Stick to your budget

Not having a budgetBudget A monthly or yearly estimated plan for spending and saving. You work it out based on your income and expenses.+ read full definition — or not sticking to the budget you have — means you may be spending money on things you didn’t plan to spend money on. And the more you spend, the less you’ll be able to save. Learn more about budgeting.

5 reasons to budget

• Know what you earn
• Know what you spend
• Pay bills on time
• Pay down debtDebt Money that you have borrowed. You must repay the loan, with interest, by a set date.+ read full definition
• Save for your financial goals

Key point

Even small amounts can grow substantially over time. Use this calculator to see how quickly your savings could grow.

Take action

1. Gather your pay stubs, bills or receipts
2. Create your budget.