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5 essential steps to embrace mindful budgeting in 2019

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The silly season is over and our bank accounts are not where we want them to be?

Christmas parties, presents and New Year's Eve celebrations have left a hole in our pocket and while we had a wonderful time, maybe it’s time to think about the twelve months ahead.

To get a financial head start in 2019, consider budgeting mindfully now. Apply our New Year savings tips and work towards your (financial) goals.

The first step is logging in to your bank account and taking stock. Consider listing all your debts, savings and investments on a piece of paper. Add up both columns to reveal your current net financial position.

Then, consider these five essential steps to kick-starting your budgeting strategy for 2019:

Step #1: Brainstorm your ideal lifestyle

Take a piece of paper, set a timer for two minutes and jot down your top priorities in life. Don't limit this exercise to financial goals. Think big! What is important to you? What does your ideal lifestyle look like? Who are the people you want to spend time with in 2019? Where to do you want to travel? What do you want to learn or try? What are the things you always wanted to do but kept postponing for some reason?

Step #2: Specify your goals

After two minutes, stop and look at your list. Read it several times. Prioritise your top five goals for 2019. Think about how you can incorporate your priorities into your budget for the year ahead. How can you start saving for the family holiday? How much would you need to put into a savings account each month to start a new hobby? Our savings calculator is a helpful tool to use.

Step #3: Analyse your spending

Once you’ve decided your financial goals, look at how much you spent in the past three months. What did you spend your money on? Does your spending support your financial goals? Have you been allocating enough money to the goals you had for this year? Your bank statement will tell you where you’ve been spending and you can now cross check this against your goals to see if they align.

Step #4: Plan your year and work your plan

All you need to do now is make a plan and stick to it. You prioritised your goals for 2019. You analysed your spending. Now, it's time to make a plan for where you’ll reduce spending and where you’ll allocate your investments so you get closer to your goals. Be mindful each time you want to buy something. Do you really need it? Consider cutting back unnecessary purchases and set up an automatic payments from your everyday account to a high-interest savings account to help keep you on track.

Step #5: Repeat and adjust

Repeat steps 1 to 4 every quarter to review your progress and adjust your budget to meet your yearly goals.


Contact us today on 1300 747 747 or visit the Qudos Bank website to learn more about our investment options and high-interest savings accounts. With no account keeping fees, you can watch your money grow and get closer to your goals. Step by step.



Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 557 AFSL/Australian Credit Licence 238 305. The information in this article is of a general nature and has been prepared without considering your objectives, financial situation or needs. Before acting on the information, consider its appropriateness to your circumstances.


Article published January 2019