Write up a budget to identify opportunities

Budget…. Is not a dirty word.


When we say budget we don’t mean cut out all the niceties – we mean understand where your spending is going and make intelligent decisions.


All of us have a black hole in our expenses – something we don’t understand and wouldn’t want if we did. Exposing the black hole allows you to make a decision – it has value to you or not. Similarly it may show you where you’re spending too much on fashion or utilities or insurances that can be adjusted.


There’s a meme circulating the socials “what does it take to waste $10,000 a year?”, the answer is $27.40 a day – which could easily be trimmed from most people’s expenses.


So how do you go about it?

· We have a budget calculator on our website https://www.tworedshoes.com.au/budget-planner

· As does moneysmart – a site sponsored by the federal government https://moneysmart.gov.au/budgeting/budget-planner and this one you can save and return to to test your adjustments

· But the key is understanding – not guessing – so download an excel file of your bank statements for the last 3, 6 or 12m and add a little code beside each transaction – groceries, utilities, transport etc. This gives you a factual picture of what you have spent.

· We have software that can do this for you and commences the categorization – happy for you to reach out and ask for an invitation to this system.



Financial wellness series with thanks to MFAA

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Two Red Shoes Copyright © 2020 All rights reserved. Call on 02 9002 0380, 0404 494 929, email us  or 'old school' fax 02 9002 0381

Jarrett Group Pty Ltd atf Jarrett Group Discretionary Trust trading as Two Red Shoes hold Australian Credit Licence No: 428614 and are members of an external dispute resolution scheme. Details of our complaint resolution process can be found here or please see our credit guide. All information contained on this site is general information only, and does not take into account your particular financial situation or needs. You should consider your personal objectives, financial situation along with the recommendations of your trusted advisors.

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