We all know that one of the best days is payday. There’s often no better feeling than waking up and seeing that lump sum of money hit your account and feeling like the possibilities are endless. However, for many, it’s not long until that lump sum significantly dwindles and you’re suddenly scrambling to get on top of your living expenses until next pay.
So, to help you make everyday budgeting easier, we caught up with Suncorp Bank to serve up some easy tips to juggling your weekly spending to help you live your best, stress-free life. So buckle up, because you’re about to learn how you can spend, save and budget a whole lot better.
Think Ahead
While you may be thrilled with your bank balance on payday, it’s important to remember to think ahead to what’s coming up. People often have handy reminders for recurring expenses like phone bills and rent but it’s the ad hoc expenses that may have you feeling rattled if you don’t stay on top of them. Whether it’s more significant costs like upcoming holidays and car services, or small expenses like doctor’s appointments or birthday gifts, they can sometimes have you feeling overwhelmed.
So, whether it’s putting all of your appointments in your iCal, keeping a list of upcoming social engagements, or setting payday reminders of upcoming expenses, reminding yourself of these expenses once you’re paid can help you to work out how much money you really have to spend.
Bucket Your Money
So now you’ve pre-empted your unexpected expenses, that’s great! But one of the hardest tasks can be mentally juggling funds that are sitting within one account. This can be dangerous territory, and with the money sitting there, it can be easy to think you can afford a bougie lunch out with your friends when in reality, you could be putting yourself under financial strain in the near future.
This is where bucketing your money can come in. With Suncorp Bank's Everyday Options Account^, you can separate your money into sub-accounts, rather than having all your cash in one everyday account that can easily get out of control. The Everyday Options main account is your day-to-day account with a debit card for accessing cash and making purchases on the go. Then you can choose to add up to 9 savings sub-accounts to your main account which you can personalise and name according to your expenses or goals. A sub-account is like a bucket – you can use it to separate your finances and have a clearer view of everything big and small you need to save for and what you can actually spend.
Adjust Accordingly
When you know how much you're spending on non-negotiable expenses (eg. groceries, bills, and rent) you can then assess what your weekly spending looks like in relation to your personal financial goals and can stick to it with the help of buckets. No matter how big or small the expense, separating your money into separate accounts may deter you from dipping into your money as often as you would if the money was all in one account—helping to keep you on track.
The great part? If your goals or priorities shift, with a Suncorp Bank Everyday Options account^ you can easily set up and change your 'buckets' or adjust any automatic transfers into those sub-accounts. So whether you’re looking to focus on paying off debt or save for a holiday, you can adjust your buckets to help you budget and save according to your personal goals and lifestyle.
Don’t Be Too Hard On Yourself
Setting the savings bar too high can be a trap we can all so easily fall into. While you might want to save a certain amount each week to reach your goal of buying a house or going on a luxury holiday, it might not always be possible—it can pay to be realistic about what you can and can’t do with your money.
If you know you’ve got social events over the next two weekends, it might be time to pull back on your holiday savings and leave more money for spending. Often it’s all about trying to plan ahead, alleviate unnecessary financial pressure, and have a clear view of what’s ahead. You don’t need to master it all right away you may just need to start, and if you don’t get it right, why not keep trying. Even a small budgeting habit can be better than no budgeting habit.
School Up With Free Resources
You can't very well be expected to nail your finances all on your own... and we know that turning to your parents for money advice is not always an option. So if you're looking for some extra financial guidance, then there are plenty of online resources available to you along the way (thank god for the internet, right?).
Whether it's turning to 'Finfluencers' for handy tips or tricks on saving, challenging your money mindset by delving into online blogs or plugging into easy-to-digest money podcasts on your morning stroll, there is often loads of resources out there to help you focus on spending smarter.
Want to learn more about managing your money? Click here to discover more about banking with Suncorp Bank and their Everyday Options Account.
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