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BSB 806 015
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& My money

The importance of budgeting

Two women preparing a meal together

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!

Why budgeting matters

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 benefits of budgeting

The positive outcomes from using a budget don’t stop at having extra money in your bank account or seeing your savings pot grow.

  • Creating a budget will help you with organisation and record-keeping, making tax-time or loan application time a breeze.
  • By setting a budget and sticking to it, you’ll demonstrate accountability and will be more likely to stay on track to meet any goals you set yourself.
  • A budget helps you feel in control and confident when it comes to your money. You’ll know exactly what you have and where it goes and be able to make better decisions affecting your finances.
  • Budgeting sets you up for success and means that your future self will thank you for making good financial choices and reaching financial goals.

How to budget

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.

Help with budgeting

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.

Budgeting with 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.

  1. Customised to you
    mymo allows you to create custom budgets which can be tailored to your lifestyle. With more than 70 categories available in the app you’ll be able to find a financial goal that suits you and your plans.
  2. Real-time expense tracking
    With mymo, you can safely and securely link every one of your financial accounts from any Australian financial institution into the one place. This means you can see all your transactions without flipping between apps, giving you a real-time overview of your spending, no matter which bank account you used.
  3. Easy to understand
    mymo presents your budget and spending information in clear visualizations, such as simple charts and graphs. Every transaction is automatically categorised too, which makes it easy to see where your money is going and where you need to make adjustments.
  4. Keep in the know
    By setting up the alerts and notifications within mymo, you’ll be able to stay on top of your bills. Get a reminder notification when you have a bill due so you can ensure you have enough money to cover it, in the correct account.
  5. Track your progress
    With mymo you can see how you’re getting along with reaching your goals. Create and assign goals to any account (from any bank) within the app, to stay accountable and motivated as you move along your financial journey.
  6. Get debt under control
    mymo can also assist with efficiently managing and paying down any debts or liabilities you may have. By visualising these alongside your overall financial position, mymo can help you create a plan to manage everything and pay them off sooner.

Stevie, the mymo mascot, budgeting like a boss.

 

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!

 

Download the mymo by P&N Bank app today and get your budget sorted:
iOS App Store
Google Play

 

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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