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Why should you budget? Creating a budget will give you a holistic view of your expenses, and allow you to visualise your incomings and outgoings with ease. There is a wide range of benefits to budgeting, including:
Need help with budgeting money? Discover what your main savings goal is, and how you can best achieve it. Sit down and write down your financial goals. Maybe you’re saving for a holiday, or just want to have a little extra each month so you aren’t living from pay cheque to pay cheque.
Below are just some of the reasons people decide to track their spending with a monthly budget:
First, add up all your income so you can see how much you have coming in each month. Make sure you include all of your income, including your salary, money from any side hustles or second jobs, child support or alimony arrangements, business income and any income you receive from investments. If your income varies from month to month, or you are working freelance, one way to get the most out of your budget is to essentially pay yourself a salary. This way you can decide on a set amount you are comfortable with, and save anything leftover on a good month to cushion you through a bad month. This will also help you to curb any unnecessary spending, and help you to feel more financially stable.
Once you have noted your income, you can start to create a list of outgoings. Once you have this all noted down, you can start to see what is realistic for your budget. Start by tracking your spending for 30 days, or looking at your spending for the previous month. There are a number of ways to track your spending:
Personalise your finance goals. Think long-term and set actionable, realistic goals. The key to budgeting is to be specific with your goals and have a solid deadline to work towards. Instead of saying, “I’m saving for a trip overseas,” you should say, “I’m saving $10,000 by June for a trip overseas.” Cementing your goals will give you the motivation you need to make your savings dreams a reality, and give you something more concrete to work towards.
Some popular long-term finance goals are below:
With your income set out in front of you, it’s time to lay the foundations for your budgeting and forecasting set up. It’s important to choose a budget management system that works for you, taking into account what you value.
Below are two of the most popular simple budget systems you can implement today!
The 50 30 20 budget, made popular by Senator Elizabeth Warren in the United States, is great for allowing flexibility in your budget but can lead to overspending if used incorrectly.
To use this budget take your monthly wages after tax and set aside 50% of your monthly income towards needs, such as food, rent and any repayments you need to make. Then take 30% and put that towards your wants, things like entertainment, weekend trips or online shopping. The remaining 20% can then be put towards your savings goals.
A zero-based budget involves making your income minus your outflow hit $0. Using this method, all of your dollars are assigned a job that represents a spending category, with some going to savings and others going to pre-defined pockets. This budget is restrictive, so it’s not a one-size-fits-all solution, but it will definitely help to avoid overspending and meet your goals.
There are a number of organisational tools and tech you can use to keep on top of your budget. Here are some ways to keep yourself accountable:
If you’re thinking of applying for a personal loan from SocietyOne, there are a few key criteria that you’ll need to meet to be eligible:
You may need to supply us with the following information and documents as part of your personal loan application:
You are eligible for a SocietyOne personal loan if you:
Get your rate now and get started.
SocietyOne's unsecured personal loans range from $5,000 to $50,000 with flexible loan terms of 2, 3 or 5 years.
Please contact customer service at customer.service@societyone.com.au.
At SocietyOne, our personal loans have a fixed interest rate, meaning your interest rate doesn't change during the life of your loan and your regular repayments are always the same. Fixed rate personal loans can help make it easier for you to budget. With no early repayment fees, our fixed rate loans give you more freedom and allow you to pay off your debt sooner.
Our fixed rates start from 5.95% p.a*
If you’re looking to compare personal loans, the comparison rate is the most transparent way to compare the true costs. A comparison rate takes into account the interest rate as well as all of the fees and charges that are payable (such as establishment fees), making it easier to understand the complete cost of the personal loan with a more transparent comparison of the products.
Our comparison rates start from 5.95% p.a.*
Information about SocietyOne borrowing rates
The rate advertised above is a comparison rate. See below for further information about comparison rates. Tier 1 borrowers will receive an interest rate between 5.95% - 10.49% p.a. (comparison rate 5.95% - 12.83% p.a.). Tier 2 borrowers will receive an interest rate between 9.99% -12.19% p.a. (comparison rate 12.05% - 15.03% p.a.). Tier 3 borrowers will receive an interest rate between 11.99% - 15.99% p.a. (comparison rate 14.37% - 18.62% p.a.). Tier 4 borrowers will receive an interest rate between 14.99% - 19.99% p.a. (comparison rate 18.41% - 21.70% p.a.). The maximum annual percentage rate (APR) interest rate is 19.99% p.a. (comparison rate 21.70% p.a.). An establishment fee applies for most borrowers. Personal loan example: for a borrower with excellent credit (Tier 1 borrower), a loan of $10,000 over a 3 year term, with an interest rate of 8.99% p.a. (comparison rate 12.32% p.a.) and a $495 establishment fee, the fortnightly repayment would be $154 and the total cost over the life of the loan (including the establishment fee) would be $12,013. SocietyOne personal loans are available for terms of 2, 3 and 5 years. Minimum loan term repayment period is 2 years, maximum loan term repayment period is 5 years.
Information about comparison rates
Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The SocietyOne comparison rate is based on an unsecured fixed rate personal loan of $10,000 over 3 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Information about bank comparison table
All rates in the bank comparison table are based on an unsecured fixed rate personal loan of $10,000 over 3 years. The SocietyOne rate is the lowest available rate for a borrower with excellent credit (Tier 1 borrower). See above for more information about SocietyOne borrowing rates. The comparison table does not take into account short term bank promotional rates.
Canstar 5-star Rating was awarded on 7th of November 2019 for the Unsecured Loan – Excellent Credit Product for the Unsecured Personal Loans product.
SocietyOne Australia Pty Limited ACN 151 627 977 holds Australian credit licence no. 423660. Credit is subject to SocietyOne’s standard terms and conditions and lending criteria. Credit scores provided by SocietyOne Services Pty Ltd ACN 609 495 409.
