Fortnightly Finances

Money management is a challenge you will face. You will find great ways to have fun on a low budget. It is easy to let your credit card blow out if you are not regularly paying bills or planning for the bigger annual expenses, which will arise such as car registration and insurance.

As you move into a shared house or Uni accommodation you can set aside a small amount of time to work out what costs are coming up, plan for them and never worry about them again.



The first step is working out your costs. First things first, set up Internet banking (If you haven't already) that way you can schedule regular payments for regular bills such as, the mobile phone, rent, food, ambulance cover, Internet and savings. Once these are set up to come out of your account the day after you get paid, the rest is play money for you to use over the fortnight.
Use the below Planner to work out your costs and then log onto Internet banking and set up a scheduled transaction to cover all these expenses.

Tip: Avoid Direct Debit wherever possible, as if your pay gets delayed an overdrawn account can cost you up to $30.00 dollars after a day or two. This is money that you could put to much better use on a Friday night. Schedule regular fund transfers the day after you get paid.

Tip: Use a pre-paid mobile if you can, that way you can recharge and only use what you have budgeted for.

Look after the $2 coins and the $10 notes will look after themselves



Budget Planner
Fortnightly Income & Expenses
Income $
Rent $
Bills
Phone$
Transport / Fuel $
Gas/Electricity $
Food $
Savings $
Annual Expenses (Fortnightly Amount)* $
*Work out the below annual expenses. Divide the total by 26 to work out how much you will need to save each fortnight.


Annual Expenses : Total
Car Insurance $
Registration $
Public Transport $
Education / Books $
Total $


See the Commbank Budget Planner online for further details:
Commbank Budget Planner

Introduction

One Step at a Time : Introduction

Life is tough, don't let anyone tell you its not. From my last years of school through to my final year of Uni, I had a lot of fun, worked hard, did a lot a things the long way, and learnt a few tips n tricks which I am making available to you. This is a great time in your life, it may seem that people will have advice for you at every turn, which can seem contradictory to the adventure and exploration that is the traveling companion of new challenges and terrain.

This is designed as a guide, it can be read from start to finish, or kept and used as a reference as you go. I have tried to cover area which most people will experience, such as; living in a shared house or on University residence, buying a car, cooking for yourself for the first time, job hunting and dealing with bills and expenses. With freedom comes responsibility. Take some time out to plan and you will be fine.

One Step covers:

Fortnightly Finances
Bills, Debts and Savings
The Pad
Job Hunting & Networking
Cheap Eating
Buying a Car
Health and fitness
Useful Contact Details

This Blog has been created to provide information to young people starting out, but also as a way of publishing draft content and soliciting feedback from friends.

Please send comments, feedback or requests for further topics to jonathannolan78@gmail.com