Whether you’re an apprentice, in training or working full time, you need to make every dollar count. To do that, it helps to know a few basics that can make it easier for you to better manage your cash.
A great place to start is setting up a budget, which is really all about knowing how much money is coming in, and where it’s going out. It can show you where you’re overspending as well as help you save some money. To get started, you can use the Commonwealth Bank budget planner at commbank.com.au/budgetplanner
Along with a budget, another smart idea is to set some financial goals. They give you something to aim for and a guide to track your overall progress against. You should think about short and longer term goals too. If you’d like some help with this, or with setting up a budget and financial plan, consider making an appointment to see the Savings Specialist at your local Commonwealth Bank branch. A quick chat now could be time well spent in the long run.
The last thing to remember as you make your way toward financial independence is that, sooner or later, it’s likely you’ll need to borrow money from a bank. To improve your chances of being successful, you’ll need a solid financial track record behind you. To help you build one, there are some really simple things you can start thinking about now.
Getting your salary put into a transaction account is a smart idea. It means as soon as you get paid you can take care of expenses like bills, rent or board. Paying bills on time is also very important and can help you stay on track. If you have trouble remembering to pay bills, setting up direct debits is a good way to ensure you never miss a deadline.
After your expenses have been paid, try to put some money into your savings on a regular basis. Not only will you reach your goals sooner, but it also shows that you have control over your money and spending. And this sort of behaviour is one of the first things a bank will look at to see if you can take on new financial commitments,
For more advice for Young Workers visit commbank.com.au/heapshandy
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