Happy Budget Day
The 2018-19 Australian Federal Budget has been released, there will be some winners and some not so winning – can’t please all the people all of the time.
The big budget is released in May every year, with a Mid Year Economic and Fiscal Outlook (MYEFO) usually handed down in December.
On the face of it, the Government gets together to discuss federal money and review the budget twice a year.
We have the luxury of not being into a twice a year budget review – we can review and tweak to ensure we keep on track
Who do you discuss yours with, and how often?
Am I normal?
In my days of being lucky enough to stay home with a toddler, I used to look at the family budget almost daily. Running the numbers of different scenarios based on saving a few more dollars in various areas and putting them into Super or the Mortgage, just to see how much faster the destination of debt freedom would arrive.
Having friends that would do the same thing made this behaviour seem normal to me. Was not unusual to chat with the bestie about how to tackle an escalating power bill over a glass (or bottle) of wine. We still do!
What is normal anyway?
This love/obsession of numbers and budgeting, led me on the path of being the grown-up geek with an office and business cards that I am today. But you do not have to be a numbers geek to appreciate the awesomeness that comes from having a budget.
And how often should you look at yours? Whenever you want to is a great start!
Whatever works to help you stay focussed on what your goals are.
If your goals need money to happen, then check your budget as often as you like, challenge yourself to get where you want to be.
If you can find likeminded friends to chat safely about your money with, then you are among the privileged few. The main word here is ‘safely’, do not open up to people unless you would happily buy them lunch and hold no grudges if they do not buy yours – you know the type, always vanishing when it’s their round – yeah, these are generally not the type to discuss money safely with.
In a nutshell…
Too many people either don’t look at budgets or don’t have trusted people to sound off their budget/money ideas with. You need to check in on your budget and sometimes having someone to answer to can keep you on track. They can also be your supporter when the numbers don’t seem to be working, or there to celebrate when the numbers line up. Just make sure you can 100% trust them.
Haven’t got a budget? Click here for some tips to get you started.
The most important tip, do the budget, write it down and look at it regularly, to see if you are still on the right track.
– Karen Patterson