With a balanced budget and a simple savings plan, you can start building up cash for the long term. And avoid falling into the habit of living from pay-to-pay.
Create a budget
Your budget is your best friend when it comes to managing your income. It shows exactly how much is coming in and going out of your account.
- Track how much you spend during an average month - try our online budget planner
- Don't fudge the numbers, include everything (online TV subscriptions, gym memberships etc.) - check your bank balance to jog your memory
- Take a good look at how much you’re spending – if the difference between what you’re spending and earning is tight, decide if there’s somewhere you can cut back
Check out How to create a budget and stick to it
Manage everyday spending
You need to be clear on how your finances are tracking at any point in time, starting with what goes in and out of your everyday account.
- Having figured out where your money goes, it’s a good idea to categorise your spending so you can tweak or change your spending habits
- Pay bills on time and avoid being stung by late payment fees – see, track and pay bills in the CommBank app and NetBank
- Review your budget - check to make sure your budget plan is still working for you
Some people are natural savers, others struggle if they don’t have a plan.
- If you have a goal in mind like a holiday or your first home, use our savings calculator to work out how much you can save, how long it'll take and how much to set aside each month to get there
- Set up a savings goal in NetBank and we'll tell you how you're tracking
- Organise automatic payments from your everyday bank account into your savings account every time you get paid
- Make the most of discounts – if you bank with CommBank and are studying, you may be eligible for our Student Options
- Always check your super is being paid by your employer into your superannuation account – think of this as saving for your future, here's our quick guide
Check out How to get into a saving habit
Use credit wisely
If you’re over 18, it’s important to maintain a healthy credit history, which may not be important to you right now, but it will have an impact on your ability to borrow money in the future.
Top tips for over 18s
- Staying on top of bill and credit card payments is important – repeatedly failing to pay on time can have a negative impact on your credit score
- If you need to borrow money, aim to repay your loan as soon as possible to minimise any fees and interest
- If you have a credit card, turn on notifications in the CommBank app so you know when purchases you make are charged to your card