If you've ever found yourself staring at the last few dollars in your wallet and realising that it's all you have left before you get paid in a few days, it might be time to think about putting a budget into place. For tradies, it can be tempting to start spending when that big pay cheque comes through but this can often mean you’re caught short until your next pay. With a few simply budgeting tips, you’ll be able to make your money go further.
Get Your Budget Started
- Write down your expenses – A great way to start is to write down all the expenses you have during a week or fortnight. Writing it all down will help show you where your money’s going and it can be easier to identify areas you might be overspending.
- Pay all expenses straight away – One of the best ways to make sure you’re not caught short is to pay all of your regular expenses and bills as soon as you receive your wage. This includes things like mortgage, car repayments, utilities and any bills.
- Save a percentage of your income – Having some savings is one of the best budgeting tools because it means you have some extra money available if you need it if something unexpected comes up or you decide you want to take that holiday. Start by saving 5% of your income and see if you can gradually increase.
- Don’t overdo it – When you first start budgeting, it can be easy to take it a bit too seriously and leave yourself almost nothing for entertainment and day to day expenses. Although you might save money in the short run, you probably won’t be able to keep up such as strict budget for any period of time.
- Look for areas you can save – Have a look at your regular expenses, such as utilities or your credit card, and see if you can save money by switching companies or finding a better deal. For example, speak your insurance broker or shop around to make sure you have the best insurance package in place for your needs and budget.
Start Now, Save Now
If you make some small changes, you could see a big difference in your financial situation when you find that your money is going further.
At All Trades Cover, we specialise in offering insurance to tradies and can save you money by finding the best deal for your insurance package. Remember it doesn't just come down to price, you also need to make sure that you have the right policy to make sure you’re covered when it comes to claim time as this saves you money in the long run. If you’re not sure if your current insurance package is best for you, have a chat to your insurance broker.
To get quotes on insurance or for any other information, contact All Trades Cover on 1300 826 850 today and we would be happy to help. You can also fill in our easy online form for a hassle free quote.