YOUR HOUSEHOLD BUDGET SORTED
By Jo Violeta
W
hen I was pregnant with our second child and on maternity leave, my husband and I launched a new business. For anyone who has ever started a business, you would know that during the first few years you’re not making much money. So, almost overnight our household income dramatically decreased and our expenses increased with the addition of a newborn
CHILDCARE AND KINDER Natural and homely environments Structured learning time Regular incursions, at no extra cost Caring, loving team of experienced educators Home away from home environment Delicious, nutritious and multicultural meals prepared daily Planned excursions throughout the year Family focused environment Programs based on individual needs Environmental friendly + sustainable Family owned and operated
WE PROVIDE A LOVING AND NURTURING ENVIRONMENT WHERE CHILDREN FEEL SAFE AND LOVED
Those first couple of years were financially tough. But what got us through was careful planning and budgeting. Following a household budget was key to keeping us afloat. Even now that our business has grown, we still stick to a budget. Budgeting has enabled us to build our savings, put money away for a holiday and plan to buy a new investment property. Budgeting might not seem like your idea of fun. The perception is that it’s restrictive; that you’ll have to do without, and that they’re hard to stick to. However, when done right sticking to a household budget can help you achieve the type of lifestyle you want for you and your family. A household budget reduces money worries, so you can focus your energies on enjoying your family rather than stressing about the family finances. So, grab a cuppa, settle in, and let’s get your budget sorted. - KNOW YOUR
EXPENSES
You must have a clear picture of your expenses. Write down all your bills and living expenses such as rent/mortgage repayments, car repayments, insurances, groceries, school fees, after-school activities and utilities. Next list all of your discretionary expenses such as eating out and entertainment. Remember to also include irregular expenses like haircuts and birthday presents/parties. To get a true picture of your expenses, track your spending for a week to see where your money goes. I recommend collecting receipts or carrying around a notebook and pen for a week to write down EVERYTHING you spend money on. - WRITE
BEN
“Because I learn everything”
SCOUT “I like playing tea parties with my friends and colouring.”
Towerhill Road, FRANKSTON SOUTH Ph - 9783 3390 Crn Heywood Grove & Clifton Way, ENDEAVOUR HILLS Ph - 9700 1922 info@firstearlylearning.com.au | www.firstearlylearning.com.au
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Peninsula Kids – Autumn 2018
EVERYTHING DOWN
Enter all your expenses into a budget planner by week or by month (it’s best to choose the same cycle as your income e.g. paid monthly, then show expenses by month). We use a basic excel spreadsheet for our family budget, which you can download here www.bit.ly/ FamilyBudgetPlanner. There are also some great online budgeting tools such as the ASIC MoneySmart Budget Planner. Enter your income into the planner. We get paid monthly, so we break our expenses and income down into monthly amounts. For example, on average we spend $120 per week on groceries, so that’s about $480 per month. If car registration is $800 per year we allocate $67 per month in the budget for that.