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How to only spend within your income

How to only spend within your income

If your expenses are regularly more than your income, it’s unlikely you’ll be able to withstand financial shocks and may end up with debts that prevent you from securing your financial goals.

Step 1: Understand your spending

Start by putting together a budget that shows your current spending. Identify how much of a gap there is between your earning and your spending.

Is there one particular item that’s bumping up your expenses or is it a range of smaller costs? Look at your spending over the last three, six or 12 months to get a really clear picture of what you actually spend each month. This will also help you identify seasonal costs such as heating bills or extra spend at Christmas that may be adding to your overall spending patterns.

Step 2: Cut back where you can

Look for any areas where you can cut back on spending. The 50-30-20 guide can help you determine whether your costs in certain categories are reasonable.

If you have one large cost that’s really throwing you out (like mortgage payments or rent), it might be worth asking yourself if it’s possible to find a cheaper alternative.

If it’s a range of smaller costs that are piling up, give yourself some guidelines for spending in the future. A good thing to look at in this case is whether the items your spending on fall in to the category of ‘needs’ or ‘wants’.

Through CommBank’s Spend Tracker your CommBank debit and credit card transactions are automatically categorised, this can help you identify any areas where you may be overspending.

Step 3: Put together a new budget

Draw yourself up a new budget with revised spending in the categories you’ve labelled for change. Be realistic, it’s important this is something you can stick to. With the new budget you’ll ideally be earning more than you are spending and also setting aside some money for savings and an emergency fund.

Step 4: Keep a close eye on your money

Track your progress closely over the next few weeks. Don’t set your budget and forget about it. Check your bank account regularly to make sure nothing is slipping away or going unnoticed. If you need to revise your budget, just make sure you keep your end goal of security in mind.

You can set up Transaction Notifications and get notified when you’re charged or pay for something on a CommBank credit card (not currently available if you have an additional cardholder). By setting up rules about when and how often you’re notified you can make sure that you’re always aware what you’re spending your money on.

Step 5: Talk to someone

If you find you’re still having problems getting your expenses down, it could be a good idea to have a chat to someone. Even if things are going well, it can be a good idea to chat to someone you trust so they can help you stay on target.This could be someone you know who has experience working with money, or pop into a CommBank branch to chat with one of our staff.

If you’re a CommBank customer, you can call us on 13 3095 or request financial assistance in NetBank if you are behind, or think you are likely to fall behind, in paying what you owe. See more about our support options – including our Financial Assistance Solutions teams who are here to support you in getting back on your feet in times of financial difficulty. 

Read next: Where to go for financial assistance

6. Check if you’re eligible for rebates & benefits

It’s worth checking to see if you’re eligible to claim for rebates and concessions. We can help you find them. Here’s how.

If you move house and forget to update your details for example, it’s quite easy to lose track of your bank account, investments or insurance policies. Read more on unclaimed money.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information.