additional money left over at the end of the week that can go directly into savings.
Budgeting can be difficult for anyone, so knowing a few tricks you can use to help stay on track is the best way to reach your goals.
What are your favourite budget tricks? Share your insights below.
Top 10 budgeting tips – An infographic by the team at