Kerryn Boogaard Kerryn Boogaard
Beverly Goldsmith Beverly Goldsmith
Zoe Bingley-Pullin Zoe Bingley-Pullin

Keeping track of your spending:

ASIC’s 2012 spending clock estimates the average Australian household will spend $69,166 on general living costs in 2012. This amounts to $1,290 per week. Yet only 54% of people know exactly what their money is spent on.
By Motherpedia
Date: August 13 2012
Editor Rating:

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:

Share This Tweet This Email To Friend
Recent Comments
0 Total Comments
Post a Comment
* your email address will not appear

Please enter the word you see in the image below:

Post a Comment
* your email address will not appear

Please enter the word you see in the image below:33343

Your Comment has been posted
Related Articles
Popping a daily multivitamin pill could be a waste of…
Read more
Children should be taught coping skills the same way they…
Read more
Getting kids to eat healthy food has become the Mount…
Read more
Nestle is testing one of its baby formula products after…
Read more
Cry babies

Dry your eyes!
The newest additions are on their way from the Babies who cry real tears!


Latest Tech Used In Shipping Containers
Read how the shipping industry has revolutionised

Motherpedia cover-2

Win 1 set of a 4-book hardcover illustrated boxed set
Barbara Murray’s new 4-book Sound Stories is perfect for parents and educators and could assist with NAPLAN results

Motherpedia cover (4)

Where to celebrate Oktoberfest Australia
Get ready for this celebration!

Motherpedia cover-4

A Fortnight of Foodie Experiences at East Village
A taste of East Village. What's in it for me?

Globber my too fix up cover

We Try: Globber My TOO Fix Up
A scooter that grows with your child

Throw a winning cricket pitch

3 Steps to a Winning Backyard Cricket Pitch
Ex-Adelaide Oval legend curator Les Burdett shares his tips for getting your backyard cricket pitch test match ready this summer

A bike that follows your kids life cycle - motherpedia - cover

A Bike That Follows Your Kids Life Cycle
Check out the Bunzi 2-in-1 gradual balance bike!

Moonlight lifestyle

Moonlight Cinema to bring…
Moonlight Cinema announces brand new Western Sydney venue

Screen shot 2019-11-26 at 8.29.12 am

Your Magical Christmas Wonderland…
Adventure park is about to light up the night sky with its "Christmas Festival of Lights"

Screen shot 2019-11-21 at 11.11.36 am

The Preston Market Gets…
It's time to feel pumped up for the holiday season!


Bunnings team members get…
Help raise funds by buying a snag or donating at your local store.