5 smarter ways to manage your bills and budget

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If you’re feeling a little stressed about your finances, you’re not alone.

In a Finder survey of over 35,000 Australians, 72% described themselves as somewhat or extremely stressed about their financial situation. However, there are ways to regain control.

While these tips won’t solve all of your financial problems, they could go a long way in reducing your stress levels. And that’s a pretty good start.

a

Tick ​​bills off your to-do list

Sort invoices as they land in your inbox and have one less thing to worry about. However, that doesn’t necessarily mean that you pay for them as soon as you see them.

For example, if your bill can be paid by BPAYyou can schedule the invoice for a later date*. Let’s say your water bill lands on Monday, but you don’t get paid until Wednesday. You can set up the payment as soon as you see the bill, but schedule it for payday instead of paying it right away.

You crossed the job off your to-do list, but you didn’t make any financial efforts either.

This can be a good alternative for anyone who forgets their direct debits only to be reminded by a sudden (and sometimes ill-timed) charge.

In addition, once you have paid an invoice over BPAY, the details of the biller are saved so that you do not have to fill them out again each time. Because everything is in your online banking, it’s easy to keep track.

two

Track your expenses

How much do you spend on groceries each month? what about food Or order?

If you’re having trouble providing even a rough guide, it’s time to track your spending. Don’t worry, you don’t have to manually enter everything you buy into a spreadsheet. (Although this will work for you, go for it!)

Some banks and apps allow you to view and categorize all of your purchases so you can get a clear picture of where your money is going.

For example, the Finder app shows all expenses for your linked accounts, breaks them into different categories, and compares the expenses to your previous month’s numbers.

You can even link your bills so you’ll be notified when your next bill is due and get notifications when the finder thinks switching might save you money.

three

Use a budgeting app

Once you have a picture of how much you’re spending, you can start creating a realistic budget, identifying areas to save, and setting savings goals.

Again, there are tons of budgeting apps that can help you create and stick to a budget. Budgeting apps often work hand-in-hand with tracking tools, so they’re best used together.

You can’t stick to a budget if you don’t track your spending, and there’s not much point in tracking your spending if you don’t have a budget.

four

Track your energy consumption

Speaking of tracking, if you’re always shocked when your utility bill comes through, you might want to try a device that tracks your usage in real time.

Not only does this guarantee lower utility bills, but seeing exactly how much you’re spending can help make more economical choices.

All of a sudden, it’s a lot easier to think about turning things off when you can see exactly how much it’s costing you. And that air conditioner probably doesn’t need to be on.

five

Consolidate your debt

If you’re paying off debt in multiple areas, look into debt consolidation. It sounds fancy, but it’s a surprisingly easy way to relieve stress and potentially save money, too.

It just means you take out a new loan to pay off all your other debts. It could be credit card debt, medical bills, or even your “buy now, pay later” balance. That way, you only have to worry about one bill and it’s easier to track your progress.

If you’re consolidating your debt, make sure you take out a loan at a lower comparable rate than what you’re currently paying on your other debt. You streamline your debt and reduce your expenses as well.

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