It’s not something most people are taught about in school, and to some it may even seem daunting or restrictive – but it’s a fundamental step towards financial stability. So, what are we talking about? Budgeting, of course!
Budgeting is the cornerstone of sound financial management. It's a way of managing money that can help you allocate your income efficiently, track your expenses, build an emergency fund, and a good budget can even help you achieve your short and long-term financial goals.
Whether you regularly find yourself short of money just before payday or just feel like you could be doing more with the money you have, creating a budget could help you start some great financial habits.
The positive outcomes from using a budget don’t stop at having extra money in your bank account or seeing your savings pot grow.
There are some tried and tested ways for budgeting, and you may find what works for others doesn’t work for you. You can budget in buckets (also known as the envelope system), use the 50/30/20 budget method, or try the pay-yourself-first method (which focuses on savings and paying off debt). A simple Google search will show you even more budgeting options and you’re sure to find a method that works for you and your financial situation.
Exploring the different budgeting methods is the easy part – and like we said, you’ll need to find out what works for you. So, what can you do if you’re struggling with getting started with a budget or could do with some help simplifying the budgeting process?
The answer could be as simple as a mobile app. A mobile app called mymo.
mymo by P&N Bank makes the budgeting process accessible to everyone, no matter how much you know (or don’t know) about finances. And there are multiple reasons to use it.
In a world where financial stress is all too common, mymo's budgeting features make it a powerful tool you can use to gain control of your finances. With its user-friendly interface and robust capabilities, it empowers you to take charge of your financial future and make budgeting like a boss a breeze!
Banking and Credit products issued by Police & Nurses Limited (P&N Bank) ABN 69 087 651 876 AFSL/Australian Credit Licence 240701. Any advice does not take into account your objectives, financial situation or needs. Read the relevant T&Cs, before downloading the app, in considering and deciding whether it is right for you.
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