Money & Banking

Wed, 3 Apr, 2019Over60

4 ways to make budgeting fun

4 ways to make budgeting fun

Budgeting is unfortunately a necessity in today’s world, and it can be disheartening to see where your money goes each and every month.

However, many people use the fact that budgeting is tedious to not have one in place at all. The only thing worse than seeing where your money goes each month is having no idea where it goes at all.

David Koch, or “Kochie” as he is affectionately referred to as, has put together a few ideas to help you bring the fun back into budgeting. He told news.com.au a few of his tips.

1. Get your favourite snacks and drinks on hand

The best way to get on board with a tedious task is to add something you like to it. For example, if you don’t want to vacuum the house, put on your favourite music and get motivated.

The same applies to budgeting. Bust open your favourite snacks and drinks and get down to business. You’ll be enjoying something you like whilst also doing a tedious task! Wins for everyone.

2. Work out goals for your budget surplus

If you’ve realised that it’s been years since you’ve taken a holiday, maybe it’s time to put that budget surplus to good use.

Realising that there’s a surplus in your budget and putting it towards something you’ll enjoy makes budgeting all the more fun. Ask yourself: What do you want your money to achieve?

Once your budget is complete, move it to the sacred spot on the fridge so you’re constantly reminded of your goals.

3. Use budgeting software

Gone are the days where you need to use a pen, paper and calculator to figure out what’s going where each month. There’s a variety of budgeting softwares available to help you out. With some softwares, you’re able to connect it to your bank account so you can very clearly see where everything is going.

There’s also a good app available on ASIC’s MoneySmart website called TrackMySpend that can help you get your financial situation in order.

4. List your savings goal plan first

Although it is tedious to list all sources of income and monthly expenses, this is the bare bones of a budget.

To make this more fun, you can work out the cost per month of the goal that you’ve decided on. You can also breakdown the cost into a monthly instalment savings plan over a set period of time.

By adding a specific line in your budget for the goal, you’re reinforcing that this goal is important to you psychologically.

Do you have any budgeting tips? Let us know in the comments.

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