ASIC’s new suite of tools helps Australians track where their money goes.
ASIC’s Senior Executive Leader, Financial Literacy Robert Drake says, “We suspect many households end up misdirecting thousands of dollars each year because they are not keeping track of where their money goes. As the spending clock shows, expenses add up quickly.”
“Our research shows many people fall into the habit of living pay to pay. That’s why we have developed a new suite of tools to help Australians take control of where their money goes week to week, so they can direct it to where it matters most.”
The tools are:
- A free smartphone app called ‘TrackMySpend’ available on Itunes
- A Managing Your Money booklet
- An online Budget Planner on ASIC’s MoneySmart website
ASIC’s top tips on how to take control of your money include:
1. TRACK your day-to-day spending by recording what you spend over a week or a fortnight using the TrackMySpend app.
2. COMPARE money in and money out over the period of a month. Put your income and expenses into MoneySmart’s budget planner and let it do the calculations for you.
3. PRIORITISE where you want your money to go. Identify your needs versus wants, make savings (switch bills) and cuts (reduce the things you can live without), set savings goals and refine your budget.
4. ACT to make your money work for you. Mark upcoming big bills in your calendar. Put your savings into an account that is not accessible by ATM. Stay on track by checking your budget once a year and adjusting it if your finances change. Reward yourself with occasional treats so living on a budget doesn't feel like a chore.
For further information on the tools, visit: www.moneysmart.gov.au
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