5 Reasons you need a budget

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 preparing a budget. Before you run screaming for the exit, here are five good reasons you should consider making 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 bills, rather than buying that new shirt that you really  want but probably don’t need.

You realise your daily coffees are actually costing you a lot of money

Your 2 cups a day coffee habit could actually be costing you upwards of $100 bucks a month. ‘WHAT?’ we hear you say, ‘I could buy that shirt I 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 no 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 planner calculator.

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Important Information

Important Information

This article has been prepared by IMB Bank and contains general information only. It is not intended to be relied on as advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal,  financial, taxation or other professional advice before you make any decisions about your business. Consider the relevant Terms and Conditions or Product Disclosure Statement and Target Market Determination available here before deciding whether to acquire any products or services offered by IMB Bank. Lending criteria, terms and conditions, fees and charges apply to IMB loan products.