we’re almost halfway through the year – it’s time for a financial check-up! Don’t let the daily grind take over. Pay attention to how much you’re spending, the size of your credit card bill and what’s leftover to save at the end of each month. Make some time to sit down with your partner and have a look at your finances.

1. Set a food budget
To save on groceries, shop with a list and only buy exactly what you need. Products at eye level on shop shelves are more expensive than those placed higher or lower. Stock up when you spot a special on long-lasting items such as canned goods, cereals and condiments.

2. Compare your bills
To cut electricity and gas bills, install insulation, use energy efficient appliances, turn down the heat and wash clothes in cold water. Look at your mobile plan – you could save with a more expensive plan (with more free calls and cheaper rates), or by switching to pre-paid.

3. Change your banking habits
Only use your bank’s ATMs, keep track of free monthly transactions and pay the minimum amount on your credit card on time.

4. Keep track of debt
Thoroughly read your statements, keep track of what you owe, and try to pay it off. If you have consumer debt, you should have no savings and no new investments… any spare cash should go towards getting rid of debt. 

5. Update your family budget
Every six to 12 months, update expenses and sources of income. Include things such as bonuses and lower mortgage repayments. If you have excess cash, put more towards your credit card debt or into savings.

6. Set a savings goal
Paying off the mortgage as soon as possible or making superannuation contributions are two of the best savings goals you can set. Focus on the mortgage first, and when that’s gone, make super the priority.

BEING BUDGET-WISE
Many families meander along without a budget, giving little thought to their financial future. Consider where you want to be financially in the short, medium and long term and how to do it.