Money Management /

5 Reasons you need a budget

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Ask anyone with half an idea about finances and they’ll most likely tell you the first step towards getting your personal finances sorted is doing a budget. Before you run screaming for the exit, here are five good reasons you need one this year:

  You get the power
A budget puts you in control of your money rather than the other way around. Knowing where your money is going makes for a much less stressful existence. It also means you’re less likely to find yourself with $3.30 in the bank with 3 days till payday.
  No more EFTPOS panic
You know that sinking feeling when you’re at the counter wondering if there is, in fact, anything left in your account to pay for your shopping? Gone!
  No more meltdowns caused by bills
With a budget, you will have kept some money aside to pay them rather than buying that new shirt that you really really want but probably don’t need.
  You realise your daily coffees are actually causing you a lot of money
Your 2 cups a day coffee habit is actually costing you around $180 bucks a month. ‘WHAT?’ we hear you say, ‘I could buy that shirt I really really want for that!’ Kind of our point really.
  You can enjoy spending money on the things you want to (as long as they’re in your budget)
Having a budget doesn't mean any spending on fun stuff – it simply means allowing a set amount of fun stuff, as long as you’re within that amount you can spend up guilt free!


Ready to do your budget? Use our budget calculator.

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Any advice in this information is general and has been prepared without taking account of your particular objectives, financial situation or needs.  Before you act on any advice you should consider whether it is appropriate for you.

Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 139 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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